UK's musicMapgie surges on AO World takeover deal

Musicmagpie

02/10/2024 08:08

** Shares of musicMapgie  MMAG.L  surge 43.5% to 8.25p,
their highest since June 17
    ** The retailer of used smartphones and electronic products
agrees to an about 10-mln-pound ($13.3 mln) acquisition by AO
World  AO.L  as the British online electrical retailer tries to
boost its mobile and consumer tech businesses
    ** The 9.07 p-per-share offer represents a premium of 58% to
musicMagpie stock's closing price on Tuesday
    ** The musicMagpie board has unanimously recommended 
shareholders to vote in favour of the deal
    ** As of last close, MMAG stock has fallen 25% YTD, while AO
World has gained over 11%

    ($1 = 0.7534 pounds)    

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))