The Ansell Limited (ASX: ANN) share price ended Wednesday’s session higher after it was the subject of more takeover rumours.
According to reports in The Australian, the personal protective equipment maker could be on the radar of international rivals seeking new acquisitions.
As of Wednesday’s close, the Ansell share price is $32.61. That’s 2.32% higher than it was at the end of Tuesday’s session.
Let’s take a closer look at the rumours surrounding Ansell today.
Ansell share price gains amid takeover rumours
The Ansell share price spent Wednesday in the green. The gains came after The Australian flagged the possibility Ansell is being viewed as a takeover target by its larger competitors.
The publication stated healthcare and safety product manufacturer 3M (NYSE: MMM) and protective equipment producer Dupont do Nemours Inc (NYSE: DD) are both on the lookout for new businesses to buy.
Further, it said Ansell, with its $4.17 billion market capitalisation, could be prime acquisition fodder. Particularly as debt is currently cheap and the business is performing well.
The company’s bottom line was positively impacted by the COVID-19 pandemic as people turned to using personal protective equipment to help stave off the virus.
Ansell reported US$2 billion worth of sales for financial year 2021, a 25.6% increase on the prior financial year.
It also saw its net profit after tax boosted 57% on that of the prior comparable period, reaching US$248 million.
It’s not the first time The Australian has flagged Ansell as a takeover target this year.
In February, the publication stated private equity suitors could be readying themselves to make a bid for the ASX-listed company.
Despite reporting increased profits, the Ansell share price has struggled on the ASX this year.
It is currently 6% lower than it was at the start of 2021. It has also fallen 22% since this time last year.