Matrix Composites' Shares Reach One-Year Peak After Advanced Innergy Submits Nonbinding Takeover Bid

MT Newswires Live

Mar 31

Matrix Composites & Engineering's (ASX:MCE) shares soared 50% in recent trading on Tuesday, reaching a one-year peak, after Advanced Innergy Holdings (ASX:AIH) confirmed in an Australian bourse filing late on Monday that it had submitted a nonbinding and indicative proposal to acquire all of the shares in Matrix for AU$0.40 cash per share via a scheme of arrangement.

Shares of Advanced Innergy Holdings (ASX:AIH) jumped 7%. It said that the offer price was best and final in the absence of a superior competing proposal for all or a material part of Matrix's shares or assets.

The Matrix board is assessing the proposal with its advisers, per a separate filing.

The indicative proposal is incomplete and remains subject to several conditions, including the completion of a short period of exclusive due diligence.

Advanced Innergy's unit, Advanced Innergy Solutions, entered into call option arrangements with certain Matrix shareholders in respect of 19.9% of Matrix's shares.

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