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BUZZ-Australia's Cyprium Metals rises after co rejects premium buyout offer

Reuters
Dec 05, 2024

** Shares of copper developer Cyprium Metals climb as much as 52.6% to A$0.029, their biggest intraday gain since July 2020

** Stock hits its highest level since Oct 29

** Co says it rejected a non-binding buyout offer from Appian Capital Advisory LLP at an indicative offer price of A$0.035 per CYM share

** Offer price at an 84% premium to stock's last close

** Says offer price does not reflect co's inherent value, and noted that some conditions outlined in the offer could be difficult to satisfy

** About 5.6 mln shares change hands, 3.4 times the 30-day avg of 1.6 mln shares

** As of last close, Cyprium stock down 36.7% YTD

(Reporting by Himanshi Akhand in Bengaluru)

((Himanshi.Akhand@thomsonreuters.com;))

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