Shares in the technology solutions provider TASK (ASX:TSK) soared to a record intraday increase of up to 105%, hitting the value of A$0.82, due to a buyout offer from the overseas competitor, PAR Technology.

TASK has entered into a schema implementation agreement, planning to let PAR Technology take over the company at a rate of A$0.81 per share.

The offer price was a generous 103% premium on TASK’s closing price of A$0.40 per share as of the 8th of March.

The company has recommended that its shareholders approve the scheme unless a more compelling proposal comes along.

The overall scheme places the equity value of TASK at approximately A$310 million ($205.25 million).

The stock has achieved its greatest level since the 20th of April 2021.

Throughout the day, over 6.2 million shares were exchanged, a significant increase compared to the 30-day average volume of approximately 132,300 shares.

Despite today’s developments, the stock has fallen by 2.4% this year up until the last closing, whereas the benchmark S&P/ASX 200 index saw a 3.4% rise in the same period.

TASK is an Australia-based technology solutions provider.