Why the Bingo (ASX:BIN) share price is shooting 18% higher // The Motley Fool Australia

Bingo Industries Ltd (ASX: BIN) shares are rocketing higher today following the company’s response to media reports of a potential acquisition proposal. At the time of writing, the Bingo share price is trading at $3.23, up 17.9% from yesterday’s closing price.  

What’s driving the Bingo share price?

The Bingo share price is on the move today after the company released a response to media reports that it had received a takeover offer from CPE Capital. Describing the offer as an “unsolicited, highly conditional, non-binding, indicative proposal”, today’s announcement used a really good collection of words to let everyone know the acquisition is definitely not set in stone. 

The offer presented by CPE Capital comes with…