ASX 200 up 1.1%: Tabcorp receives $4bn offer, KKR wants Link’s PEXA business

Link Administration Holdings Ltd (ASX:LNK) and Tabcorp Holdings Limited (ASX:TAH) shares are among the movers and shakers on the ASX 200 today…

| More on:
boy in celebration pose with pointed fingers raised high

Image source: Getty Images

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week a strong note. The benchmark index is currently up 1.1% to 7,174.2 points.

Here’s what is happening on the market today:

BetMakers makes Tabcorp a $4 billion offer

The Tabcorp Holdings Limited (ASX: TAH) share price is pushing higher today after BetMakers Technology Group Ltd (ASX: BET) made a $4 billion offer to acquire its Wagering and Media businesses. The offer comprises $1 billion in cash and $3 billion in BetMakers shares. BetMakers believes the proposal would bring together two highly complementary businesses to create a competitive global wagering and technology platform with scalable operations across both B2B and B2C markets.

Latitude update

The Latitude Group Holdings Ltd (ASX: LFS) share price is storming higher after the release of a market update. The instalments and lending company revealed that its loan volumes for the six months ending 30 June 2021 are expected to come in at $3.7 billion. This will be an increase of 7% on the prior corresponding period. This is expected to lead to a first half net profit after tax of between $115 million and $120 million.

Link receives offer for PEXA

The Link Administration Holdings Ltd (ASX: LNK) share price is on course to end the week on a positive note. Investors have been buying the administration services company’s shares after it revealed that private equity firm KKR has tabled an offer that values PEXA at $3 billion on a 100% basis. Link owns 44.18% of the property settlement business. The Link Board is considering the proposal.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the South32 Ltd (ASX: S32) share price with a 6% gain. A number of resources shares are recording strong gains today. The worst performer has been the CSR Limited (ASX: CSR) share price with a 5% decline. The majority of this decline is due to the building materials company’s shares trading ex-dividend this morning.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

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 Betmakers Technology Group Ltd and Link Administration Holdings Ltd. The Motley Fool Australia has recommended Betmakers Technology Group Ltd and Link Administration Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News