PMP shares surge on buyout news

PMP, Australia's biggest contract printer, says it has been approached by a buyout firm. The company's stock surged as much as 11 per cent.

PMP has not received any firm acquisition offers, the company said yesterday in response to a query from the Australian Stock Exchange.

Shares in PMP rose 16.5c, or 9.6 per cent, to A$1.89 yesterday morning in Sydney, the biggest one-day gain in more than three years.

The stock has risen 27 per cent this week, giving it a market value of A$567 million ($644 million).

- BLOOMBERG