Rotala PLC (AIM:ROL) shares jumped 12% higher on Thursday after news of a £10mln tender offer to eligible shareholders at 55p per share, representing a 52% premium on a weighted average basis.
Shareholders are able to tender 35.7% of held shares.
In order to finance the offer, the bus route operator said it has drawn down £10mln on its existing revolving commercial loan facility from HSBC Bank.
Currently changing hands at 45.8p, Rotala shares are now over 50% up year-on-year, with a market capitalisation of £22.5mln.