The MA Financial Group Ltd (ASX: MAF) share price is frozen today after the company requested a trading halt.
Before the freeze, the MA Financial Group share price was trading at $8.45 apiece.
Let’s take a look at what the company announced today.
Why is the share price on ice?
MA Financial Group has been granted a trading halt pending a company announcement.
The update is expected to be noteable, with the company indicating it could involve a significant acquisition.
The Australian Financial Review reported MA Financial Group is in talks to takeover Finsure, which is owned by BNK Banking Corp Ltd (ASX: BBC).
BNK Banking Corp also went into a trading halt on Tuesday pending an announcement.
What is happening at MA Financial?
MA Financial has a significant market capitalisation of more than $1.3 billion.
The company, formerly known as Moelis Australia, offers corporate advisory, equity, and asset management solutions to clients.
In October, the company predicted its FY21 underlying earnings per share (EPS) will increase by 30 to 40% on the previous year.
The company has also recently acquired an iconic Adelaide city office building in partnership with Centuria Capital Limited (ASX: CNI).
MA Financial share price snap shot
In the last 12 months, the MA Financial share price has soared 68%, rallying 78% in the year to date.
Despite this, it’s slipped 3.54% in the last month but gained 0.84% in the past week.
For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned nearly 11% in the past year.
The post MA Financial (ASX: MAF) share price halted amid ‘significant acquisition’ appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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