In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from early declines and is flat at 5,934 points.
Four shares which haven't let that hold them back are listed below. Here's why they have raced higher:
The Big Un Ltd (ASX: BIG) share price has climbed 5% to $4.19 after the video technology company announced that it has agreed to acquire the US-based Tipsly for a consideration of A$4.2 million. Management expects the acquisition to provide the company with a database of over 140,000 small to medium sized enterprises in the U.S. hospitality vertical and a minimum of US$12 million of advertising revenue.
The Harvey Norman Holdings Limited (ASX: HVN) share price is up almost 4% to $3.91. Today's gain is likely to be attributable to a broker note out of Deutsche Bank. The broker has tipped the retailer as a buy following its recent update and placed a $5.50 price target on its shares.
The Reckon Limited (ASX: RKN) share price has rocketed 25% to $1.51 after its rival Myob Group Ltd (ASX: MYO) offered $180 million to acquire its Accountant Group assets. This certainly looks like a great deal for Reckon shareholders, but less so for the shareholders of MYOB. The shares of the latter are flat today after a lukewarm reaction by the market.
The Santos Ltd (ASX: STO) share price has jumped almost 12% to $4.90 after it revealed that Harbour Energy tried to acquire it by way of a scheme of arrangement for $4.55 per share in August. Santos rejected this on the basis that the indicative price was inadequate and the sources of funds were uncertain. Rumours are now circling that Harbour Energy may come back with an offer of $5.30 per share.
