Australian building products group Adbri Ltd (ABC) and pension firm Link Group (LNK) were among three takeover targets facing bids worth A$3.5 billion ($2.34 billion) made on Monday in a year-end rush of deals involving listed companies.
Adbri shares jumped 31% after it said it was in exclusive talks with international building materials group CRH CRH.N and major shareholder Barro Group for a A$2.1 billion takeover offer.
The two firms have offered A$3.20 per share for Adbri which is a 41% premium to the company's closing price on Friday.
Barro, a family-owned private Australian group, owns 43% of Adbri, and CRH, which is London and U.S. listed, has a 4.6% interest in the takeover target through a cash-settled derivative, they said in a statement.
Adbri's independent board committee has recommended the takeover and the two buyers will now undertake exclusive due diligence ahead of lodging a binding bid.
Link shares jumped 27.65% early Monday after it said it had received a A$1.2 billion bid from Mitsubishi UFJ Financial Group 8306.T , Japan's largest banking group.
Mitsubishi said it held a 6.4% stake in Link and the takeover target's board recommended the bid in the absence of a superior offer emerging for the company.
Meanwhile, dental group Pacific Smiles (PSQ) said a A$223 million unsolicited bid from private equity firm Genesis Capital was 'opportunistically timed'. It said its board would consider the offer before making a recommendation to shareholders.
Pacific Smiles shares rose nearly 16% on the takeover offer.
($1 = 1.4928 Australian dollars)
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News: PSQ Three Australian buyouts worth $2.35 billion emerge in end-of-year deal rush
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$1.82 |
Change
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Mkt cap ! $290.4M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
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2 | 17771 | $1.83 |
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$1.84 | 25000 | 1 |
View Market Depth
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2 | 17771 | 1.830 |
2 | 9590 | 1.820 |
1 | 5500 | 1.815 |
1 | 2000 | 1.810 |
4 | 13754 | 1.800 |
Price($) | Vol. | No. |
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1.840 | 25000 | 1 |
1.845 | 12000 | 1 |
1.850 | 2700 | 1 |
1.880 | 167745 | 1 |
1.900 | 1250 | 1 |
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