Why Bank of Queensland, IGO, Milton, & Openpay are surging higher

These ASX shares are shining brightly on Tuesday…

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blue arrows representing a rising share price ASX 200

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The S&P/ASX 200 Index (ASX: XJO) has returned to form on Tuesday and is racing higher. In early afternoon trade, the benchmark index is up 1.5% to 7,345.8 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are surging higher:

Bank of Queensland Limited (ASX: BOQ)

The Bank of Queensland share price is up 5% to $9.22. This appears to be a delayed reaction to news that the regional bank’s acquisition of ME Bank has been given Treasurer approval. Management believes the acquisition will help the bank compete better with the big four.

IGO Ltd (ASX: IGO)

The IGO share price has stormed 6% higher to $7.52. Investors have been buying the clean energy focused mining company’s shares after it revealed that a key condition precedent to forming a new lithium joint venture with Tianqi Lithium Corporation has progressed. As a result, IGO expects the transaction to complete on or before 30 June. The joint venture’s first focus will be on commissioning Train 1 at the Kwinana Lithium Hydroxide Refinery.

Milton Corporation Limited (ASX: MLT)

The Milton share price has jumped 16% to $5.80. Investors have been buying the investment company’s shares after it announced a proposed merger with fellow investment house Washington H. Soul Pattinson and Co. Ltd (ASX: SOL). The arrangement will see the latter acquire 100% of the share capital in Milton it does not already own. The all-scrip proposal values Milton at approximately $6.00 per share. Both companies have close ties and share the same chairman, Robert Millner.

Openpay Group Ltd (ASX: OPY)

The Openpay share price has surged 17% higher to $1.65. This follows news that the buy now pay later provider has entered into an agreement to acquire 100% of Payment Assist for GBP11.5 million. The deal also includes a potential earn-out component of up to GBP17 million. Payment Assist is a leading BNPL provider to the UK automotive sector.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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