November 5, 2019 / 6:09 PM / 3 months ago

Finland's Cramo in talks over takeover approach

HELSINKI (Reuters) - Finnish construction equipment rental company Cramo Oyj (CRA1V.HE) is in advanced talks over a potential offer for the business, it said on Tuesday, sending its shares up 27% in late trading.

“If negotiations concerning the potential tender offer are successful, Cramo expects that a voluntary cash tender offer for all of the outstanding shares in Cramo would be made at an offer price of 13.25 euros per share,” it said in a statement without naming its suitor.

The price would value Cramo at 592 million euros.

The news lifted shares in the company 27% to close at 12.86 euros.

Reporting by Tarmo Virki; Editing by David Goodman

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