BUZZ-Australia's Quickstep surges most in 11 years on takeover bid, contracts

Reuters11-07 07:51
BUZZ-Australia's Quickstep surges most in 11 years on takeover bid, contracts

** Shares of Australia's Quickstep Holdings QHL.AX soar as much as 43.6% to A$0.28, marking their biggest intraday pct jump since mid-August 2013

** QHL, an aerospace and defence equipment maker, touches its highest level since Oct. 23

** ASDAM Operations, an entity owned by Aussie private capital manager CPE Capital, made A$28.7 mln ($18.85 mln) takeover offer

** Offer price of A$0.40 per share is at a 105% premium to QHL's last closing price of A$0.195

** QHL secures key negotiations with tier-1 defence customers like Lockheed Martin LMT.N and Marand

** About 150,000 shares change hands, vs the 30-day average of 58,179 shares

** QHL up 3.7% this year, including day's moves

($1 = 1.5225 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru)

((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))

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