Woolworths Group (WOW.AX) of Australia proposed to buy an 80 percent controlling stake in online retailer MyDeal.com (MYD.AX) last week, as it seeks to compete with Amazon.com and other big internet retailers in the nation (AMZN.O).
Woolworths having agreed to buy MyDeal, one of Australia’s largest internet retail businesses for A$217.4 million ($152.88 million) deal involves Woolworths paying A$1.05 per share of MyDeal — a near 63% premium to the stock’s last close on Thursday.
MyDeal’s shares surged about 57% and were on track to see their best day ever.
MyDeal Chairman Paul Greenberg said in a statement that the scheme is an attractive transaction, which provides an all-cash option for MyDeal shareholders”
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