Suncorp denies takeover talks following share rise
- Suncorp confirmed it is not in discussions regarding a takeover and has received no offers.
- Shares in the insurer rose from $19.05 to a high of $20.18 on heavy trading volume.
- The company responded to an Australian Securities Exchange enquiry following speculative media reports about potential acquisition talks with Tokio Marine.
Suncorp (ASX:SUN) clarified that it is not in discussions regarding a takeover after responding to an official price query from the Australian Securities Exchange.
The response addressed a rapid rise in trading volume and a share price jump from a close of $19.05 on Tuesday to a high of $20.18 on Wednesday.
“Suncorp confirms that it is not in discussions regarding a takeover and that it has not received a takeover offer,” said Suncorp CFO Jeremy Robson.
The company stated that the market movement was linked to a media article alleging preliminary acquisition talks with Tokio Marine.
Suncorp stated that it remains in full compliance with continuous disclosure requirements under the Australian Securities Exchange listing rules.
Following the announcement, the Suncorp share price was unchanged at $18.92.
The financial services provider regularly addresses market speculation to maintain compliance with listing rule 3.1 regarding market-sensitive information.
