ASX 200 midday update: Pendal rejects takeover offer, Mineral Resources rises on broker upgrade

The ASX 200 is having a tough day…

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is sinking. The benchmark index is currently down 0.65% to 7,436.3 points.

Here’s what is happening on the ASX 200 today:

Pendal rejects Perpetual takeover bid

The Pendal Group Ltd (ASX: PDL) share price is falling on Tuesday after the fund manager rejected a takeover offer from rival Perpetual Limited (ASX: PPT). Pendal’s Board believes the offer undervalues the company. Softening the blow somewhat is news that Pendal intends to launch a $100 million on-market share buyback in May.

Iress cancels divestment plan

The Iress Ltd (ASX: IRE) share price has defied weakness in the tech sector and is pushing higher on Tuesday. This follows news that the financial technology company has decided against divesting its UK Mortgages business. Management believes the recent weakness in tech valuations means it will create more value retaining the business. The company also reaffirmed its underlying net profit after tax growth guidance of 25% to 37% in FY 2022.

Mineral Resources shares rise

The Mineral Resources Limited (ASX: MIN) share price is rising today despite weakness in the lithium sector. This appears to have been driven by a broker note out of Goldman Sachs. This morning the broker upgraded the mining and mining services company’s shares to a buy rating and lifted its price target by 42% to $70.80. It made the move on “6 major changes to our MIN volume/growth assumptions (in addition to upgrades to both our lithium and iron ore price forecasts).”

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Uniti Group Ltd (ASX: UWL) share price with a gain of almost 3% on no news. Going the other way, the worst performer has been the Novonix Ltd (ASX: NVX) share price with a 7% decline. This follows weakness in the lithium and battery materials sectors.

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 has recommended Uniti 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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