Australia's Vonex hits 17-month high on sweetened buyout offer

Vonex

12/09/2024 03:33

** Shares of Vonex  VN8.AX  rise as much as 10.3% to
A$0.043, their highest since April 6, 2023
    ** Telecommunications services provider says Maxo
Telecommunications has increased its offer to 4.19 Australian
cents per share from the previous 3.75 Australian cents apiece 
    ** New offer price at a 7.4% premium to the stock's last
close
    ** Says MaxoTel has confirmed the offer price will not be
increased any further
    ** Says Vonex board continues to recommend MaxoTel's offer
instead of rival bidder Swoop's  SWP.AX  A$0.04 per-share offer
    ** Stock had risen 65.4% YTD as of 0226 GMT 

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))