ASX 200 (ASX:XJO): Woolworths withdraws API proposal, tech shares rebound

A male sharemarket analyst sits at his desk looking intently at his laptop with two other monitors next to him showing stock price movements

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is rebounding from yesterday’s selloff. The benchmark index is currently up 1.6% to 7,473.7 points.

Here’s what is happening on the ASX 200 today:

Woolworths withdraws API takeover offer

The Australian Pharmaceutical Industries Ltd (ASX: API) share price is crashing lower today after Woolworths Group Ltd (ASX: WOW) pulled out of the race to acquire the pharmacy chain operator. This means that rival Wesfarmers Ltd (ASX: WES) is now in pole position to acquire API. However, its offer of $1.55 per share is notably lower than the $1.75 per share that Woolworths was offering. Woolworths advised that its due diligence revealed that the financial returns from the proposal were not sufficient.

Tech shares bounce back

The Australian tech sector is bouncing back on Friday after yesterday’s meltdown. At the time of writing, the S&P ASX All Technology index is up 1.3%. Among the best performers in the sector are Afterpay Ltd (ASX: APT) and Megaport Ltd (ASX: MP1) shares.

James Hardie kicks out its CEO

The James Hardie Industries plc (ASX: JHX) share price has tumbled today after it announced the exit of its chief executive officer (CEO), Jack Truong, with immediate effect. According to the release, Mr Truong has had his employment terminated with immediate effect after employees raised concerns about his work-related interactions.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Medibank Private Ltd (ASX: MPL) share price with a gain of almost 6% on no news. Going the other way, the worst performer has been the James Hardie share price with a 3.5% decline. This follows the surprise exit of the building products company’s CEO this morning.

The post ASX 200 (ASX:XJO): Woolworths withdraws API proposal, tech shares rebound appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Afterpay Limited and MEGAPORT FPO. The Motley Fool Australia owns and has recommended Afterpay Limited and Wesfarmers Limited. The Motley Fool Australia has recommended MEGAPORT FPO. 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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