Insights

ASX 200 midday update: Afterpay to be acquired by Square, Oil Search to merge with Santos

The ASX 200 index is rocketing higher on Monday…
The post ASX 200 midday update: Afterpay to be acquired by Square, Oil Search to merge with Santos appeared first on The Motley Fool Australia. –

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a strong gain. The benchmark index is currently up a sizeable 1.4% to 7,495.4 points.

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

Afterpay to be acquired by Square

The Afterpay Ltd (ASX: APT) share price is rocketing higher on Monday. This follows news that the buy now pay later provider is recommending a $39 billion takeover proposal by US payments giant Square. The Afterpay Board is recommending investors accept an offer of 0.375 shares of Square Class A common stock for each Afterpay share they hold. Based on the latest Square share price of US$247.26, this implies a transaction price of approximately $126.21 per Afterpay share.

Oil Search-Santos merger update

The Oil Search Ltd (ASX: OSH) share price is charging higher after its potential merger with Santos Ltd (ASX: STO) took a positive step forward. This follows news that Santos and Oil Search have reached an agreement on the merger ratio. Under the revised merger proposal, Oil Search shareholders will receive 0.6275 new Santos shares for each share held. This implies a transaction price of $4.29 per Oil Search share.

Pro Medicus shares fall on broker downgrade

The Pro Medicus Limited (ASX: PME) share price is sinking today after being downgraded by analysts at Goldman Sachs. According to the note, the broker has downgraded the health imaging technology company’s shares to a neutral rating with a $55.60 price target. Goldman Sachs made the move on valuation grounds after a strong period of share price performance.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has unsurprisingly been the Afterpay share price with a 24% gain. This follows the surprise announcement of its acquisition by Square. The worst performer has been the Pro Medicus share price with a 4.5% decline following the aforementioned broker downgrade.

The post ASX 200 midday update: Afterpay to be acquired by Square, Oil Search to merge with Santos appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

What is the outlook for the Afterpay (ASX:APT) share price?
Who is Jack Dorsey and why is he buying Afterpay (ASX:APT)

The Square (NYSE:SQ) share price has gained 80% over the last year
Here’s why ASX tech shares are up 6% on Monday

Santos (ASX:STO) share price rises on revised merger proposal

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 Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!