Shares of cloud communication software company Symbio Holdings (ASX:SYM) rose as much as 22.7% to A$2.870, their highest since Dec. 9.

The company received an indicative buyout proposal from Superloop (ASX:SLC), which values Symbio at A$2.85 per share - a 21.8% premium to the last closing price.

Symbio has entered into non-disclosure and exclusivity agreements with Superloop.

The company is among the top gainers on the ASX All Ordinaries index.

As of the last close, the stock is up 50% year-to-date.

Symbio Holdings is a cloud communication software company.