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Why a2 Milk, Afterpay, Dicker Data, & Oil Search shares are charging higher

These ASX shares are charging higher on Monday…
The post Why a2 Milk, Afterpay, Dicker Data, & Oil Search shares are charging higher appeared first on The Motley Fool Australia. –

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on the verge of starting the week with a strong gain. At the time of writing, the benchmark index is up 1.35% to 7,492.1 points

Four ASX shares that re climbing more than most today are listed below. Here’s why they are charging higher:

A2 Milk Company Ltd (ASX: A2M)

The a2 Milk share price is up over 3% to $6.05. This gain appears to have been driven by a broker note out of Citi this morning. According to the mote, the broker has upgraded the infant formula company’s shares to a neutral rating with a $6.05 price target. This follows an update by rival Danone which revealed a return to growth for its infant formula sales during the second quarter.

Afterpay Ltd (ASX: APT)

The Afterpay share price has rocketed 20% higher to $116.08. Investors have been fighting to get hold of the company shares after it received 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.

Dicker Data Ltd (ASX: DDR)

The Dicker Data share price has jumped 16% to $13.46 after announcing a key acquisition. The IT distributor has entered into a binding agreement to acquire the Exeed Group business operating across Australia and New Zealand for $68 million. This transaction will see Dicker Data’s New Zealand business become the second largest IT distributor in that market with estimated revenue of over NZ$500 million for the combined entities.

Oil Search Ltd (ASX: OSH)

The Oil Search share price has stormed 5% higher to $4.00. This follows news that Santos Ltd (ASX: STO) and Oil Search have reached an agreement on the merger ratio for a potential merger. 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.

The post Why a2 Milk, Afterpay, Dicker Data, & Oil Search shares are charging higher appeared first on The Motley Fool Australia.

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More reading

These are the 10 most shorted ASX shares

Surging Afterpay (ASX:APT) share price reinvigorates BNPL sector
Why the Oil Search (ASX:OSH) share price is roaring 5% higher today
ASX 200 midday update: Afterpay to be acquired by Square, Oil Search to merge with Santos

What is the outlook for the Afterpay (ASX:APT) share price?

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 Dicker Data. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Dicker Data. The Motley Fool Australia has recommended A2 Milk. 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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