(Reuters) - Shares in South African building supplies firm Iliad Africa surged over 14 percent on Wednesday after the firm said it had received a 24 rand per share initial buyout bid from a private equity consortium.
Iliad Africa said the 24 rand per share indicative price represented a 37 percent premium to the 30-day volume weighted average price of the company's stock on June 7, when it first announced it was in talks. By 0952 GMT, shares in the group were 13.71 percent firmer at 22.81 rand.
Read more at Reuters Africa
Iliad Africa said the 24 rand per share indicative price represented a 37 percent premium to the 30-day volume weighted average price of the company's stock on June 7, when it first announced it was in talks. By 0952 GMT, shares in the group were 13.71 percent firmer at 22.81 rand.
Read more at Reuters Africa
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