APX +29.22%: AI tech business announced a non-binding takeover offer had been put forward by Canada’s Telus International today, sending the stock soaring. The $1.7b bid at $9.50/sh is nearly a 50% premium to yesterday’s close, but it’s still not enough for Appen to give Telus a deeper looking into the books as they push for more out of the deal. Telus International was spun out of a Canadian telco Telus early last year and has already acquired Appen competitor Lionbridge on a $1b deal. Appen has been one of the worst performers on the ASX over the last few years, at one stage it was trading over $40 a share. It’s been caught up in the tech rout but performance has also failed to live up to the hype while Apple’s move to allow users to block app tracking has crimpled revenue. Operating issues appear to be continuing with the company saying revenue was down for the first 4 months of the year, and EBITDA is expected to fall on the back of increased investment. Shares went into a trading halt this afternoon ahead of their AGM tomorrow. With an update on the takeover expected.
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