At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is edging lower. The benchmark index is currently down 0.1% to 7,285.6 points.
Here’s what is happening on the market today:
Altium rockets on takeover approach
The Altium Limited (ASX: ALU) share price surged a whopping 40% higher this morning after receiving a takeover approach from US giant Autodesk. The US$62 billion US-based multinational software company made a formal, non-binding, indicative and unsolicited proposal of $38.50 per share. This represents a 41.5% premium to its last close price. Though, it is also a 4.2% discount to its 52-week high. The Altium Board believes it undervalues the company and has rejected the offer.
A number of ASX 200 shares have been hit with AUSTRAC investigations on Monday amid concerns over Australian Anti-Money Laundering and Counter-Terrorism Financing non-compliance. Banking giant National Australia Bank Ltd (ASX: NAB) and casino and resorts operators Crown Resorts Ltd (ASX: CWN), SKYCITY Entertainment Group Limited (ASX: SKC), and Star Entertainment Group Ltd (ASX: SGR) have all reported formal enforcement investigations. You can read about SKYCITY here and NAB here.
Tech shares rise
It isn’t just the Altium share price on the rise today in the tech sector. Fellow tech shares Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) are pushing higher today following a strong end to the week on the tech-heavy Nasdaq index. The famous index jumped a sizeable 1.5% on Friday night following the release of a solid US jobs report. This has led to the S&P/ASX All Technology Index (ASX: XTX) rising 1.4% today.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday is the Altium share price by some distance. It is up over 33% following its takeover approach. The worst performer has been the SKYCITY share price with a 4.5% decline following the AUSTRAC news.