takeover offer ?

Anybody know anything about this takeover offer mentioned on etrade? Shouldnt the shares be shooting up towards 52c?


SYDNEY (Dow Jones)--Private equity group Archer Capital and mining services company McAleese Group have made a joint bid for Boom Logistics Ltd. (BOL.AU) pitched at 52 Australian cents a share, the Australian Financial Review said on its website Wednesday.

Without citing sources, the report said the two made the approach as recently as this week and Archer Capital has made at least three separate offers to Boom's board since November last year which haven't been disclosed to the market.

The report said Archer and McAleese jointly control 10.6% of Boom Logistics. The two are being advised by Morgan Stanley and Australia and New Zealand Banking Group Ltd., it said.

It said the 52 cents-a-share offer, which would value the group at A$239.6 million, is in line with Boom's net tangible asset guidance. Boom Logistics shares closed Wednesday at 30 cents.