Australia: Takeover Offer Sends Richfield’s Stock Up 25.93%

Richfield International Limited (ASX:RIS)’s stock gained 25.93% on Thursday at the Australian Securities Exchange to lead today’s gainers at 0.34 a share.

The stock reached its 52-week high Thursday as investors got bullish following the takeover offer by Mercantile Investment Company Ltd (ASx:MVT).

Mercantile offered an unconditional on market cash offer through its wholly owned subsidiary, Mercantile OFM Pty Limited, for all of the ordinary shares in Richfield.

In a disclosure, Richfield said Mercantile, which is currently a significant shareholder in Richfield, offers $0.34 per Richfield share.

Mercantile holds 26.89% relevant interest in Richfield.

On Thursday, Richfield’s stock rallied to a 52-week high, adding 0.070 to its per share price, or 25.926% from a day earlier. A total of 508,743 shares exchanged hands on the trading floor.

The company’s operating segment units include Richfield Marine Agencies Pte Ltd and Speeda Shipping Co Pte Ltd.

Richfield Marine Agencies (S) Pte Ltd is engaged in the shipping services business and offers transport solutions for the dry-bulk shipping.

Speeda Shipping Co Pte Ltd is engaged in the container traffic operations business. – BusinessNewsAsia.com

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