At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is rebounding from yesterday's selloff. The benchmark index is currently up 1.6% to 7,473.7 points.
Here's what is happening on the ASX 200 today:
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Woolworths withdraws API takeover offer
The Australian Pharmaceutical Industries Ltd (ASX: API) share price is crashing lower today after Woolworths Group Ltd (ASX: WOW) pulled out of the race to acquire the pharmacy chain operator. This means that rival Wesfarmers Ltd (ASX: WES) is now in pole position to acquire API. However, its offer of $1.55 per share is notably lower than the $1.75 per share that Woolworths was offering. Woolworths advised that its due diligence revealed that the financial returns from the proposal were not sufficient.
Tech shares bounce back
The Australian tech sector is bouncing back on Friday after yesterday's meltdown. At the time of writing, the S&P ASX All Technology index is up 1.3%. Among the best performers in the sector are Afterpay Ltd (ASX: APT) and Megaport Ltd (ASX: MP1) shares.
James Hardie kicks out its CEO
The James Hardie Industries plc (ASX: JHX) share price has tumbled today after it announced the exit of its chief executive officer (CEO), Jack Truong, with immediate effect. According to the release, Mr Truong has had his employment terminated with immediate effect after employees raised concerns about his work-related interactions.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the Medibank Private Ltd (ASX: MPL) share price with a gain of almost 6% on no news. Going the other way, the worst performer has been the James Hardie share price with a 3.5% decline. This follows the surprise exit of the building products company's CEO this morning.
