Australia s Asaleo Care to be bought by Swedish tissue maker Essity msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
(Adds offer premium, chairman statement)
Feb 17 (Reuters) - Asaleo Care Ltd on Wednesday agreed to be bought by its largest shareholder Essity in a deal that valued the hygiene and personal products maker at about A$788 million ($611.33 million).
Asaleo Care shareholders would receive A$1.45 per share under the offer, the company said, representing a premium of 6.2% to its last closing price. Tissue maker Essity holds a 36.2% stake in Asaleo through a subsidiary.
Essity’s offer price included a dividend of A$0.03 per share and a special payout of A$0.02 per share that Asaleo declared along with full-year results on Wednesday.
Why the Asaleo Care (ASX:AHY) share price is dropping lower today
James Mickleboro | January 27, 2021 10:18am |
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Asaleo Care Ltd(ASX: AHY) share price has come under pressure on Wednesday.
At the time of writing, the personal care products company’s shares are down 1% to $1.27.
Why is the Asaleo Care share price dropping lower?
Investors have been selling the company’s shares this morning following the release of an update on both its performance in FY 2020 and a recent takeover approach.
In respect to FY 2020, Asaleo Care reported unaudited full year revenue of $419.2 million, which represents a 2.3% year on year increase.
ASX falls 1.1pc; Congress passes $US892b aid package
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William McInnes
Losses from the major banks and miners weighed the Australian sharemarket on Tuesday, pushing the market to its lowest level in three weeks.
The S&P/ASX 200 Index fell 70.3 points, or 1.1 per cent, to 6599.6, sliding for a third straight session.
BHP Group dropped 1.8 per cent to $42.89, Rio Tinto slid 2.7 per cent to $115.41 and Fortescue Metals Group declined 2.3 per cent to $23.48.
NAB dipped 1.6 per cent to $22.93, Westpac fell 1.6 per cent to $19.56, Commonwealth Bank declined 0.7 per cent to $82.42 and ANZ slid 1.7 per cent to $22.91.
Silver Lake Resources dipped 6.6 per cent to $1.78, Ramelius Resources dropped 6 per cent to $1.65 and Service Stream lost 5.8 per cent to $1.71.