May 23, 2018 / 12:44 AM / a year ago

Australia's SeaLink Travel says rejects $364 million takeover proposal

(Reuters) - Australia’s SeaLink Travel Group Ltd (SLK.AX) confirmed on Wednesday it received an unsolicited takeover proposal for the firm worth A$480.5 million ($363.64 million) from an undisclosed buyer which it rejected, sending its shares up as much as 12.3 percent.

The proposal was for a cash consideration of A$4.75 per share, the ferry operator said in a statement responding to media reports about the proposal. The proposal was subsequently withdrawn by the buyer, it said.

The board “concluded that the proposal undervalues SeaLink and that the board would not be in a position to recommend the proposal to its shareholders,” SeaLink said.

Shares of the company jumped to a six-month high of A$4.28 after the announcement, while the broader market was up 0.2 percent.

Reporting by Sumeet Gaikwad in Bengaluru; Editing by Muralikumar Anantharaman

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