BUZZ-Australia's AVJennings at more than 6-year high on $242 mln buyout offer

Reuters

2024/11/28

** Shares of AVjennings AVJ.AX leap as much as 97% to A$0.650; highest since March 28, 2018

** Stock logs record intraday pct gain

** Property developer gets takeover offer from investing firm Proprium Capital Partners (Australia) and peer AVID Property Group, valuing it at ~A$373 mln ($242 mln)

** Offer price of A$0.67 is 103% premium on last close

** About 4.7 mln shares traded vs 30-day avg of ~113,000; busiest session since June 30, 2015

** Stock has doubled in value YTD

($1 = A$1.5401)

(Reporting by Aaditya Govind Rao in Bengaluru)

((Aaditya.govindrao@thomsonreuters.com;))

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