PanAust rising on higher bid hope

Target's stock now within 5 per cent of offer price on bets of improved offer.

Shares in PanAust continued to rise yesterday in the ­expectation that its major shareholder, China’s state-owned Guangdong Rising Assets Management (GRAM), will increase its $1.4 billion takeover tilt.

PanAust edged another 6c, or 2.8 per cent, higher to $2.18 to approach the initial indicative proposal from 23 per cent shareholder GRAM for a $2.20-a-share bid, later increased to $2.30.

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