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Why these 4 ASX shares stormed higher today

In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and is down slightly at 5,918 points.

Four shares that haven’t let that hold them back are listed below. Here’s why they are storming higher on Thursday:

The Healthscope Ltd (ASX: HSO) share price has rocketed 14% higher to $2.32 after the private hospital operator advised that it has received a takeover approach from a consortium of investors. According to the release, the preliminary, non-binding proposal has an indicative offer price of $2.36 cash per share. Management has advised shareholders to take no action in relation to the proposal and warned that there is no certainty that it will result in a transaction.

The Hydroponics Company Ltd (ASX: THC) share price has stormed 13% higher to 69 cents after the medicinal cannabis company announced the acquisition of the Queensland-based production facilities of international pharmaceutical company, LEO Pharma. Management believes that this acquisition provides it with game changing manufacturing capabilities and positions it as a leader in the Australian medicinal cannabis industry. While this is promising, I think there are better options in the industry.

The Metcash Limited (ASX: MTS) share price has pushed 2.5% higher to $3.46 after the release of a positive broker note out of Morgan Stanley. According to the note, the broker has retained its overweight rating and lifted the price target on the wholesale distributor’s shares to $4.00 from $3.40. Morgan Stanley’s analysts believe the market has not factored in the robust growth of its hardware business, amongst other things.

The Tegel Group Holdings Ltd (ASX: TGH) share price has surged a whopping 37% higher to $1.03 after the New Zealand-based poultry company revealed that Bounty Holdings New Zealand Limited is interested in acquiring it. Bounty has filed a conditional takeover notice that will entitle (but not oblige) it to make an offer of NZ$1.23 (A$1.15) per share at any date between May 10 and May 26. This looks like a good deal for shareholders considering Tegel’s disappointing 12 months.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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