Australia's Motio hits one-month high on A$1.9 mln takeover offer
Shares of Australian advertising company Motio jumped as much as 15.4% to A$0.060, their highest since August 20, after entering into a binding contract with IVE Group to acquire 100% of its shares for 6 Australian cents per share in cash. The deal values Motio at A$1.9 million ($1.35 million) and represents a 15% premium to its last closing price. Motio's board unanimously recommended shareholders vote in favour of the scheme, with the potential for a dividend before completion if net cash exceeds A$4 million.
060, its highest level since August 20, after the company said it had entered into a binding contract with IVE Group under which IVE will acquire 100% of Motio's shares for 6 Australian cents per share in cash. 35 million) and the offer represents a premium of 15% to the stock's last closing price on September 18. Motio's board unanimously recommended shareholders vote in favour of the scheme. The company also said shareholders could receive a dividend before completion if net cash exceeds A$4 million.
3% year-to-date. 4029 Australian dollars)