In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is edging lower. At the time of writing, the benchmark index is down almost 0.1% to 7,290.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are racing higher:
Afterpay Ltd (ASX: APT)
The Afterpay share price is up 2% to $96.32. This gain appears to have been driven by a positive finish to the week on the Nasdaq index. The tech-heavy index stormed a sizeable 1.5% higher 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) charging 1.6% higher today.
Altium Limited (ASX: ALU)
The Altium share price is rocketing 36% higher to $36.84. Investors have been buying the electronic design software provider’s shares after it announced the receipt of a takeover approach from US giant Autodesk. The US based multinational software giant has made a formal, non-binding, indicative and unsolicited proposal of $38.50 per share to acquire the company. While this represents a 41.5% premium to its last close price, it is also a 4.2% discount to its 52-week high. The Altium Board believes it undervalues the company and has therefore rejected the proposal.
Hansen Technologies Limited (ASX: HSN)
The Hansen share price has jumped 22% to $6.30. Investors have been scrambling to buy the billing technology company’s shares after it also received a takeover approach. However, on this occasion the Hansen Board is recommending it to shareholders at this stage. According to the release, Hansen has received an unsolicited, preliminary, conditional and non-binding proposal from BGH Capital of $6.50 cash per share. This represents a 25% premium to its last close price.
MNF Group Ltd (ASX: MNF)
The MNF share price has stormed almost 8% higher to $5.34. This morning the VoIP network provider announced an agreement to sell part of its Direct Business to Vonex Limited (ASX: VN8) for $31 million. Management advised that the sale is in-line with its strategy to simplify its business, grow recurring revenues, and focus on growing the MNF wholesale business, Symbio. The two parties also intend to enter into a binding five-year wholesale supply agreement for phone numbers and minutes.