Shares in woodchipper Gunns Ltd have continued to soar, rising more than 30 per cent in intraday trading on the back of continued takeover speculation.
At 1416 AEST, shares in Gunns were 24.05 per cent higher at 49 cents.
On Friday, Gunns shares had jumped 12 cents, or 43.64 per cent, to 39.5 cents.
Shares in Gunns have risen sharply in the wake of the departure of chairman John Gay and amid speculation the company could become a takeover target.
The Australian Financial Review on Monday suggested that Chinese firm Asia Pacific Resources International Ltd could be interested in securing Gunns’ timber supply.
Other companies that could be interested included Nine Dragons, Asia Pulp & Paper, Hunan Tiger Paper and Chenming.
Read the AAP article in BusinessSpectator, HERE
Earlier on TT: All about Nine Dragons, HERE
Blunt farewell from the market ferals
The Tasmanian forest feller, Gunns Limited, might have an awkward time answering its next price query from the Australian Securities Exchange.
Gunns shares have doubled in the two trading sessions since the company’s long-standing managing director, John Gay, announced his retirement.
The insult comes only months after Gay suffered the indignity of having a fluorescent green penis painted on the front door of his house.
At least the 67-year-old Gay has seen the value of his 7,532,777 Gunns shares increase $1.5 million in value in the past two sessions.
There is speculation that several struggling companies, including Wattyl, Virgin Blue and Boart Longyear, are seeking to hire Gay and then quickly force him to resign.
