APM suspended on ASX ahead of 'potential transaction'
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The news: Shares in APM Human Services have been suspended from quotation on the ASX as the employment services firm has received offers for a potential transaction.
The context: APM requested a voluntary suspension on the securities exchange and in response to media speculation said it had received "approaches from parties to assess the potential for a transaction".
The suspension would continue until the release of an update to the market regarding a potential transaction, or the commencement of trading on Friday.
In February, shares in Perth-based APM had an intra-day rise of nearly 50% after its board rejected a takeover bid by private equity firm CVC Asia Pacific. Shares were then buoyed again a few days later as CVC made an improved offer, increasing the bid from $1.60 cash per share to $2.00.
APM entered a trading halt last week, after a letter from takeover suitor CVC advising that it is "unable to finalise a transaction" on terms consistent with their acquisition offer.
What they said: "Discussions and correspondence with such parties are at such a stage where, given the circumstances, the company considers a voluntary suspension necessary to manage its continuous disclosure obligations, and to allow trading its securities on an informed basis," APM said in an announcement to the ASX.
The source: ASX announcement
