Tag: Motley Fool

A Victorian royal commission into Crown Resorts Ltd (ASX: CWN) is said to have heard the company’s issues with money laundering are likely worse than previously thought.

The Crown Resorts share price was gaining earlier today but has since slipped into the red, trading at $12.87, down 0.23% at the time of writing.

A report published today by The Australian said the royal commission may have hinted that Victoria will potentially follow NSW’s example by placing the future of Crown Melbourne in the hands of regulators.

Further, it reported counsel assisting the commission Meg O’Sullivan suggested to the commission that Crown “misled” the NSW Bergin inquiry about the “depth of an external review of company bank accounts”.

Royal commission recap

The Bergin inquiry was released in February of this year. It found Crown was unsuitable to run Crown Sydney due to its casino turning a blind eye to money laundering and company links to criminal syndicates. Many of the Bergin inquiry’s findings related to happenings at Crown Melbourne.

The Victorian royal commission, headed by Ray Finkelstein QC, will now decide if Crown is suitable to run its Melbourne casino. Finkelstein gave his opening statement to the commission yesterday.

Doubt over Crown licences

Today, The Australian reported that O’Sullivan told the commission money laundering at Crown’s casinos was likely to have been more common than previously thought, casting doubts on the entertainment company’s future suitability to hold a Victorian casino license.

In his opening statement to the royal commission, Finkelstein said Crown Melbourne believed it was suitable to run the Southbank casino as the company had committed to a “substantial reform program”.

Finkelstein told the commission the reform program seemed to be an overhaul of its risk management and the governance of Crown companies. He said:

The outcome of this inquiry may well depend on the effectiveness of that program. This is not to suggest, however, that other areas will not be looked at carefully. They will.

O’Sullivan was quoted by The Australian as having later told the commission:

It’s open to conclude that Crown’s first steps on its reform pathway are simply a knee-jerk reaction to the revelations of the Bergin inquiry.

According to The Australian, O’Sullivan told the commission it was unlikely Crown had removed money laundering from its business yet, particularly as some of Crown’s bank accounts appeared still to be engaged in money laundering ­as of February this year.

Royal commission’s focus

Finkelstein’s opening statement clarified that the royal commission won’t dig into the findings of the Bergin inquiry. Instead, the commission will focus on 4 new subjects:

• Whether money laundering is still happening at Melbourne Casino.
• If Crown Melbourne has gone against any other legislation or regulations restricting its casino operations.
• If Crown Melbourne has broken any of its obligations under agreements with the state.
• And finally, the process by which the company deals with gambling addictions.

Speaking to the commission, Finkelstein said:

I believe that avoiding a second inquiry into the same subject matter but instead, adopting where appropriate, the views of Commissioner Bergin is not unfair, either to the Crown companies or to Mr Packer.

According to Finkelstein, he has written two letters to Crown Melbourne. The first asking if the company accepts the findings of the Bergin inquiry ­– including the finding the company was unsuitable to run Crown Sydney. The second asked if has breached any of its statute, regulation, or contractual obligations.  

Finkelstein told the commission he has only received a response to his first letter. He said Crown’s response was “equivocal”, stating the company didn’t deliberately engage in the conduct publicised in the Bergin inquiry but accepted it was reasonable the company was found unfit to run Crown Sydney.

Crown Resorts share price snapshot

Despite spending much of this year in the news headlines, the Crown Resorts share price is performing well on the ASX.

Currently, the Crown Resorts share price is up 31% year to date. It’s also gained 34% over the last 12 months.

The entertainment company has a market capitalisation of around $8 billion, with approximately 677 million shares outstanding.

More reading

• Fresh bets placed on Tabcorp (ASX:TAH) takeover speculation
• ASX winners and losers from the Victorian budget
• Crown (ASX:CWN) share price lifts on acquisition rejection
• The latest ASX shares that top brokers have upgraded to “buy”
• Top brokers name 3 ASX shares to buy next week

The post Crown Resorts (ASX:CWN) share price slips on doubts over its licences appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3uiI4Tt

Shares in Venturex Resources Ltd (ASX:VXR) are flying out the door today on news of increased mineral resources at the Whim Creek Copper-Zinc joint venture project. At the time of writing, the Venturex share price is up 8.16%, with shares in the mining company swapping hands for 80 cents.

The resource update comes from the project’s Whim Creek deposit, which has been found to house 37% more copper than previously estimated.

Whim Creek is a joint venture between Anax Metals Ltd (ASX: ANX) and Venturex. Anax holds 80% of the project, while Venturex has a 20% holding.

As part of the joint venture agreement, Anax will pay for Venturex’s interest in the project through to when a decision is made to start mining.

Anax’s share price is falling on the news. It’s currently down by 9% and its shares are trading for 10 cents.

Let’s take a closer look at the news driving the Venturex share price today.

New mineral resources

According to a statement from Venturex, the new mineral resource was discovered through an audit of historical data and a single diamond drill hole.

Both the recording of the data and the drilling were completed by Anax in 2020.

The drill hole’s results included 5 metres at 2.43% copper and 1.02% zinc from 52 meters, and 7 metres at 1.19% copper from 60 metres.

Anax now plans to complete field reconnaissance and a review of historical data to find future drilling targets. It states there’s an area west of the pit that’s a prospect for strike extensions.

Anax is working on feasibility workstreams and hopes to submit a mining proposal for Whim Creek in the third quarter of this year.

Venturex share price snapshot

2021 has been bumper year on the ASX for the Venturex share price.

Currently, the Venturex share price is up 627% year to date. It’s also gained a whopping 1,233% since this time last year.

The miner has a market capitalisation of around $331 million, with approximately 425 million shares outstanding.

More reading

• Why Carbon Revolution, Fisher & Paykel, Nuix, & Paradigm are tumbling lower
• CIMIC (ASX:CIM) takeover offer sends Devine share price soaring
• A2 Milk and EML were among the most traded ASX shares last week
• Is the ANZ (ASX:ANZ) share price a buy for June 2021?
• Why the Imugene (ASX:IMU) share price is up 13% to a record high

The post Here’s why the Venturex (ASX:VXR) share price is up 8% today appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3bNI6w8

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.7% to 7,095.9 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling:

Carbon Revolution Ltd (ASX: CBR)

The Carbon Revolution share price is down 13% to $1.34. Investors have been selling the carbon fibre wheels manufacturer’s shares after it revealed that one of its major customers has suspended vehicle production due to the shortage of computer chips. As a result, Carbon Revolution believes it will sell around 1,800 fewer wheels in FY 2021 compared to FY 2020.

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

The Fisher & Paykel Healthcare share price is down 4% to $30.45. This is despite there being no news out of the medical device company. However, with its full year results due to be released in a couple of days, some investors may be nervous. Especially given the high multiples that its shares trade on and the market’s high expectations.

Nuix Ltd (ASX: NXL)

The Nuix share price has fallen 6% to $3.42. Investors may be selling the investigative analytics company’s shares amid reports that a class action could be filed against it. According to the AFR, a number of class action firms have confirmed their interest in taking the company to court.

Paradigm Biopharmaceuticals Ltd (ASX: PAR)

The Paradigm share price has sunk 8% to $2.14. This morning the biopharmaceutical company provided the market with an update on its dealings with the US FDA. The release advised that Paradigm has received written feedback regarding the investigational new drug submission for its pivotal study evaluating PPS in knee osteoarthritis. The agency provided its suggested mitigation strategies to address its positions and questions, which include further detailed clinical monitoring.

 

More reading

• ASX 200 up 0.6%: TechnologyOne results, BHP & Rio Tinto rise
• Why the wheels are falling off the Carbon Revolution (ASX:CBR) share price today
• Leading brokers name 3 ASX shares to buy today
• Why the Nuix (AX:NXL) share price is pushing higher today
• Top brokers name 3 ASX shares to sell next week

The post Why Carbon Revolution, Fisher & Paykel, Nuix, & Paradigm are tumbling lower appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3oNrMRd

The share price of Australian residential developer Devine Limited (ASX: DVN) has skyrocketed on a takeover bid from CIMIC Group Ltd (ASX: CIM) this morning.

At the time of writing, the Devine share price is 98.8% higher to 23.5 cents a share. However, shares had been trading as high as 25 cents per share earlier in the day.

CIMIC acquisition dazzles Devine share price

Investors have been gobbling up shares in Devine after the residential community and apartment construction company received a takeover bid from construction giant CIMIC.

According to the release, CIMIC already held a 59.11% interest in the company. However, today’s offer is to acquire all the remaining shares for 24 cents per share.

Based on the current number of issued shares, the total outlay will amount to $15.6 million. This amount will be funded through the construction group’s available cash on hand or existing debt facilities.

CIMIC Group announces that it intends to make an offer to acquire all of the shares in Devine that it does not already own pursuant to an off‐market takeover at a price of $0.24 cash per share. Find out more here: https://t.co/BfCDIJZSCw pic.twitter.com/8OiOzvnNYT

— CIMIC Group (@CIMICGroup) May 24, 2021

https://platform.twitter.com/widgets.js

The offer, made through CIMIC Residential Investments (CRI), is at a 100% premium to yesterday’s closing price.

Additionally, the offer remains conditional on CRI receiving a minimum of 75% of valid acceptances for the non-associated shares. Secondly, CRI must be holding at least a 90% relevant interest by the end of the offer period.

Devine’s next steps on skyrocketing share

The Devine directors will evaluate the proposed offer and will provide additional details in due course.

Firstly, the Australian residential construction company will engage an independent expert to determine whether the off-market transaction would be in the best interest of shareholders.

Meanwhile, the recommendation from Devine directors is for shareholders to take no action.

CIMIC and Devine recap

Interestingly, the Devine share price had been outperforming CIMIC even prior to today’s announcement. The small-cap had returned a gain of 33% in the last 12 months prior to today. In contrast, CIMIC shareholders have been nursing a 10% loss over the same period. 

Although, there may not be any correlation — the takeover bid comes only a day after CIMIC was awarded a design and construct contract to build the M6 Motorway in Sydney. That announcement failed to inspire the CIMIC share price, with it falling 1.3% for the day.

More reading

• Why is the Cimic share price (ASX:CIM) edging lower today?
• Why the Cimic share price (ASX:CIM) is rising today
• Why these 5 ASX construction shares went strong today
• Why the Future First Technologies (ASX:FFT) share price is surging 5%
• ASX 200 Weekly Wrap: Shares have average week but a great month

The post CIMIC (ASX:CIM) takeover offer sends Devine (ASX:DVN) share price soaring appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3oNQ5i1

Australia’s leading investment platform provider CommSec has released data on the most traded ASX shares on its platform from last week.

Here’s the data:

EML Payments Ltd (ASX: EML)

This payments company’s shares were the most traded on CommSec last week, accounting for 2.1% of total trades. And despite the EML share price losing 35% of its value, approximately two-thirds of the volume came from buyers. They may have swooped in after the company’s shares crashed lower amid concerns over Anti-Money Laundering and Counter-Terrorism Financing compliance for its European business.

Zip Co Ltd (ASX: Z1P)

This ever-popular buy now pay later provider’s shares were heavily traded last week and were attributable to 2% of trades on the platform. Just over half of the volume came from the buy side, which helped drive the Zip share price 3.1% higher for the week.

Betashares Nasdaq 100 ETF (ASX: NDQ)

Once gain, the Betashares Nasdaq 100 ETF was popular with investors and attributable to 1.7% of trades on CommSec. A total of 81% of the volume came from buyers, who will have been pleased to see the ETF gain 2.1% over the five days. A rebound in tech stocks helped to drive the famous Nasdaq 100 index higher last week.

Afterpay Ltd (ASX: APT)

This payments company’s shares were responsible for 1.5% of trades on the platform, with just over half coming from buyers. Despite the broadly even split, the Afterpay share price jumped almost 8% last week. A broker upgrade by Macquarie appears to have been the catalyst for this strong gain.

A2 Milk Company Ltd (ASX: A2M)

This infant formula company’s shares finally found favour with investors last week, with 1.5% of trades on CommSec involving the former market darling. Just under two-thirds of the volume was attributable to buyers, which helped to snap the company’s four-week losing streak with a modest gain.

More reading

• Leading brokers name 3 ASX shares to sell today
• Why the Zip (ASX:Z1P) share price is volatile today
• Move over A2 Milk (ASX:A2M), there’s a new company on the block
• ASX 200 up, Zip rises, Aristocrat Leisure reports
• Is the Zip (ASX:Z1P) share price in the buy zone?

The post A2 Milk and EML were among the most traded ASX shares last week appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3un26w2

Shares in Variscan Mines Ltd (ASX: VAR) are on fire today as the market reacts to news of discoveries at the company’s San Jose Mine. At the time of writing, the resource company’s share price has rocketed 91.89%, trading for 7.1 cents.

The San Jose mine is located within Variscan’s Spanish Novales-Udias Project. There, drilling has brought new zinc-rich mineralisation to light.

Let’s take a closer look at the news driving the Variscan share price today.

Positive assay results

According to Variscan, the new discoveries include high-grade zinc and lead lenses at San Jose. Furthermore, assay results from central mineralisation include:

•  16.9 metres at 12.5% zinc and 2.0% lead.
•  15.6 metres at 3.2% zinc and 0.3% lead.

More drilling at a southward extent is now finished, with the results received so far showing visual zinc mineralisation in the majority of holes.

The results from a further 20 drillholes are expected to be received by Variscan shortly. Variscan stated it’s also focused on mapping and sampling at its other Spainish project, Guajaraz.

Commentary from management

Variscan’s managing director and CEO Stewart Dickson commented on the findings, saying:

The discovery of new high-grade mineralised lenses below the main gallery is a major development for Variscan. It suggests significant potential for discovering additional lenses throughout the San Jose Mine… that could provide considerable scale and tonnage potential. Additionally, it reinforces the conceptual model of San Jose as a multi-layered orebody, consisting of multiple vertically stacked, sub-horizontal high-grade mineralised lenses of variable thickness and geometry, separated by intervals of dolostone…

We will be following up these excellent drill results with further assays from drilling over the southward extent of the lower lens below the La Caseta Trend promptly.

Variscan Mines share price snapshot

If the Variscan share prices’ gains hold until close today, it will be its highest closing price since 2018.

Presently, the Variscan share price is up 163% year to date. It’s also gained 295% since this time last year.

The resource company has a market capitalisation of around $7 million, with approximately 212 million shares outstanding.

More reading

• A2 Milk and EML were among the most traded ASX shares last week
• Is the ANZ (ASX:ANZ) share price a buy for June 2021?
• Why the Imugene (ASX:IMU) share price is up 13% to a record high
• The Telix (ASX:TLX) share price has rocketed 12% today. Here’s why.
• Here’s why the Betmakers (ASX:BET) share price just hit a 52-week high

The post Why has the Variscan (ASX:VAR) share price gained 91% today? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3hUFD6W

Is the Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price worth looking at with June 2021 in mind?

It wasn’t too long ago that the big four ASX bank released its FY21 half-year result to the market.

Was the HY21 report solid?

In the first half of FY21, ANZ reported that its statutory net profit after tax (NPAT) of $2.94 billion was 45% higher compared to the second half of FY20.

Continuing operations cash profit was up 28% to $2.99 billion. However, continuing cash profit before credit impairments and tax was down 10% to $3.94 billion.

ANZ explained that the headline profit figures were materially up because the total provision in the first half was a net release of $491 million.

Despite the ongoing uncertainty, the credit provision release was a result of the improving economic outlook over the course of the half, as well as some loan volume reductions. Home loan and small business customers have behaved prudently by building savings buffers through the half, according to ANZ.

That net release of $491 million was comprised of a collective provision release of $678 million, combined with an individually assessed provision charge of $187 million. The big bank explained that the low individually assessed provision reflected the continued impact of government and bank support packages through COVID-19, as well as its long-term strategy and disciplined focus on customer selection in ‘institutional’.

At 31 March 2021, the collective provision balance was around $4.3 billion, representing additional reserves of $909 million compared with pre-COVID levels at 30 September 2019.

Despite a volatile environment with significant demand from customers, the bank was able to reduce the cost of operations thanks to streamlining and automation, while processing record volumes.

At the time of the ANZ result, the CEO Shayne Elliot said:

ANZ is in a strong position both financially and operationally. We are well capitalised and our disciplined approach to costs over many years has us well placed to invest in opportunities to grow our business in targeted segments. The work to digitise core processes and platforms continues at pace and this will be more visible to customers towards the end of the year.

Is the ANZ share price an attractive opportunity?

One of the latest brokers to have their say is Macquarie Group Ltd (ASX: MQG). It pointed out that core earnings, excluding the provisions, continues to decline. The broker believes that banks are looking at costs so much because growing revenue is hard.

For Macquarie, its target for the ANZ share price over the next 12 months is $30.50, which suggests a possible capital return of just under 10%.

However, the broker is expecting that the ANZ dividend will recover to $1.40 per share in FY21. That translates to a grossed-up dividend yield of 7%.

At the current ANZ share price, Macquarie thinks the bank is valued at around 15x FY21’s estimated earnings.

More reading

• 2 blue chip ASX dividend shares analysts are tipping as buys
• ASX 200 Weekly Wrap: ASX whipsaws in volatile week
• The ANZ (ASX:ANZ) share price leads the ASX 200 banks this week
• ASX bank shares primed for dividend bonanza
• Is there more upside to the CBA (ASX:CBA) share price following recent results?

The post Is the ANZ (ASX:ANZ) share price a buy for June 2021? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/34ciu80

The Imugene Limited (ASX: IMU) share price has continued its positive run on Tuesday.

At the time of writing, the immuno-oncology company’s shares are up over 13% to an all-time high of 46 cents.

This latest gain means the Imugene share price is now up 360% since the start of the year.

Why is the Imugene share price charging higher?

There have been a number of catalysts in recent months that have boosted the Imugene share price. They have been covered here recently.

Whereas today’s gain by the Imugene share price appears to have been driven by the release of an announcement which reveals that both its Executive Chairman and its Managing Director and CEO have increased their holdings in the company.

According to the release, Executive Chairman, Paul Hopper has exercised 25 million options and Managing Director and CEO, Leslie Chong has exercised 36.2 million options. The latter also has a further 13.8 million options that are expected to be exercised in the near future.

Insider buying often gives share prices a boost. After all, directors wouldn’t be investing their hard-earned money if they weren’t confident in the direction the company was going.

However, it is worth noting that this is very different to regular inside buying.

Mr Hopper paid a total of $1,070,000 to exercise his 25 million options, which equates to an exercise price of 4.28 cents per share. Whereas Ms Chong paid $1,517,000 to exercise her 36.2 million options, which equates to an exercise price of 4.2 cents per share.

With the Imugene share price closing the day at 41 cents on Monday, the two executives were already significantly in the money with these options.

In fact, Mr Hopper’s 25 million shares now have a market value of $11.5 million and Ms Chong’s 36.2 million shares have a market value of $16.65 million. That’s a paper profit of ~$10.4 million and ~$15 million, respectively.

The key test will be how long they hold onto these shares. If they plan to hold onto these shares for the long term, then that certainly will be a good sign for shareholders. But if they offload them for a quick profit, then all they’ve really done is dilute shareholders.

Time will tell, but there’s no doubt shareholders will be watching closely.

More reading

• Why did the Imugene (ASX:IMU) share price hit a new all-time high today?
• Here’s why the Imugene (ASX:IMU) share price is jumping 5% today

The post Why the Imugene (ASX:IMU) share price is up 13% to a record high appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3vl6RaD

The Telix Pharmaceuticals Ltd (ASX: TLX) share price is rocketing higher, nearing on its all-time high of $4.80.

This follows the biotechnology company’s update on its bone marrow conditioning investigational candidate, TLX66.

At the time of writing, Telix shares are selling for $4.48 apiece, up 12%.

What did Telix announce?

Investors are pushing Telix shares higher after investors digest the company’s latest study results from TLX66.

In its announcement, Telix advised TLX66 has met study objectives in patients with Systemic Amyloid Light Chain Amyloidosis (AL amyloidosis).

The Targeted Radiotherapy for AL Amyloidosis (TRALA) trial is a phase I/2a study currently being conducted by Telix. The program aims to evaluate the safety and toxicity of TLX66 as the sole bone marrow conditioning agent. This is before patients with AL amyloidosis go through an autologous hematopoietic stem cell transplantation (HSCT).

A HSCT is a procedure where a patient’s healthy stem cells are collected from blood or bone marrow before treatment. The stem cells are then safely stored and given back to the patient after treatment.

In total, 9 patients with AL amyloidosis were enrolled into the program and received TLX66 before undergoing autologous HSCT. The result demonstrated a favourable safety profile and was well tolerated within each study recruit. Pleasingly, the entire group was successfully engrafted following bone marrow conditioning with TLX66 and autologous HSCT without any chemotherapy.

Disease response, as measured by fall in clonal free light chains (FLC), was seen in 7 of the patients. Of those, two were complete responses (CR) and were five partial responses (PR) within the first 100 days after transplant.

In addition, malignant plasma cells in the bone marrow reduced in 6 of the 8 evaluable patients.

The TRALA trial was sponsored by the University Hospital Southampton in Southampton, United Kingdom. The study ran across 4 different sites and the data was reviewed by the trial’s Independent Data Monitoring Committee (IDMC).

Words from management

Consultant Haematologist at University Hospital Southampton and TRALA principal investigator, Dr Kim Orchard commented:

Compared to the significant toxicity profile typically experienced with conventional chemotherapy-based regimens, molecularly targeted radiation with Y-besilesomab demonstrated a very benign toxicity profile, which may in turn enable a considerably greater proportion of patients with AL amyloidosis to undergo life prolonging stem cell transplantation. The very low toxicity but with demonstrable responses is very encouraging.

Telix chief medical officer, Dr Colin Hayward added:

The results from the TRALA trial indicate that TLX66 may offer a new approach to bone marrow conditioning in patients who could benefit from HSCT such as those with AL amyloidosis, providing new hope to patients with this rare disease and with few effective treatment options.

TLX66 was well-tolerated, enabling successful engraftment of the patients’ own transplanted stem cells without the need for toxic chemotherapy. With all patients remaining alive, and most not requiring further therapy, we believe these data support taking TLX66 forward into a pivotal registration program in this rare disease indication.

Telix share price summary

It’s been a positive year for Telix shareholders, with the company share price rising over 200% in the past 12 months. While most of the gains occurred late last year, year-to-date performance sits around 15% higher.

On valuation grounds, Telix presides a market capitalisation of roughly $1.2 billion, with 281 million shares outstanding.

More reading

• Why Airtasker, Betmakers, Kogan, & Telix shares are charging higher
• Why the Telix (ASX:TLX) share price is rising this morning
• Telix (ASX:TLX) share price on watch amid clinical trial news

The post The Telix (ASX:TLX) share price has rocketed 12% today. Here’s why. appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3oOTME1

The Betmakers Technology Group Ltd (ASX: BET) share price has had a good start to the trading day today.

Betmakers shares hit a new 52-week high this morning, and at the time of writing are up 3.72% to $1.54 a share.

This latest share price move puts Betmakers up 22% over the past month, 119% year to date, 156% over the past 6 months, and 338% over the past year.

It also means the Betmakers share price is up 812% in 5 years, and more than 5,000% since its all-time low of 3 cents back in 2019. 

What’s behind the company’s new high?

Well, it appears to be the result of some good old-fashioned rumours circulating around the ASX boards today.

These rumours involve fellow gaming company Tabcorp Holdings Limited (ASX: TAH).

As my Fool colleague Brendon Lau reported this morning, there is speculation that Betmakers may be close to making a merger proposal with Tabcorp. 

Tabcorp is a gaming company worth about $11.32 billion. In contrast, Betmakers currently has a market capitalisation of $1.26 billion.

As my Fool colleague divulged this morning, speculation surrounds Matthew Tripp of Betmakers working with investment bank Goldman Sachs to engineer a potential merger.

According to a report in The Australian, this merger could potentially unlock as much as $5 billion in value for shareholders.

They will have to fight for it though. Tabcorp is no stranger to merger proposals. Apollo Global Management and Entain (owner of Ladbrokes) have reportedly approached Tabcorp for a deal as well.

We might have to wait for an update on 30 June from Tabcorp to see how this will play out. 

About the Tabcorp share price

In contrast to Betmakers, the Tabcorp share price has not been an overly lucrative performer in recent years.

Although Tabcorp shares are up 1.5% today to $5.08 a share, the company is still a long way from the $8 a share levels investors saw way back in mid-2007.

Indeed, you could have picked up Tabcorp shares for the same price as they are going for today back in 2015. In other words, this company has been stuck in the mud, share-price wise, for a while now. 

More reading

• Why Airtasker, Betmakers, Kogan, & Telix shares are charging higher
• Fresh bets placed on Tabcorp (ASX:TAH) takeover speculation
• Why the BetMakers (ASX:BET) share price lifted higher today
• ASX winners and losers from the Victorian budget
• Boral (ASX:BLD) share price in focus as it rejects Seven Group (ASX:SVW) takeover bid

The post Here’s why the Betmakers (ASX:BET) share price just hit a 52-week high appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/34esSw1