One of the biggest movers on the market today has been the Royal Wolf Holdings Ltd (ASX: RWH) share price.
In afternoon trade the shares of the provider of portable container solutions are up 38% to $1.80.
Why have its shares rocketed higher?
This morning the company’s board recommended that shareholders accept a takeover offer from GFN Asia Pacific Holdings that values the company at $1.83 per share.
GFN currently controls approximately 51% of Royal Wolf through its wholly-owned subsidiary GFN U.S. Australasia Holdings.
The offer is subject to certain conditions including material adverse change conditions relating to the bidder group, the target group, and the market, as well as a 90% minimum acceptance condition.
Whilst the offer is great for short to medium-term shareholders, long-term shareholders may be a touch disappointed with it. Royal Wolf’s shares are down by approximately 50% in the last three years.
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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.