In financial news, shares of Thorn Group (ASX:TGA) saw a substantial rise of as much as 13.1% to A$1.55, marking a potential best day since October 5, 2022 if the gains are maintained.

The company’s stock reached its highest level since October 18, 2022.

The diversified financial services company announced it has received a binding and conditional purchase proposal from Somers.

As per the proposal’s terms, Somers intends to buy all the shares in the company that it doesn’t possess yet, at a rate of A$1.62 per share.

The company mentioned that the proposal comes painted with an 18.2% premium to the last close of A$1.37.

So far this year, Thorn Group (ASX:TGA) is up by 20.2% as of the most recent closing.

Thorn Group is a diversifed financial services company specializing in financial lending, leasing, and rental services.