Shares in Indonesia's Bank Danamon surged 50% on Tuesday after resuming trade following a takeover bid by DBS Group for US$7.2 billion ($9 billion).
DBS on Monday said it offered 7,000 rupiah per share ($0.96) for minority shareholders, or a 52% premium to Danamon's previous closing price of 4,600 rupiah.
Shares in Danamon, which were suspended on Monday, rose to a high of 6,900 rupiah before trading up 40% at 6,450 by 10:38 a.m.. The stock saw the highest turnover on a Jakarta index up 1.1%.
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