Category: Stock Market

The Chalice Mining Ltd (ASX: CHN) share price is in the green today, currently up by 2.24% to $9.59.

In earlier trading, it jumped as high as $9.92 — a gain of almost 6% on the previous close.

Investors are responding positively to an announcement in which the mineral exploration company outlined progress at its Julimar Nickel-Copper-Platinum Group Element (PGE) Project.

What’s got Chalice Mining charging higher?

The Chalice Mining share price is rising after the company reported a significant new discovery at its 100%-owned Julimar site, located around 70km north of Perth.

Chalice says step-out drilling has intersected a new shallow zone of high-grade sulphide mineralisation. The discovery is considered significant. This is because the zone is “located immediately south of the 6.5km long Hartog AEM anomaly”, within the Julimar State Forest.

In addition, Chalice advised its conservation management plan for initial drilling at these targets has been finalised. It is now under consideration by the WA State Government, with approval expected shortly.

While waiting for approval, Chalice has continued step-out and infill drilling at its Gonneville deposit with 6 rigs.

A total of 225 diamond drill holes and 460 reverse circulation (RC) drill holes for approximately 180,000 metres have been completed.

Assay results are pending for a further 66 completed drill holes after the company obtained results for 129 holes. Lab turnaround times are currently averaging approximately four weeks, according to the announcement.

Speaking on the news pushing up the Chalice Mining share price, director and CEO Alex Dorsch said:

Extensional drilling in an area previously considered to consist only of metasediments has intersected a tantalising new shallow zone of sulphide mineralisation, which is interpreted to be the potential southern extent of a new Hartog zone. The moderate nickel, copper and cobalt grades observed are considered particularly encouraging.

We believe that the new ultramafic unit intersected is very unlikely to be Gonneville, given that it is separated by around 70m of metasediments and appears to be highly deformed and geochemically different. The new discovery has once again upgraded the prospectivity of the >6.5km long Hartog target immediately north of the new intersections.

Chalice Mining share price snapshot

The Chalice Mining share price has soared by 138% in the last 12 months and 148% this year to date.

Chalice shares have also gained 45% in the last month and are up around 2% in the past week.

The post Here’s why the Chalice Mining (ASX:CHN) share price is glowing today appeared first on The Motley Fool Australia.

More reading

• These were the 5 best performing ASX shares in November
• Why Chalice Mining, CBA, Nufarm, and SEEK shares are sinking
• Here are the top 10 ASX shares today
• Here are the top 10 ASX shares today
• Why Chalice, De Grey, Estia Health, and Fortescue shares are racing higher

The author has no positions 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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The Macquarie Group Ltd (ASX: MQG) share price is higher on Thursday after the company decided on its next chair.

Glenn Stevens will take over from the group and bank’s current chair Peter Warne in May.

The Macquarie share price is in the green amid the excitement. It is currently $196.63, 0.48% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is down this morning, trading 0.5% lower.

Let’s take a look at the person who will next head the financial and banking giant’s boards.

Macquarie share price up as next chair named

The Macquarie share price is moving upwards as former Reserve Bank of Australia governor Glenn Stevens is announced as the next chair of Macquarie Group and Macquarie Bank’s boards.

In his 20 years at the Reserve Bank, Stevens played a significant role in the banking industry, developing Australia’s inflation targeting framework for monetary policy.

He was appointed to the Macquarie boards in 2017 and has chaired the company’s Board Risk Committee since 2019.

On his appointment as chair, Stevens commented:

I’m honoured to have been asked by my colleagues to follow in Peter’s footsteps and look forward to working with the boards, [CEO] Shemara, and the entire Macquarie team in the continued effort to meet client, investor, regulatory, and community expectations

Warne also spoke on his stepping down and Stevens’ appointment, saying:

Over [my time on Macquarie’s boards], I’m proud that the organisation has continued its strong growth trajectory, meeting broad areas of community need through different market cycles, not least over the last two years of the COVID-19 pandemic. I am pleased that the boards have selected Mr Stevens as the next chair.

In other news regarding the Macquarie boards, director Diane Grady announced that she will be retiring from them in February.

Warne thanked Grady for her important contribution and dedication to Macquarie over the last 10 years.

Right now, the Macquarie share price is more than 40% higher than it was at the start of 2021. It has also gained more than 40% over the last 12 months.

The post Macquarie (ASX:MQG) share price gains as former RBA governor named chair appeared first on The Motley Fool Australia.

More reading

• ASX shares to buy for the Omicron COVID outbreak
• What’s JP Morgan saying about ASX 200 bank shares?
• Here’s why some ASX 200 bank shares are having a terrific Tuesday
• Macquarie (ASX:MQG) share price lifts amid $1.3 billion capital raise
• Here’s why Macquarie (ASX:MQG) is making news for all the wrong reasons

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. 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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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. The benchmark index is currently down 0.55% to 7,196.4 points.

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

Afterpay vote delayed

The Afterpay Ltd (ASX: APT) share price has followed the lead of the Square share price and is sinking on Thursday. This morning the payments company revealed that a meeting of shareholders to vote on the Square takeover approach has been delayed until the start of next year. This is due to the two companies still waiting on approval from the Bank of Spain.

Woolworths outbids Wesfarmers

This morning Woolworths Group Ltd (ASX: WOW) announced that it is aiming to acquire Australian Pharmaceutical Industries Ltd (ASX: API) from under the nose of arch rival Wesfarmers Ltd (ASX: WES). Woolies has made a $1.75 cash per share offer, valuing API’s equity at $872 million. This offer represents a significant 20 cents per share or 12.9% increase over the offer tabled by Wesfarmers last month.

Premier Investments’ sales rebound

The Premier Investments Limited (ASX: PMV) share price is falling today despite revealing an improvement in its sales performance. According to the release, the Smiggle and Peter Alexander owner saw its sales jump 10.1% over the prior corresponding period during the three weeks ending 27 November. This means that sales during the first 17 weeks of FY 2022 are now down just 3.5% over the prior corresponding period.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the GUD Holdings Limited (ASX: GUD) share price with a 3% gain. This morning Citi retained its buy rating and lifted its price target on the company’s shares to $15.70. The worst performer has been the Netwealth Group Ltd (ASX: NWL) share price with a 7% decline on no news.

The post ASX 200 (ASX:XJO) midday update: Afterpay sinks, Woolworths bids for API appeared first on The Motley Fool Australia.

More reading

• Afterpay (ASX:APT) share price slides amid Square takeover delay
• API (ASX:API) share price rockets 16% higher after Woolworths launches takeover approach
• Why the Wesfarmers (ASX:WES) share price lost momentum in November
• Woolworths (ASX:WOW) share price falls after outbidding Wesfarmers for API
• Premier Investments (ASX:PMV) share price falls despite upbeat trading update

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 shares of and has recommended AFTERPAY T FPO and Netwealth. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Netwealth, and Wesfarmers Limited. The Motley Fool Australia has recommended Premier Investments Limited. 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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The All Ordinaries Index (ASX: XAO) didn’t end up having a great November. Last month, the All Ords ended up going backward for the month, losing roughly 0.7%. But that’s not to say all ASX shares had a disappointing November.

Some actually ended up having a fantastic time of it over the penultimate month of 2021. So here’s a look at the 5 best performers in November.

Top performing ASX shares last month

Calix Ltd (ASX: CXL)

Calix is our first ASX share to check out today. This materials company works in sustainable water, food, and battery technology.

Investors seemed to really get excited about this company when it announced a new patent mid-last month. This outlined a new process for producing steel from iron with zero carbon dioxide emissions. Calix shares went from $5.17 at the end of October to $6.88 by close of market on Tuesday – a gain of just over 33%.

Nickel Mines Ltd (ASX: NIC)

Nickel seemed to swing to ‘hot commodity’ status over November, and Nickel Mines was a huge beneficiary. It went from $1.05 a share at the start of the month to $1.42 by the end. That’s a gain of 35.2%.

With this one, investors seemed to get really excited when Nickel Mines announced an expanded partnership with the Chinese company Shanghai Decent. This will see Nickel Mines acquiring a 70% stake in Shanghai Decent’s Oracle Nickel Project.

Chalice Mining Ltd (ASX: CHN)

Another nickel mining company comes in at No.3 today. This nickel explorer seemed to get on investors’ radar after the company released the first mineral resource estimate for its Gonneville deposit at its Jumilar project in Western Australia.

The company reckons it is sitting on significant deposits of platinum, palladium, gold, and nickel at the site. As my Fool colleague James covered at the time, this elicited some love from broker Bell Potter. Both of these developments were probably to thank for this ASX share’s stellar month. It rose close to 50% over November, going from $6.67 a share at the start of the month to $9.97 by Tuesday afternoon.

Novonix Ltd (ASX: NVX)

Novonix was another break-neck performer over November, rising from $7.40 a share to $11.95, up 61.5% for the month.

This lithium battery company seemed to benefit from a number of positive developments, including news that it would be opening a new battery anode plant over in Tennessee, USA. It also released a well-received quarterly cash flow update in late October.

AVZ Minerals Ltd (ASX: AVZ)

Our top-performing ASX share for November goes to another mining company. AVZ Minerals is another battery-focused explorer, with a flagship lithium and tin mine in the Democratic Republic of Congo (Africa).

A number of updates over the month must have gotten investors excited here. AVZ held its annual general meeting mid-month, and also released a very well-received quarterly report in late October. This saw AVZ shares begin November at 36 cents each, and finish at 69 cents – a whopping gain of 91.67%

The post These were the 5 best performing ASX shares in November appeared first on The Motley Fool Australia.

More reading

• These were the 5 best performing ASX 200 shares in November
• Here are the top 10 ASX shares today
• These were the best performing ASX 200 shares last week
• Here are the top 10 ASX shares today
• Here’s why the Nickel Mines (ASX:NIC) share price is soaring 15% so far this week

Motley Fool contributor Sebastian Bowen 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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The Northern Star Resources Ltd (ASX: NST) share price is lower today despite the company providing an acquisition update.

The Australian gold miner’s shares are currently fetching $9.18 apiece, down 2.75%. It’s worth noting that the S&P/ASX 200 Index (ASX: XJO) is also in negative territory, trading at 7,189 points, down 0.65%. The benchmark index is following Wall Street’s losses on news that the Omicron variant has arrived in the United States.

Northern Star completes power business acquisition

Investors appear unfazed by the company’s latest release, sending the Northern Star share price south.

In its statement, the company advised that it has completed the US$95 million purchase of gold producer Newmont Corporation’s power business.

The 110 MW Parkeston power station and associated infrastructure provides electricity to Kalgoorlie Consolidated Gold Mines (KCGM).

The acquisition includes a 50% interest in the 110 MW Parkeston Power Station and associated infrastructure. In addition, the asset also feeds electricity to the Kalgoorlie area through its connection to the South-West Interconnected System.

In turn, this gives Northern Star greater control over the power supply to support its Kalgoorlie facilities. This translates to lower costs at KCGM and enables other options for the company to implement renewable energy solutions.

Northern Star managing director, Stuart Tonkin commented:

We are pleased to secure this key infrastructure which will enable a simpler pathway to achieving net zero through addition of renewable energy projects.

About the Northern Star share price

Over the last 12 months, Northern Star shares have failed to take off, dropping around 30%. It seems as though investor sentiment has weakened following a sharp fall in the spot price of gold this year.

Based on today’s price, Northern Star commands a market capitalisation of approximately $10.61 billion, with roughly 1.16 billion shares outstanding.

The post Northern Star (ASX:NST) share price sinks despite ‘securing key infrastructure’ appeared first on The Motley Fool Australia.

More reading

• ASX shares to buy for the Omicron COVID outbreak
• Northern Star (ASX:NST) share price struggles despite funding news
• 5 things to watch on the ASX 200 on Wednesday
• What’s weighing on the Northern Star (ASX:NST) share price today?
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Aaron Teboneras owns shares of Northern Star Resources Limited. 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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The Betashares Crypto Innovators ETF (ASX: CRYP) commenced trading on the ASX on 4 November.

While it’s not the only new exchange traded fund (ETF) to debut on the ASX this year, CRYP made quite a splash as it was the first ETF to offer ASX investors exposure to the wild world of crypto related assets.

Now CRYP doesn’t invest directly into Bitcoin (CRYTPO: BTC), Ethereum (CRYPTO: ETH), or indeed any other altcoins.

Instead, it offers investors indirect exposure by investing in a basket of up to 50 assets (currently 32) composed of global companies closely linked to the “crypto economy”.

It’s top 5 holdings as of this morning are:

1. Silvergate Capital Corp (12.8%)
2. Marathon Digital Holdings Inc (10.6%)
3. Galaxy Digital Holdings Ltd (10.2%)
4. Coinbase Global Inc (10.2%)
5. Microstrategy Incorporated (9.1%)

Investors can buy and sell shares in CRYP just like any other ASX listed shares. Do take note of BetaShares’ caution on their website, “CRYP should be considered very high risk.”

So, how has the ETF been tracking since its launch?

How did ASX investors respond to CRYP on its first day?

Investors were clearly eager to get into the action on the CRYP’s first day of trading.

Within 15 minutes of the opening bell, the ETF saw $8 million worth of trades. The crypto ETF ended the day with net buys of $39.7 million, breaking the record for first-day volume for a new fund, set by the Hyperion Global Growth Companies (ASX: HYGG) fund in March this year.

How has the ETF performed since launching?

In its first 4 days of trading, the CRYP share price gained 10.6%. In a sign of the ongoing volatility in cryptocurrencies and the companies that are correlated to them, the ETF then lost 9.1% over the next 2 days, closing at $1.24 per share on 11 November.

It’s been up and down since then, with more down than up leaving CRYP 8% below where it commenced trading on 4 November.

The post Here’s how Betashares Crypto ETF (ASX:CRYP) has been performing since its ASX listing appeared first on The Motley Fool Australia.

More reading

• Here’s what happened with Bitcoin’s record-breaking November
• Why has the Betashares Crypto Innovators ETF (ASX:CRYP) lost 12% in 10 days?
• Are there more crypto ETFs coming to the ASX in the future?
• Why was the new BetaShares Crypto Innovators ETF (ASX:CRYP) down 5% on Thursday?
• Here’s why the Betashares Crypto Innovators ETF (ASX:CRYP) share price is surging 7% today

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum.  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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

There’s nothing more difficult to figure out as an investor than a market that can’t decide which direction to move. On Wednesday, market participants seemed more sanguine about the potential impact of the COVID-19 omicron variant on the prospects for future macroeconomic growth, especially in light of testimony from Treasury Secretary Janet Yellen and Fed Chairman Jerome Powell. The Nasdaq Composite (NASDAQINDEX: ^IXIC) was a solid winner, rising about 1.5% by midday Wednesday before pulling back slightly in the early afternoon.

Helping to lift the Nasdaq were a couple of stocks that reached all-time highs on Wednesday. Apple (NASDAQ: AAPL) continued to defy the law of large numbers by boosting its multitrillion-dollar market capitalization still further on the day, while the much smaller Lam Research (NASDAQ: LRCX) set a new high-water mark of its own. Below, we’ll look more closely at what moved Apple and Lam Research on Wednesday and whether their soaring stocks could have still further to climb in the weeks and months ahead.

Apple looks healthier than ever

Shares of Apple were up almost 3% early Wednesday afternoon, sending the iPhone maker’s market capitalization toward $2.8 trillion. Investors continue to be impressed by the way that the company has managed to grow, with ongoing evolutions of popular product lines and newer rollouts that are starting to gain traction.

Apple seems to enjoy a special status among investors. On one hand, the company is fully participating in the digital revolution, with its 5G-capable smartphones leading to a renewed interest in upgrading that has pulled forward considerable revenue entering into the holiday season. A report from China suggesting strong demand for the latest iPhone models gave shareholders a new sense of optimism that Apple can grow even in what has sometimes been a hostile market.

On the other hand, when the stock market does poorly and punishes tech stocks more broadly, Apple nevertheless has held up well. In Tuesday’s market rout, for instance, Apple posted gains.

It’s apparent, therefore, that many see the tech giant as a relatively defensive play in comparison to smaller companies with less of an ability to weather any potential headwinds coming down the road. That could help Apple do well regardless of the overall market environment.

Chipping away at old records

Elsewhere, Lam Research was higher by more than 3%. That sent the stock price for the semiconductor company above $700 per share and set an all-time record.

Investors have given a lot of attention to semiconductor stocks, but the companies that help chipmakers by providing the necessary equipment for fabrication haven’t gotten quite as much exposure. Lam’s business involves coming up with wafer fabrication equipment that accommodates the increasingly demanding requirements of its semiconductor company customers.

With chipmakers dealing with semiconductor shortages, there’s been a huge effort in the industry to expand quickly. Expansion requires the equipment to make chips effectively, and that’s helped to boost Lam’s growth as well. Moreover, those favorable trends are seen lasting longer than in past business cycles, and that could give Lam a longer runway for expansion.

When markets get choppy, it’s always useful to look at the stocks that are holding up the best. Both Lam and Apple have done well in good times and bad, and that makes them interesting candidates for investors looking for security and growth potential in their stocks. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post These 2 Nasdaq stocks are setting record highs today appeared first on The Motley Fool Australia.

More reading

• Why is the Vanguard MSCI Index International Shares ETF (ASX:VGS) off to such a great start in November?

Dan Caplinger owns shares of Apple. 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 recommended Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Liontown Resources Limited (ASX: LTR) share price has returned from its trading halt and is tumbling lower.

At the time of writing, the lithium developer’s shares are down 13.5% to $1.66.

Why is the Liontown Resources share price sinking?

The Liontown Resources share price has come under pressure this morning after completing its massive $450 million underwritten institutional placement.

According to the release, the company will place approximately 272.7 million new fully paid ordinary shares with new and existing investors at an offer price of $1.65 per new share. This represents a 14.1% discount to the Liontown Resources share price prior to its trading halt.

Management advised that the placement received strong demand from high-quality domestic and offshore institutions, which it feels provides a strong endorsement of Liontown’s world-class Kathleen Valley Lithium Project.

Liontown Resources will now push ahead with a share purchase plan at the same price as the placement. This aims to raise a further $40 million, bringing the total gross proceeds ~$490 million.

Why is the company raising funds?

The proceeds from the equity raising will be used primarily for developing the Kathleen Valley Lithium Project.

The company’s recently completed Definitive Feasibility Study (DFS) for the Project outlined an initial $473 million development, processing 2.5Mtpa and delivering ~500ktpa of 6% spodumene concentrate to global markets. It then outlines a plan to ramp up to 4Mtpa and ~700ktpa in year six.

Liontown Town’s Managing Director and CEO, Tony Ottaviano, said: “The strong demand from both domestic and offshore institutions for this landmark equity raising is testament to the world-class nature of the Kathleen Valley Project and represents a strong endorsement of our development pathway.”

“The Placement was well supported by existing Liontown shareholders and will also see new investors join the register. The introduction of these high-quality institutions together with the support shown by current shareholders has ensured that we emerge well capitalised with certainty of funding for the Stage 1 capital cost of the initial 2.5 Mtpa development at Kathleen Valley,“ he added.

The post Why the Liontown Resources (ASX:LTR) share price is sinking 13% today appeared first on The Motley Fool Australia.

More reading

• Why is the Liontown Resources (ASX:LTR) share price frozen today?
• Liontown (ASX:LTR) share price struggles despite premium lithium update
• Here are the top 10 ASX shares today
• ASX 200 lithium shares in focus amid China supply shortage
• Top brokers name 3 ASX shares to buy next 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. 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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The Afterpay Ltd (ASX: APT) share price is under pressure today following the company’s latest update.

In early trade, shares in the buy now, pay later (BNPL) business are down 5.32% to $100.83. The strain on Afterpay’s shares follows a 6.6% fall in the value of US payments giant Square Inc (NYSE: SQ) overnight.

Only yesterday, my colleague Sebastian recapped the hoops left for the two companies to jump through before being united. Well, Afterpay’s update this morning indicates it has hit a snag along its path to acquisition completion.

What is pulling the Afterpay share price down today?

Afterpay investors are mimicking the disappointing performance of Square last night, following the company’s announcement of a name change to Block. While the US giant’s price slump might have been related to its new branding, Afterpay has its own update today.

The Aussie BNPL company has provided an update on the takeover scheme of arrangement and upcoming scheme meeting. According to its release, Afterpay has now satisfied all regulatory conditions. However, the 2 companies are still waiting on approval from the Bank of Spain.

Both Afterpay and Square expect to eventually meet the Bank of Spain condition. However, Square is estimating the condition will be satisfied in mid-January 2022. Because of this, the Aussie company has opted to delay the scheme meeting, which was set for 6 December.

At this stage, it looks likely the meeting will be put back until the new year. Furthermore, the company will approach the NSW Supreme Court to approve new materials containing the updated scheme meeting details.

The Afterpay share price has weakened on the news today. It is difficult to decipher whether this is directly due to the regulatory delay or because of the fall in Square shares overnight.

What has been completed?

In terms of progress, it’s not all bad news. So far, the proposed takeover has ticked a number of boxes. Importantly, there has been regulatory approval from the Australian Foreign Investment Review Board, New Zealand Overseas Investment Office, and Spain FDI Authority.

Additionally, the proposed deal has obtained the approval of Square shareholders. Likewise, the new Square shares to be issued have also received the thumbs up. Essentially, the last piece of the puzzle is satisfying the Bank of Spain condition.

The Afterpay share price has fallen 12.2% since the Square takeover was announced on 2 August.

The post Afterpay (ASX:APT) share price slides amid Square takeover delay appeared first on The Motley Fool Australia.

More reading

• Invested in ASX BNPL shares? These were the top 5 performers in November
• Is the Afterpay (ASX:APT) Square takeover a done deal?
• Could the Afterpay (ASX:APT) share price be about to get a boost?
• What is the difference between buying Square and Afterpay (ASX:APT) shares?
• How Afterpay (ASX:APT) is using AI in its push for BNPL domination

Motley Fool contributor Mitchell Lawler owns shares of AFTERPAY T FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Square. The Motley Fool Australia owns shares of and has recommended AFTERPAY T 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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The Crown Resorts Ltd (ASX: CWN) share price is edging higher this morning after the company announced it’s allowing a prospective suitor non-exclusive due diligence despite its ungenerous bid.

Private equity firm Blackstone placed a $12.50 per share bid for Crown last month. The casino operator is giving Blackstone a look inside in hopes doing so will convince it to increase its offer.

The Crown share price has been up and down all morning but is currently $11. That’s 0.55% lower than its previous close.

Let’s take a closer look at what’s driving it on Thursday.

Crown share price falls on takeover news

The Crown share price is likely responding to news the company is letting Blackstone conduct due diligence after its third takeover offer.

This time, Blackstone is valuing the company at approximately $8.5 billion.

It’s a major step upwards from its previous offers. The fund put forward a bid of $11.85 per Crown share in March and one of $12.35 in May.

Today, Crown stated it had carefully considered the $12.50 per share offer, receiving feedback from shareholders and regulators before deciding it wasn’t great value.

However, it has offered Blackstone access to non-public information so it can revise its proposal to “adequately [reflect] the value of Crown”.

As of yesterday’s close, Blackstone’s bid represents a 14% premium on the Crown share price.

Additionally, reports fellow ASX-listed casino operator Star Entertainment Group Ltd (ASX: SGR) is preparing to make a move on its embattled peer emerged last night.

According to The Australian, Star has tapped Barrenjoey Capital Partners as an adviser, spurring some to think it might be about to pose its second takeover bid for Crown.  

Previously, Star proposed an all-scrip merger wherein Crown shareholders would receive 2.68 Star shares for each Crown security they held.

The competitor’s bid also included an alternative option that would see it paying $12.50 per share for up to 25% of Crown’s stock.

Right now, the Crown share price is around 11% higher than it was at the start of 2021.

The post Crown (ASX:CWN) share price lifts as company opens door to Blackstone. But what about Star? appeared first on The Motley Fool Australia.

More reading

• Here’s why this fund manager sold its Star Entertainment (ASX:SGR) shares
• These were the best performing ASX 200 shares last week
• Here are the top 10 ASX shares today
• Why Crown, Mineral Resources, Sonic, and Treasury Wine are charging higher
• ASX 200 (ASX:XJO) midday update: Crown jumps, WiseTech tumbles

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 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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