In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.2% to 7,395.5 points.
Four ASX shares that are climbing more than most are listed below. Here’s why they are charging higher:
Crown Resorts Ltd (ASX: CWN)
The Crown Resorts Ltd (ASX: CWN) share price is up almost 17% to $11.56. Investors have been buying this casino and resorts operator’s shares after it received a takeover approach from Blackstone. The private equity firm has made an unsolicited and non-binding proposal to acquire all of the shares in Crown by way of a scheme of arrangement at a price of $12.50 cash per share. This will be reduced by the value of any dividends or distributions declared or paid by Crown.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price is up 5% to $41.92. This gain appears to have been driven by reports that the mining and mining services company is considering spinning out its lithium operations. This would allow investors to invest purely in its lithium business and not its struggling iron ore business.
Sonic Healthcare Limited (ASX: SHL)
The Sonic Healthcare share price is up 3% to $41.02. Investors have been buying this healthcare company’s shares after brokers responded positively to its trading update. One of those was Morgan Stanley, which retained its overweight rating and $46.10 price target. The broker believes Sonic’s strong start to the year could mean upside risk to estimates.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is up a further 4% to $12.03. This appears to have been driven by a positive reaction from brokers to the wine company’s acquisition of Frank Family Vineyards for about $432 million. Morgans was pleased with the deal. In response, the broker retained its add rating and lifted its price target to $14.06.