At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a positive note. The benchmark index is currently up 0.45% to 7,528 points.
Here’s what is happening on the ASX 200 today:
Perpetual makes Pendal takeover offer
The Pendal Group Ltd (ASX: PDL) share price is shooting higher today after Perpetual Limited (ASX: PPT) made a takeover offer. According to the release, Perpetual has tabled the equivalent of a $6.23 per share scrip and cash takeover proposal to acquire its fellow fund manager. This values Pendal at $2.4 billion, which is actually greater than Perpetual’s own market capitalisation of ~$2 billion.
Domain shares return
The Domain Holdings Australia Ltd (ASX: DHG) share price has returned from its trading halt after completing the institutional component of its entitlement offer. Domain raised $162 million from institutional investors and will now seek a further $18 million from retail shareholders. These funds are being used to acquire Realbase. It is a leading campaign management technology platform in the Australia and New Zealand region.
Iluka shares
The Iluka Resources Limited (ASX: ILU) share price hit a record high this morning. This was driven by the mineral sands and rare earths company announcing a final investment decision on phase three of the Eneabba Rare Earths Refinery. Iluka will push ahead with phase three after its feasibility study demonstrated solid economics and significant potential for growth.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Pendal share price with a 20% gain following the aforementioned takeover approach. The worst performer on the index has been the Bank of Queensland Limited (ASX: BOQ) share price with a 3% decline. This is despite there being no news out of the regional bank. Though, it is worth noting that Macquarie downgraded its shares to a neutral rating on Friday.
The post ASX 200 (ASX:XJO): Perpetual makes Pendal offer, Iluka hits record high appeared first on The Motley Fool Australia.
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More reading
- Pendal (ASX:PDL) share price rockets 23% on $2.4b takeover approach
- Iluka (ASX:ILU) share price jumps 8% to record high on major rare earths news
- Here’s why the performance of ASX 200 shares is smashing the S&P 500
- 5 things to watch on the ASX 200 on Monday
- These were the best performing ASX 200 shares during the first quarter
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. 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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