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ASX 200 rises 1.2%

The S&P/ASX 200 Index (ASX:XJO) went up by 1.2% today. Bingo Industries Ltd (ASX:BIN) has received a takeover bid from private equity.
The post ASX 200 rises 1.2% appeared first on The Motley Fool Australia. –

ASX 200

The S&P/ASX 200 Index (ASX: XJO) went up by 1.2% today to 6,743 points.

Here are some of the highlights from the ASX:

Bingo Industries Ltd (ASX: BIN)

The Bingo share price went up by around 20% after the waste management business received a takeover bid.

Bingo revealed that it had received an solicited, highly conditional, non-binding, indicative proposal from funds advised by CPE Capital (CPEC) on behalf of CPEC and a consortium.

The company said that the offer to Bingo shareholders represented $3.50 per share in cash. There is also the possibility of an offer of cash and unlisted scrip for the offer.

Bingo said that the proposal is subject to a number of conditions, including financing and due diligence.

The offer is currently being considered by an independent board committee of Bingo. Discussions and due diligence with the consortium have been ongoing. The ASX 200 share said that there can be no assurance that any transaction will result from discussions with the consortium. Bingo will only enter into a transaction on terms that deliver appropriate value for all Bingo shareholders.

Megaport Ltd (ASX: MP1)

The Megaport share price fell by 1.3% after revealing its quarterly update for the period to 31 December 2020. It was one of the worst performers in the ASX 200.

The company said that its underlying monthly recurring revenue (MRR) went up 10%, with reported monthly recurring revenue rising by 8% quarter on quarter.

Total services rose by 6% and Megaport cloud routers went up 11%. The company also announced expanded cloud and data centre partnerships with OVHcloud partnering to enable direct cloud connections globally.

Total revenue for the quarter was $18.7 million, up 8% quarter on quarter. Its customer numbers went up 3% quarter on quarter to 2,043.

Megaport also reported that it achieved net cashflow from operations of $0.9 million, it was positive for the first time.. This was earlier than expected and resulted from record customer collections.

Vincent English, the Megaport CEO, said: “Achieving EBITDA breakeven of a run rate basis this Fiscal Year remains a priority as we continue to optimise our footprint to maximise margins and move to profitability. As part of our commitment to providing greater value to our customers and partners, we will continue to enrich our ecosystem with new service providers in the coming quarters. Additionally, we have developed an extensive technology partner pipeline and are engaged in integration projections which will provide more functionality to MVE. This will continue to expand our addressable market and provide greater choice to our customers as they architect their next generation IT services.”

Tyro Payments Ltd (ASX: TYR)

The Tyro share price rocketed 25% today after the business rebutted the claims of the negative report from Viceroy and gave an update about its connectivity issues.

Tyro said that it expects to have the incident resolved by the end of the week. The percentage of merchants with all of their terminals functional increased from 70% on 13 January to 85% on 18 January 2021. The percentage of merchants with no functional terminals has dropped from 19% at 13 January 2021 to 9% on 18 January 2021.

The company also said that in January year to date, its transaction value that it has processed is up 9% compared to the same period in FY20.

Tyro said that it has received correspondence from a law firm informing the company that it’s investigating a potential class action against the business, though no proceedings have commenced at this stage.

In regards to the claims, Tyro said that it has reviewed and rejected the report, outlining ten key claims that were false.

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Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Tyro Payments. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 rises 1.2% appeared first on The Motley Fool Australia.

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