Australia's EQT Holdings soars on takeover bid, set for biggest one-day gain since 1985
TPG•Stock performance
The stock is down over 10% this year, including the day's move.
($1 = 1.4069 Australian dollars)
Shares jump on takeover proposal
Shares of Australia's EQT Holdings EQT.AX rise as much as 24% to A$21.460, logging their biggest intraday pct gain since 1985.
The stock logs its highest level since April 1.
Bid values EQT at A$657.8 million
The investment manager says it received a takeover proposal from U.S.-based brokerage firm TPG Global, LLC, valuing EQT at A$657.8 million ($467.56 million).
The company adds the bid is at an indicative price of A$24.55 per share in cash, representing a 41.8% premium to EQT's closing price on Monday.
