ASX 200 (ASX:XJO) midday update: Afterpay sinks, Woolworths bids for API

It has been another red day so far for the ASX 200…
The post ASX 200 (ASX:XJO) midday update: Afterpay sinks, Woolworths bids for API appeared first on The Motley Fool Australia. –

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.

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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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