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Something happened, now this stock is moving

Brambles Ltd (ASX:BXB) made an announcement and now the stock is trading 9.2% higher at 1030am Sydney time.

Supply chain logistics company Brambles Ltd has made a response to media speculation regarding the receipt of a takeover bid from private equity group CVC Capital Partners. Brambles this morning confirmed that it has engaged in preliminary, incomplete discussions with CVC but is yet to receive a formal takeover offer. According to the AFR, CVC is assembling funding for a $20bn+ takeover bid for Brambles.

Following today’s announcement, Brambles shares are up 5.95% year-to-date.

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