The Seek Ltd (ASX: SEK) share price has slipped into the red in early trade. Seek shares are now exchanging hands at $29.07 apiece, a 3.1% drop from the open.

Earlier, the digital job advertising company released the outcomes of its strategic review into its Asia Pacific & Americas (AP&A) and Investments businesses.

The share price dip comes on the back of Seek’s announcement to the market before the open.

Quickly adding some colour

To quickly recap, the purpose of Seek’s strategic review was to “provide greater independence” to its AP&A and Investments businesses.

Seek announced back in February that it has a two-pronged strategy.

The first aim, regarding AP&A, is to “focus on growth opportunities” while concurrently “retaining exposure to Investments”.

Secondly, Seek wants its Investments business to operate “independently and access third party capital”. Ultimately, the company’s strategic play permeates the Investments arm as an “investor and business builder”.

As such, the company created an independent unit trust, known as the SEEK Growth Fund, to achieve these primary goals of independence and access to capital.

What did Seek announce today?

Seek confirmed the creation of the Fund, in addition to the particulars around its operations as a going concern.

Firstly, Seek will transfer its holdings in online education services and “14 early-stage ventures” as seed assets in exchange for units in the Fund.

The exchange will occur at “an independently assessed” fair value of $1.215 billion.

In addition, the new firm will be headed by Seek co-founder Andrew Bassat who will remain independent and act autonomously of Seek.

Moreover, the fund has secured a further $460 million capital raise to “fund future investments”, as per the company’s announcement. The breakdown includes a $260 million round from investors with the remaining $200 million coming from Seek directly.

As a result of the changes, Seek’s FY21 and FY20 results will show adjustments to recognise the divested assets as “discontinued operations” for accounting purposes.

Seek will now recognise revenue from the two entities in a single ledger on its consolidated income statement instead.

Speaking on the release, Seek chair Graham Goldsmith said:

As an independent entity, the Fund can make the long-term investment decisions required to build large and sustainable businesses. With greater access to capital, the team can support the existing portfolio and make new investments in the human capital management sector. SEEK is pleased to retain all of its existing economic exposure to these high growth businesses.

Seek share price snapshot

The Seek share price has posted a year to date return of 1.65%, extending the previous 12 months’ gain of 35%.

Whilst it has lagged the S&P/ASX 200 Index (ASX: XJO) this year to date, Seek shares have outpaced the broad index’s return of around 25% over the past year.

The post Seek (ASX:SEK) share price slides after growth fund spin off appeared first on The Motley Fool Australia.

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The author Zach Bristow 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 recommended SEEK 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 Core Lithium Ltd (ASX: CXO) share price has come out of a trading halt today and shot straight to a record high. This comes after the emerging lithium producer announced an update to its capital raising efforts.

Core Lithium shares rocketed 20.83% at market open to an all-time high of 43.5 cents. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.46% to 7,866 points.

Core Lithium shares have since retreated to 40 cents apiece, 9.72% higher than yesterday’s close.

What’s driving the Core Lithium share price higher?

Investors are buying Core Lithium shares as the company prepares to fund its Finniss Lithium Project.

According to its release, Core Lithium advised it has received strong support to raise $91 million through an institutional placement. The offer was presented to domestic and global investors at an issue price of 31 cents per share. This represents a 13.9% discount on the closing price on 6 August 2021, and a 2.4% discount on the 5-day volume-weighted average price.

In total, the company’s registry will gain 293 million new ordinary shares.

Core Lithium will use its existing placement capacity to create the new shares. Under listing rule 7.1, this allows the company to issue up to an additional 15% of its total shares without shareholder approval. The company will use an extension to the listing rule (7.1A) to issue the remaining shares (117.3 million).

With the $34 million equity investment from Ganfeng Lithium Co Ltd, Core Lithium will use the combined funds to develop its Finniss Lithium Project. This includes upfront capital expenses such as plant construction, the Grants open pit pre-strip, and other mine establishment costs.

In addition, the company will make an environmental bond payment to the Northern Territory government.

Core Lithium will also use some of the monies for a drilling program to accelerate reserve and resource growth.

A share purchase plan (SPP) is on offer to raise an additional $15 million. The SPP applies to retail investors at the same price as the placement. The closing date of the SPP is 2 September 2021.

What did the managing director say?

Core Lithium managing director Stephen Biggins commented:

We are very pleased with the overwhelming support received in the Placement in this transformational moment for Core.

Together with the Ganfeng equity investment and the share purchase plan, we are now fully funded to complete Stage 1 development of Finniss and have the financial flexibility to assess future growth initiatives.

… We look forward to executing on our plan to commence anticipated first production in late 2022.

The Core Lithium share price has gained more than 700% over the past 12 months and is up 165% year to date.

The post Core Lithium (ASX:CXO) share price rockets 20% on capital raising efforts appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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 Lake Resources N.L. (ASX: LKE) share price has been a very strong performer on Wednesday.

In morning trade, the lithium explorer’s shares are up a sizeable 11% to 64 cents.

This means the Lake Resources share price is now up a massive 700% since the start of the year.

Why is the Lake Resources share price charging higher?

Investors have been bidding the Lake Resources share price higher today after it released an update on the funding of its flagship Kachi Lithium Project. This clean lithium project is based in the Catamarca Province within the Lithium Triangle in Argentina.

According to today’s announcement, UK Export Finance has provided a strong expression of interest to support approximately 70% of the total finance required for the Kachi Lithium Project. This is subject to standard project finance terms.

The UK Export Finance is the Export Credit Agency of the United Kingdom. In the last five years it has provided 14 billion pounds (A$26.4 billion) of support for UK exports and international trade.

The release notes that the project finance would deliver a significantly lower cost of capital than traditional financing structures, with the principal repaid over an 8.5 year period post-construction.

Though, it is worth noting that the expression of interest is not a binding commitment and is subject to a series of standard project finance terms and due diligence. This includes suitable structured offtake contracts, the successful completion of Kachi’s Definitive Feasibility Study, and an Environmental and Social Impact Assessment (ESIA) to Equator Principles.

A “watershed moment”

Lake’s Managing Director, Steve Promnitz, believes this is a major milestone, which goes some way to explaining why the Lake Resources share price is charging notably higher today.

He said: “This offer is a watershed moment for Lake – to have a leading ECA willing to indicate financial support for Kachi provides an enormous vote of confidence in our clean energy project. The support reflects not only Kachi’s robust financials but also its considerable ESG benefits such as a small environmental footprint, satisfying a number of defined Sustainable Development Goals.”

Mr Promnitz isn’t resting on his laurels, though. He will be working hard to turn this expression of interest into committed funding.

He explained: “We acknowledge that we have significant work to convert this EOI into a committed funding arrangement. We are pleased that a number of international banks have already approached us who have expressed an interest to be part of Kachi’s development and their interest is dependent on having a strong ECA like UKEF.”

“Essentially this EOI is stating that if Lake does what it says it’s going to do in the DFS and ESIA, the project will be funded. Combined with backing from potential international off-takers, investors will increasingly see progress towards successful production and expansion of Kachi, perfectly timed to meet the needs of a decarbonising world,” he concluded.

The Lake Resources share price is now trading within sight of its record high.

The post Why the Lake Resources (ASX:LKE) share price is jumping 11% today 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. 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 Commonwealth Bank of Australia (ASX: CBA) share price has hit a new landmark high.

At the time of writing, shares in Australia’s largest bank are trading for $107.31 – up 0.70%. At the open today, shares hit a record high of $109.03.

The positive price movement comes after the company released its full-year earnings results, a full-year, fully franked dividend of $3.50 per share, and a $6 billion off-market share buyback.

Let’s take a closer look.

Commonwealth Bank’s FY21 results

For the FY21 financial year, Commonwealth Bank declared a net profit of $8.8 billion. That’s up 19.7% on the prior corresponding period (pcp). Operating income rose 1.7% on the pcp to $24.2 billion but operating expenses were up 3.3% on the pcp to $11.4 billion.

As a result, the company announced a final dividend of $2.00 per share, fully franked. Added to the interim dividend paid of $1.50 per share, that equates to a full-year dividend of $3.50 per share. At the current CBA share price, this is a 3.24% yield.

In FY20, Commonwealth Bank paid a full-year dividend of $2.98, fully franked – a 4.0% yield at the time.

While today’s dividend announcement is a rise on the pcp, it is not a record. In FY19, for example, the company paid a full-year dividend of $4.31, fully franked.

As well, Commonwealth Bank will buy back about $6 billion worth (or 3.5%) of its shares in an off-market purchase.

CBA share price snapshot

Over the past 12 months, the CBA share price has increased 43.4%. Over the same period, the S&P/ASX 200 Index (ASX: XJO) rose 23.7%.

Commonwealth Bank has a market capitalisation of around $190 billion.

The post Commonwealth Bank (ASX:CBA) share price record high after dividend boost appeared first on The Motley Fool Australia.

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Motley Fool contributor Marc Sidarous 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 Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price is pushing higher on Wednesday.

In morning trade, the banking giant’s shares are up 1% to $29.19.

Why is the ANZ share price pushing higher today?

Today’s gain by the ANZ share price is likely to have been driven by the release of a strong full year result by rival Commonwealth Bank of Australia (ASX: CBA) this morning.

That result appears to have given investor sentiment in the banking sector a major boost, helping to drive all of the big four banks higher today.

But also potentially giving the ANZ share price a lift has been the announcement of a key appointment in the C-suite.

What did ANZ announce?

This morning ANZ announced the appointment of Farhan Faruqui as its new Chief Financial Officer.

According to the release, Mr Faruqui joined ANZ in 2014 and is currently its Group Executive International. In this position he is responsible for ANZ’s institutional business in 19 markets across Asia, Europe, Middle East and America.

Prior to joining ANZ, Mr Faruqui had an extensive international banking career at Citigroup, where he held senior roles. This includes Head of Citi’s Corporate and Investment Bank in Asia Pacific, as well as its Global Loans and Capital Markets business in the region. He was also country officer for several countries in Africa and Europe.

In his new role as ANZ’s Chief Financial Officer, Mr Faruqui will have responsibility for all aspects of Finance as well as Treasury, Mergers and Acquisitions and Investor Relations. He will remain a member of the Group Executive Committee.

ANZ’s CEO, Shayne Elliott, commented: “After a comprehensive global search, I’m pleased to be able to appoint one of our most experienced executives with a long history of delivering outstanding results in highly-complex environments to this important leadership position.”

“Farhan has played a crucial role in the re-shaping of ANZ’s institutional and international business as a critical part of our overall franchise. I’m confident his strong financial acumen, strategic insight and fresh thinking will be of great benefit to our shareholders and our customers,” he added.

The ANZ share price is now up over 26% in 2021.

The post Why the ANZ (ASX:ANZ) share price is pushing higher today 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. 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 Sydney Airport Holdings Pty Ltd (ASX: SYD) share price was first listed on the ASX in mid-August 2002.

With nearly two decades to sift through, finding the biggest percentage move for Sydney Airport shares is nigh impossible.

In the past 18 months alone, the Sydney Airport share price has reacted sharply to several catalysts.

One of the best days for shares in Sydney Airport can be traced back to early July of this year.

Sydney Airport share price boosted by takeover offer

The Sydney Airport share price received a huge boost early last month.

Shares in the company surged more than 34% for the day, following a $22.6 billion buyout offer.

A consortium of infrastructure investors – IFM Investors, Global Infrastructure Management, and QSuper – launched the takeover offer, valuing Sydney Airport at $8.25 per share.

Sydney Airport’s management initially noted that the takeover offer of $8.25 per share was below where shares in the company were trading pre-pandemic.

Before the COVID-19 pandemic, the Sydney Airport share price was trading at around $8.95.

Since then, the company has raised approximately $2 billion in equity and seen its share price peak and trough.

In addition, rumours began to swirl that another consortium led by Macquarie Group Ltd (ASX: MQG) was considering a counter bid.

Sydney Airport formally rejected the takeover offer for 100% of its shares in mid-July.

Outlook for Sydney Airport shares

Sydney Airport is Australia’s largest international gateway. The company generates revenue through aeronautical, retail, property, car rental and parking operations.

With widespread COVID-19 lockdowns hampering the Australian travel sector yet again, Sydney Airport could receive extra attention this reporting season.

Investors have long favoured shares in Sydney Airport for their dividend yield.

However, the infrastructure giant has approximately $10 billion in debt attached to its balance sheet.

In addition, Sydney Airport recently flagged a 56.8% decline in domestic traffic compared to pre-pandemic levels in 2019.

These factors could raise the concerns of some investors, especial given the indefinite reopening of free travel.

Sydney Airport will release its 2021 half-year results on Friday 20 August.

The post When was the best day on the Sydney Airport (ASX:SYD) share price chart? appeared first on The Motley Fool Australia.

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Motley Fool contributor Nikhil Gangaram 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 owns shares of and 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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A sudden collapse in iron ore prices has tipped the Fortescue Metals Group Ltd (AS:X FMG) share price off a cliff.

Shares in the iron ore major have tanked 8% in the last week and are down 15% since all-time highs of $26.48 on 29 July.

Iron ore prices fall below US$200/tonne

Iron ore prices were standing tall at the end of July, with spot prices trading at around US$210/tonne according to Market Index.

However, prices would quickly deteriorate to below US$170/tonne this week.

China is headlining the weakness in iron ore prices, with its government requesting that steel mills produce no more than their 2020 volumes, according to Mining.com.

Chinese steel production in the first half lifted almost 12% compared to 2020 figures, suggesting a significant cutback is needed.

More recently, Mining.com flagged that China’s iron ore demand might continue to remain weak in the near term, ahead of its Beijing Winter Olympic Games in February 2022.

It claims, “Steel hub Tangshan will extend existing curbs to March 13 next year to ensure good air quality for the Games, researcher Mysteel reported, citing a draft document issued by the city’s environmental office.”

The article pointed to Beijing’s 2008 Olympics, where authorities shut down a number of industrial operations near the capital.

While output came to a grinding halt, the city enjoyed “blue skies for an entire month”.

This isn’t the first time

Between 26 February and 22 March, the Fortescue share price experienced a 23% drawdown under similar circumstances.

Tangshan, one of China’s most polluted cities, was ordered to limit or halt production on certain days to reduce its emissions of air pollutants.

Fortescue share price snapshot

The Fortescue share price is down 9.23% year-to-date, greatly underperforming both the S&P/ASX 200 Index (ASX: XJO) and ASX 200 Materials Index (INDEXASX: XMJ) which have rallied 13.7% and 13.08% respectively.

A catalyst on the horizon for Fortescue shareholders is its FY21 results.

The highly anticipated announcement is expected to land on 30 August.

The post The Fortescue (ASX:FMG) share price is down 8% in a week. Here’s why appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun 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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Commonwealth Bank of Australia (ASX: CBA) is in the news this week for more than this morning’s $6 billion share buyback announcement.

In a less fortuitous turn of events, CBA group governance executive general manager Kara Nicholls is suing the bank.

Why is CBA facing a lawsuit?

According to Nicholls, CBA’s governance team has long been understaffed and overworked which has led to an excessively high turnover rate in the department.

Nicholls says she sounded the alarm to her superiors on numerous occasions but little to no action was taken to rectify the situation.

Now she’s facing the loss of her job and is suing CBA, as the Australian Financial Review reports, for “allegedly seeking to fire her last week in response to ‘whistleblower’ complaints she made to senior officers and chairman Catherine Livingstone about the bank’s failure to respond to repeated warnings on understaffing and workers’ safety”.

The Federal Court claim alleges:

The [bank] acted with conscious and contumelious disregard of the rights and interests of Ms Nicholls, and of the rights and interests of employees in the group governance team, including by way of raising legitimate concerns as to workplace health, safety, culture and resources.

CBA’s spokesperson noted that the bank won’t be commenting on the matter as it’s currently before the Federal Court. They said the bank “takes any concerns raised by its current or former employees very seriously”.

How has CommBank been performing?

The new pending lawsuit aside, CBA shareholders have largely enjoyed a stellar 12 months.

CBA’s share price has gained 43% since this time last year, almost twice the 23% gains posted by the S&P/ASX 200 Index (ASX: XJO) over that same time.

CBA has also maintained its dividend payments throughout the COVID-19 pandemic turmoil. At the current price of $106.56 per share, CBA pays a dividend yield of 2.39%, fully franked.

The post CBA (ASX:CBA) sued by whistleblowing governance manager appeared first on The Motley Fool Australia.

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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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Investors are selling down the Mineral Resources Limited (ASX: MIN) share price upon market open on Wednesday.

This is on the back of the major miner reporting its full-year results to the ASX this morning.

Mineral Resources share price on watch after net profit more than triples

• Underlying net profit after tax up 230% year on year to $1,103 million
• Revenue up 76% to $3,734 million
• Operating cash flow up 144% to $1,600 million
• Underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) up 148% to $1,901 million
• Profit for the year attributable to shareholders up 26.5% to $1,269.7 million
• Fully franked final dividend of 175 cents per share. Full year dividend up 175% to $2.75 per share.

What happened in FY21 for Mineral Resources

The Mineral Resources share price might be an upwards mover today after the fifth largest iron ore producer reported its record-setting FY21 results.

On the top line, the company generated $3,734 million in group revenue during the 12-month period. This was 76% higher year on year and driven by continued growth across the business. For instance, mining services experienced an increase in volumes of 20%. Meanwhile, iron ore and spodumene exports both surged 23% compared to the prior corresponding period (pcp).

Additionally, the bottom line benefitted by increasing commodity prices during the year. The Platts Iron Ore 62% Fines Index (Platts) gained 66% to an average of US$155 per dry metric tonne. On the other hand, the average realised lithium spodumene price came in at $535 per dry metric tonne, a decrease of 13% on the pcp. A macro catalyst that has seen the Mineral Resources share price rise 113% in the past year.

Furthermore, total exports surpassed the previous year with total iron ore equating to 17.274 million wet metric tonnes. The increase in export volume and prices resulted in Mineral Resources delivering an underlying net profit after tax of $1,100 billion – an increase of 230%.

Likewise, the company’s mining services business performed strongly and was primarily driven by growth in operations at the Yilgarn and Utah Point hubs. This was in addition to new external contracts.

The strong performance leaves Mineral Resources with a sturdy cash balance of $1,542 million at 30 June 2021. This is despite the miner pouring $745 million into investments for growth into the future. For example, the development of Wonmunna for the Utah Point hub, increasing Yilgarn Hub production, and new external mining services plants to support new contracts.

Another plus of abundant cash flow was that management declared a final fully franked dividend of $1.75 per share. Mineral Resource shareholders will see nearly $330 million returned to them in the process.

What did management say?

Commenting on the blockbuster result, Mineral Resources Managing Director Chris Ellison said:

I am proud to say that Mineral Resources has delivered a record year in terms of tonnes produced and shipped, revenue and profit reported, and dividends declared. The full-year result is the culmination of continued strong growth in our Mining Services division, which is our Company’s heartbeat, and realises the rewards from our decision to build long horizon businesses in iron ore and lithium.

What’s next for Mineral Resources and its share price?

Closing out Mineral Resources’ results, the company shed some light on its future direction. The plan is to “develop innovative, lower carbon mining services materials handling and infrastructure solutions”, something that bodes well following yesterday’s IPCC climate report findings.

Finally, the miner gave some guidance for FY22. The company is forecasting 21 million tonnes to 22 million tonnes in iron ore exports between the Yilgarn hub and Utah point hub for FY22. Meanwhile, Mineral Resources expects 450,000 to 475,000 tonnes in spodumene exports during the next full year.

The Mineral Resources share price has delivered sizeable returns to shareholders in the past year. Specifically, the miner’s shares have climbed 113% in value compared to the 23.2% from the S&P/ASX 200 Index (ASX: XJO).

The post Mineral Resources (ASX:MIN) share price slips on FY21 earnings appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler 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 IRESS Ltd (ASX: IRE) share price is storming higher on Wednesday morning.

At the time of writing, the financial technology company’s shares are up 6% to a record high of $15.25.

Why is the IRESS share price storming higher?

Investors have been bidding the IRESS share price higher today after it confirmed the receipt of yet another improved takeover proposal from EQT Fund Management.

This follows the receipt of offers from EQT in June of $14.80 per share and in July of $15.30 to $15.50 per share.

According to the release, IRESS has received a further confidential, non-binding, and indicative proposal from EQT to acquire all of IRESS’’ shares at a revised implied value of $15.91 cash per share before franking credits.

This comprises a cash consideration of $15.75 plus a permitted FY 2021 interim dividend for eligible shareholders of up to $0.16 per share.

The release notes that previous proposals made by EQT assumed there would be no further dividends paid by IRESS or capital management prior to completion of any transaction.

The implied value of the new proposal represents a 45.3% premium to the undisturbed IRESS share price on 9 June. It is also a premium of 10.8% to the IRESS share price at the close of play on Tuesday.

It values IRESS at an equity value of $3.1 billion and an enterprise value of $3.2 billion. This means EQT would be acquiring IRESS for 37x its FY 2023’s underlying earnings target.

Due diligence granted and potential board recommendation coming

The IRESS Board revealed that it has carefully considered the proposal. This includes obtaining advice from its financial and legal advisers.

Following this, the Board considers it in the best interests of shareholders to engage further with EQT. As a result, it has agreed to grant the suitor a period of 30 days to undertake its due diligence. It has also agreed to certain exclusivity provisions during this period.

In addition, the release notes that IRESS’ Directors intend, subject to the entry into a scheme implementation deed on acceptable terms, to unanimously recommend that shareholders vote in favour of the proposal. This will be in the absence of a superior proposal and subject to an independent expert concluding that the proposed transaction is in the best interests of shareholders.

However, for the time being, it recommends that shareholders take no action in relation to the proposal. It also warned that there is no certainty that the proposal will result in an offer capable of acceptance for IRESS shareholders.

The IRESS share price is now up 42% in 2021.

The post IRESS (ASX:IRE) share price shoots higher after new takeover proposal 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. 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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