Why API, Evolution, Flight Centre, and Sydney Airport shares are pushing higher

These ASX shares are on form on Monday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.2% to 7,440.9 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

Australian Pharmaceutical Industries Ltd (ASX: API)

The Australian Pharmaceutical Industries share price is up 3.5% to $1.54. Investors have been buying the pharmacy chain operator and distributor’s shares after it accepted a takeover offer from Wesfarmers Ltd (ASX: WES). The two parties have agreed a price of $1.55 cash per share. This will be reduced by any dividends paid between now and completion. Wesfarmers’ offer represents a 35.4% premium to the undisturbed closing API share price on 9 July 2021 (prior to Wesfarmers’ first offer of $1.38 per share).

Evolution Mining Ltd (ASX: EVN)

The Evolution share price is up 4% to $3.88. Evolution and a number of other gold miners are charging higher today after the gold price rose on Friday night in response to dovish central bank comments relating to interest rates. The S&P/ASX All Ordinaries Gold index is up 2.4% at the time of writing.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up 5.5% to $21.08. This gain appears to have been driven by news that the United States is opening its border to vaccinated travellers. This change will occur from Monday and is expected to give the travel industry in the massive US market a big boost.

Sydney Airport (ASX: SYD)

The Sydney Airport share price is up almost 3% to $8.46. Investors have been buying the airport operator’s shares after it released an update on a takeover approach. According to the release, Sydney Airport has accepted an offer of $8.75 per share from a consortium of investors led by IFM Investors and Global Infrastructure Partners. This compares to the initial offer by the consortium of $8.25 per share made in July. The latest offer represents a total consideration of $32 billion on an enterprise value basis.

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 Wesfarmers Limited. The Motley Fool Australia has recommended Flight Centre Travel Group 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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