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Investing.com-- Australian property services firm Johns Lyng Group Ltd (ASX:JLG) said on Friday it had agreed to an A$1.1 billion ($730 million) buyout offer from an entity controlled by Pacific Equity Partners.
Pacific Equity will pay A$4.0 in cash per Johns Lyng share, a nearly 26% premium to the stock’s last close. The offer represents an enterprise value of A$1.3 billion.
Johns Lyng had disclosed the takeover bid in early-June, but had not released the financial details of the deal then. The company on Friday said it entered a scheme implementation deed with Sherwood BidCo, a unit of Pacific Equity.
Johns Lyng’s board recommended that shareholders approve the offer.
The offer represents a major boost for Johns Lyng, which has been grappling with growing cracks in Australia’s housing market due to sticky inflation. Shares of the firm are trading down over 16% so far in 2025.
But easing inflation and more interest rate cuts by the Reserve Bank of Australia are expected to help spur a recovery in the real estate market.