Shares of HSO are up over 20% in early trade as the company received an unsolicited takeover offer from a group led by BGH Capital.
This is the second takeover bid proposed by BGH, whose first acquisition attempt was rejected by HSO’s board in May.
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The details of the new offer are not clear, but it’s suggested to be in the $2.35 per share area.
Interestingly, the GBH consortium includes AustralianSuper, one of HSO’s largest shareholders.
Our ALGO engine triggered a buy signal for HSO at $2.10 on August 16th and we have suggested scaling in to long positions at lower levels.
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