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Date : 19/07/2021

Nick Scali Shares surged on ASX After The News Of Takeover Bid.

The rise in M&A activity is nothing like we have witnessed before. This is a ton of activity already this week and we are just finishing up Monday. NCK shares were upbeat this morning following rumours of an acquisition. Subsequently, NCK shares were put on a trading halt as the firm can take time to respond to the media reports.

Nick Scali Ltd. engages in the retail and importation of household furniture and related accessories. Its products include lounges; occasional and dining chairs; dining and coffee tables; buffets and cabinets; rugs; and television & entertainment units.

Why Is Nick Scali Share Price Going Up?

Nick Scali confirmed that it is in non-exclusive discussions with Greenlit Brands regarding a potential acquisition of the Plush Sofas business. In the announcement, Nick Scali went on to add that they actively consider acquisitive growth opportunities from time-to-time having regard to the strategic rationale, available synergies, financial impact and the long-term value created for Nick Scali shareholders. There is no certainty that the current discussions, which are ongoing and incomplete, will result in a binding transaction for Plush or that any agreement will be reached with Greenlit Brands. Should any transaction with Greenlit Brands proceed, Nick Scali would expect to be able to fund this with a combination of cash on hand and debt.

The potential acquisition of Plush sent the NCK share price close to its 52-week high. The reaction by the market has thus been positive and NCK shares closed at $11.50 a share, with a dividend yield of 5.66% – making NCK shares a quality option for a top dividend stock as well.

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