The EML Payments Ltd (ASX: EML) share price is higher on Monday after the company confirmed it recently received takeover interest from multiple parties.
And while takeover talks have since come to an end, the news has seemingly excited the market.
At the time of writing, the EML share price is $1.025, 0.49% higher than it was at the end of Fridayâs session.
Though that’s notably lower than its intraday high. The stock peaked at $1.135 this morning, representing an 11% gain.
Letâs take a closer look at whatâs going on with the S&P/ASX 200 Index (ASX: XJO) tech share today.
EML share price rises on previous takeover interest
The EML share price is in the green after the company responded to media reports, admitting two parties had shown acquisition interest last month.
The company said it had shareholdersâ best interests front of mind when considering the proposals. However, takeover talks with both parties have since ended.
It comes just months after similar media reports led EML to admit it had been in takeover discussions with Bain Capital.
Itâs also only a week since the companyâs former CEO walked away from the top job. Emma Shand has stepped up to the helm following Tom Creganâs shock departure.
It seems reporting by the Australian Financial Review (AFR) was the catalyst for todayâs announcement.
On top of reporting on takeover interest, the publication also noted apparent âfrictionâ within the companyâs leadership. Some insiders reportedly feel the EML board has been reluctant to engage with talks that could see it removed from the ASX.
In todayâs release, the company said:
The board of EML is excited about the appointment of Emma Shand as the companyâs new group CEO and for the future prospects of EML under Emmaâs leadership.
The EML share price has tumbled around 70% since the start of 2022. For comparison, the S&P/ASX 200 Information Technology Index (ASX: XIJ) has fallen 33%.
The post EML Payments share price lifts on confirmed takeover talks appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of July 7 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- EML Payments share price rebounds 12% after former CEO sheds more light
- What’s the outlook for ASX BNPL shares in FY23?
- FY22 was a lousy period for ASX fintech shares. Here’s why
- Is FY23 going to be a winning year for ASX fintech shares?
- These were the best (and worst) performing ASX 200 sectors of FY22
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/gQ7jN4y
Leave a Reply