Austal

Austal's shares rose after it emerged that Wildcat Infrastructure submitted a non-binding expression of interest for Austal USA, valuing the US business on a cash- and debt-free basis at $1.25–1.35 billion. Wildcat intends to run Austal USA as a standalone platform, retaining the brand and US sites, and requests four weeks of due diligence. The offer tops, at the upper end, the Hanwha Group’s existing bid (up to $1.2 billion) and heightens the bidding competition, while Austal offsets losses in its US operations. » More on de.investing.com

Austal shares rose 7.8% to A$4.69 after a consortium led by Wildcat Infrastructure confirmed a non-binding indicative offer of $1.25–1.35bn for Austal USA on a debt- and cash-free basis. The offer increases pressure on the earlier non-binding bid of $1.05–1.2bn submitted by Hanwha; Hanwha already holds 19.9% of Austal. Wildcat intends to retain the brand and the US business as a standalone platform, subject to around a four-week due diligence period, and the board is formally reviewing the offer. Supportive market sentiment and the stock’s inclusion in several industry ETFs contributed to the above-average price increase. » More on de.investing.com

Austal’s share climbed 3.5% to A$4.48 after a potential buyer for the US business, Wildcat Infrastructure, was confirmed in initial preliminary talks. That now creates a second interested party alongside Hanwha, which had submitted a conditional, non‑binding offer valuing the US business at US$1.05–1.2 billion. The prospect of a bidding war and positive local market conditions pushed the stock, which gained about 18% last month, higher again today. » More on de.investing.com