Shares in struggling drone group Parrot surge after buyout offer

PARIS (Reuters) - Shares in French drone maker Parrot PARRO.PA surged on Thursday after its majority shareholder - the Seydoux family - launched a takeover offer for the company whose shares have been hit by a series of weak results.

Late on Nov. 28 the Seydoux family’s Horizon vehicle announced an offer of 3.50 euros per share to buy out Parrot. The offer price marked a premium of 100 percent to Parrot’s closing price of 1.75 euros on Nov. 27.

Parrot shares, whose resumption of trading had been delayed in light of the offer, were up 82 percent at 3.19 euros by 1318 GMT. The stock nevertheless remains down by around 60 percent since the start of 2018.

Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas