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Investing.com-- Shares in Johns Lyng Group Ltd (ASX:JLG) jumped as much as 19% on Wednesday after the Australian building services firm confirmed it received a non-binding takeover proposal from private equity firm Pacific Equity Partners (PEP).
The indicative offer, disclosed in an ASX statement, proposes acquiring 100% of Johns Lyng via a scheme of arrangement. Key management, including CEO and largest shareholder Scott Didier, may retain equity in the business. The company did not reveal the financial details of the bid.
The company’s independent board committee has granted PEP exclusivity until July 11 to conduct due diligence and finalize a binding bid.
Sydney-listed Johns Lyng shares jumped as much as 19% to A$3.015 to their highest level since late February. They were trading 15% higher at A$2.91 at the time of writing.
Johns Lyng, which specializes in insurance-related property restoration, said there was no certainty a deal would proceed.
The deal, if finalized, would mark PEP’s latest move in Australia’s infrastructure and services sector.