Entertainment Rewards Shares Soar 950% After Majority Shareholder Makes Cash Takeover Offer

MT Newswires Live10-16

Shares of Entertainment Rewards (ASX:EAT) soared 950% in recent trading on Thursday after it said Wednesday that its majority shareholder, Suzerain Investments Holdings, signed an implementation deed agreeing to make a conditional off-market takeover offer to acquire all of the firm's fully-paid ordinary shares, which Suzerain does not already own, at AU$0.022 per share.

Entertainment Rewards' independent board committee recommended that its shareholders accept the offer in the absence of a superior proposal and if an independent expert concludes that the deal is fair and reasonable.

Full details of the offer will be set out in Suzerain's bidder's statement, which is expected to be posted to the firm's shareholders in the week beginning Oct. 27.

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