At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small gain. The benchmark index is currently up 0.1% to 7,314.4 points.
Here's what is happening on the market today:
Sydney Airport receives takeover approach
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is rocketing higher today after receiving a takeover approach. The airport operator has received an unsolicited, indicative, conditional and non-binding proposal from a consortium of infrastructure investors to acquire it for $8.25 cash per share. Sydney Airport is assessing the offer but notes that it has been made during a global pandemic, which has deeply affected the aviation industry and the Sydney Airport share price. This offer represents a 42% premium to its last close price.
Tabcorp demerger
The Tabcorp Holdings Limited (ASX: TAH) share price is sinking on Monday after revealing plans to demerge its lotteries and Keno business. This will see two separate ASX-listed companies – Tabcorp and Lotteries & KenoCo. The former will retain its wagering, media, and gaming services businesses. This brings to an end the takeover approach by Betmakers Technology Group Ltd (ASX: BET).
A2 Milk receives acquisition approval
The A2 Milk Company Ltd (ASX: A2M) share price is charging higher today after providing the market with an update on its proposed acquisition of a 75% interest in Mataura Valley Milk. According to the release, the New Zealand Overseas Investment Office has issued its consent to the company's proposed acquisition of the dairy nutrition business. As a result, completion of the transaction is now to set to occur with effect from the end of July.
Best and worst ASX 200 performers
The best performer on the ASX 200 by some distance is the Sydney Airport share price with a 30% gain. This follows the receipt of the aforementioned takeover approach this morning. The worst performer has been the Tabcorp share price following the announcement of its demerger plans. Its shares are down 5% at the time of writing.
