The Pioneer Credit Ltd
(ASX: PNC) share price went bananas today, rising over 26%.
Pioneer credit is one of the leading debt collector businesses in Australia, it works with large clients such as major Australian financial institutions.
Why The Pioneer Credit Share Price Climbed Today
Pioneer Credit responded to an article that was published in the Australian Financial Review that was apparently titled ‘Credit bigwig, trade players have Pioneer Credit in cross hairs’.
The debt collecting business went on to confirm that it has received several confidential, non-binding indicative takeover offers.
The ASX announcement by the debt collector said that the most comprehensive proposal of the offers was one offer at a “material” premium to the current share price. However, the proposals are conditional, incomplete and remains subject to due diligence and various approvals.
Discussions are ongoing regarding the proposals and are not sufficiently advanced to warrant further disclosure according to management. There is no certainty of a proposal and the company will update the market if there’s anything further to say.
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