In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the day with a decline. At the time of writing, the benchmark index is down 0.4% to 7,024.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:
Bingo Industries Ltd (ASX: BIN)
The Bingo share price is up 6.5% to $3.41. Investors have been buying the waste management company’s shares after Macquarie Infrastructure and Real Assets tabled a $2.3 billion takeover offer. The Bingo board is recommending shareholders accept the offer. This is subject to no better offer being made and the independent expert concluding it is in the best interests of shareholders.
Life360 Inc (ASX: 360)
The Life360 share price has jumped 12% to $5.87. This follows news that the technology company has entered into a non-binding term sheet for the acquisition of Jiobit for US$37 million. Jiobit is a provider of wearable location devices for young children, pets, and seniors. It provides families a comprehensive location-aware safety solution that is accurate, secure, reliable and real-time. Management believes that bundling Jiobit’s high value, low-cost physical device into Life360’s top membership tiers will significantly boost both conversion and retention.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price is up 3.5% to $4.97. The catalyst for this was news that UK-based Entain has increased its bid for Tabcorp’s wagering and media unit from $3 billion to $3.5 billion. However, unlike Bingo above, the Tabcorp board has advised that it is yet to form a view on the latest offer.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan share price has stormed 7.5% higher to $8.20. Investors have been buying the lithium developer’s shares after it entered a binding agreement to acquire geothermal surface consultancy business, Global Engineering and Consulting. Management notes that the acquisition will double the size of Vulcan’s technical team driving the development of its Zero Carbon Lithium project.