New Zealand's Steel & Tube Holdings hits near 5-month high; Fletcher's ups offer

Steel & Tube Holdings

14/10/2018 22:26

** Shares of Steel & Tube Holdings Ltd  STU.NZ  rise as much
as 15.3 pct to NZ$1.73, their highest since May 21 
    ** Steel distributor for the second time turns down a
sweetened NZ$315.4 million ($205.1 million) takeover offer by
Fletcher's Building Ltd  FBU.NZ , saying it undervalues company
 urn:newsml:reuters.com:*:nL3N1WU0D9
    ** New NZ$1.90/share price is about 11.8 pct higher than
previous offer and 26.7 pct premium to last close
    ** Stock posts its biggest intra-day percentage gain since
Oct. 3 
    ** More than 380,000 shares changed hands in early trade,
compared with the 30-day average of about 300,000 shares 
    ** Up to last close, stock had fallen about 23 pct this year
    
    ($1 = 1.5378 New Zealand dollars)

 ((Reuters Messaging:
abyjose.koilparambil.thomsonreuters.com@reuters.net))