At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. The benchmark index is currently down 0.6% to 7,180.6 points.
Here’s what is happening on the ASX 200 today:
AGL takeover offer rejected
The AGL Energy Limited (ASX: AGL) share price is jumping today after it received and rejected a takeover approach. AGL received an unsolicited, preliminary, non-binding indication of interest from a consortium led by Brookfield Asset Management and Atlassian co-founder Mike Cannon-Brookes’ private investment firm, Grok Ventures. However, at $7.50 per share, AGL believes the offer undervalues the company. It intends to push ahead with its demerger plans instead.
Altium shares sink on half year results
The Altium Limited (ASX: ALU) share price is sinking today after the release of its half year results. The electronic design software provider reported a 28% increase in revenue to US$102 million and a 38% lift in net profit after tax to US$23 million. It appears to be the company’s guidance that has disappointed. While management now expects to hit the high end of its revenue guidance, it only expects to achieve the low end of its margin guidance.
A2 Milk half year update
The A2 Milk Company Ltd (ASX: A2M) share price is charging higher today following the release of its half year results. Although the infant formula company reported a 53.3% decline in its net profit to NZ$56 million, management’s upbeat commentary appears to have offset this. It commented: “The Company’s outlook for 2H22 revenue has improved. It is still expected to be significantly higher than 2H21, and with growth now expected on 1H22 and for FY22, ahead of initial expectations due mainly to growth in China label and English label IMF.”
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the AGL share price with an 11% gain following its takeover approach. Going the other way, the worst performer has been the Altium share price with a 10% decline following its half year update.
The post ASX 200 (ASX:XJO) midday update: AGL rejects takeover offer, A2 Milk shoots higher appeared first on The Motley Fool Australia.
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More reading
- Altium (ASX:ALU) share price sinks 9% on half-year results
- AGL (ASX:AGL) share price up 9% amid takeover approach from Atlassian co-founder and Brookfield
- A2 Milk (ASX:A2M) share price on watch after half year earnings collapse
- 5 things to watch on the ASX 200 on Monday
- These were the best performers on the ASX 200 last week
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 Altium. The Motley Fool Australia has recommended A2 Milk. 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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