Legend Corporation backs $80m buyout bid

Legend Corporation shares have skyrocketed after the electronics firm flagged support for an $80 million all-cash takeover by Adamantem Capital.

Adamantem on Friday announced it had unanimous support of Legend's board for its 36.5 cents per share offer, which represents a 22.1 per cent premium on the company's one-month volume weighted average share price before it was made.

The offer - which would be Adamentum's second public-to-private transaction since launching in 2017 - values Legend's equity at $79.6 million, and implies an enterprise value of $100.6 million.

Shares in Legend rose nearly 21 per cent to 37.5 cents at 1525 AEST upon emerging from Thursday's trading halt.

Adamantem Capital managing director Rob Koczkar said Legend was attractive for its established position as a manufacturer and distributor of components.

"We are committed to continuing the growth of Legend under private ownership, supporting its people and customers," Mr Koczkar said.

Legend posted a 46 per cent lift in first-half net profit to $4.1 million in February.

Austrlaian Associated PressBack to Breaking News

  • Print this page
  • Copy Link