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Bowling Venue Operator Ten Entertainment's Shares Soar on $362M Buyout Deal

Dec 6 (Reuters) - Shares of UK's Ten Entertainment soared 31% to a record-high on Wednesday after the bowling venue operator agreed to a 287 million pound ($361.53 million) buyout deal from U.S. private equity firm Trive Capital.

The company's shareholders will receive 412.5 pence in cash for each share held, which represents a premium of about 33% to the stock's last closing price.

Directors intend to recommend shareholders vote in favour of the deal, Ten Entertainment said in a statement.

The London-listed firm's shares, a component of the FTSE small-cap index, were up to 408 pence in early trading and set for the biggest one-day percentage gain ever, if the trends hold.

Ten Entertainment, which went public in 2017 and operates around 52 centres in the UK, has seen growth in sales amid a surge in post-pandemic demand for in-person leisure experiences.

Shares of peer Hollywood Bowl were also up 4.8% on the day.

($1 = 0.7938 pounds)

Reporting by Eva Mathews in Bengaluru; Editing by Sohini Goswami

Source: Reuters

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