Ensurance shares saw a remarkable surge, as much as 35% to A$0.270, the largest intraday percentage gain since March 26, 2021.

The cause of the surge is due to a promising takeover bid by PSC Insurance Group to acquire Ensurance (ASX:ENA) in a cash and stock transaction.

The purchase price for this acquisition has been stated to be the greater value of either A$25.2 million or 5 million PSC Insurance shares.

The company reported that this deal estimates the value of Ensurance (ASX:ENA) to be no less than A$25.2 million.

Each Ensurance share is anticipated to be at 28 Australian cents apiece, showcasing a premium of 40% compared to Ensurance’s last closing on Monday.

This news caused the stock to reach its highest level since May 30, 2022.

Despite this high, the stock has experienced a decline of 18.4% so far this year, as of the preceding closing.

Ensurance is a leading global insurance company providing a wide range of financial services.