News: Customers shares surge on takeover bid

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Shares in Customers Limited (ASX:CUS) closed almost 35 per cent higher yesterday after the ATM business said it will support a takeover bid from Canada’s DirectCash Payments Inc (TSE:DCI).

DirectCash is offering Customers $1.27 cash per share, valuing the company at about $173 million.

The offer represents a 44 per cent premium to the stock’s three month volume weighted average price.

The board of Customers has unanimously backed the bid that will be put to a shareholder vote in June.



Shares in Customers surged 34.78 per cent yesterday, closing at $1.24.



Customers reported a net profit of $2 million in the first half of its 2012 financial year.