The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week on a disappointing note. At the time of writing the benchmark index is down 0.9% to 5,610.3 points.
Four shares that have defied the market decline and pushed higher today are listed below. Here's why they are ending the week with a bang:
The Australian Pharmaceutical Industries Ltd (ASX: API) share price is up 7% to $1.57 after the pharmacy chain operator and distributor made a merger proposal with rival Sigma Healthcare. The Australian Pharmaceutical Industries board believes the merger would deliver significant benefits to both groups of shareholders, pharmacists, and customers. It also estimates that the acquisition will deliver annualised pro-forma gross cost savings from pharmacy distribution and corporate functions of $60 million by year three of the merger and be immediately accretive to earnings per share.
The GWA Group Ltd (ASX: GWA) share price is up almost 3% to $2.85 after it announced the proposed acquisition of leading New Zealand taps and showers innovator, Methven. Management believes the acquisition will accelerate its water solutions strategy, strengthen its position in bathroom and kitchen fixtures across Australia and New Zealand, and provide further growth opportunities in these core markets.
The Hutchison Telecommunications (Aus) Ltd (ASX: HTA) share price has bounced back from yesterday's selloff with a 9% gain to 12 cents. The Hutchison Telecommunications share price fell heavily on Thursday after the ACCC voiced concerns over its planned merger with TPG Telecom Ltd (ASX: TPM). Investors may believe that yesterday's selloff was overdone and has created a buying opportunity.
The Sigma Healthcare Ltd (ASX: SIG) share price has been the biggest mover on the ASX 200 on Friday with a 46% gain to 59 cents. Investors have been fighting to get hold of shares after Australian Pharmaceutical Industries made its merger proposal. Australian Pharmaceutical Industries has made a scrip and cash offer equating to approximately 68.6 cents per share.
