Crown Resorts Ltd (ASX:CWN) and Fortescue Metals Group Limited (ASX:FMG) shares are making waves on the ASX 200 on Monday…
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At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. The benchmark index is currently up 0.35% to 6,731.5 points.
Here’s what is happening on the market today:
Crown share price surges on takeover approach
The Crown Resorts Ltd (ASX: CWN) share price is surging higher today after confirming the receipt of a takeover approach by US investment company Blackstone. According to the release, Blackstone has tabled an unsolicited, non-binding, and indicative proposal to acquire all of the shares in Crown at $11.85 cash per share. This represents a 20.1% premium to its last close price. The Crown board intend to assess the proposal.
ANZ and CBA settle BBSW class action
This morning both Australia and New Zealand Banking GrpLtd (ASX: ANZ) and Commonwealth Bank of Australia (ASX: CBA) announced that they have reached an agreement to settle their US BBSW class actions. ANZ and CBA were among 17 banks and two international brokerage houses that were named in a class action complaint launched in the United States by two US-based investment funds and an individual derivatives trader in 2016. This related to allegations of the rigging of the BBSW and trading in the United States.
The Bapcor Ltd (ASX: BAP) share price is pushing higher today after announcing an acquisition in Asia. According to the release, Bapcor has agreed to acquire 25% of the issued equity in Tye Soon for S$12.5 million. This is expected to help drive Bapcor’s strategy in increasing its presence across Asia, where it sees potential growth opportunities. Tye Soon is a Singapore headquartered automotive parts distributor that operates across Southeast and North Asia markets.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Crown share price by some distance following its takeover approach. The casino and resorts operator’s shares are up 17.5% at lunch. The worst performer has been the Fortescue Metals Group Limited (ASX: FMG) share price with a 4% decline. This follows a pullback in iron ore prices on Friday night.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bapcor. The Motley Fool Australia has recommended Crown Resorts 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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