In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.9% to 7,172.1 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
Infomedia Limited (ASX: IFM)
The Infomedia share price is up 5% to $1.70. This morning the automotive industry software provider revealed that it has received a competing takeover proposal. Battery Ventures, a US based, global technology-focused investment firm, has offered $1.75 per share in cash. This compares to a $1.70 per share offer from TA Associates and Viburnum.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 4.5% to $2.94. This is despite there being no news out of the lithium miner on Friday. However, investors have been buying higher risk shares today after risk sentiment improved on Wall Street overnight. This has led to a number of lithium shares recording solid gains today.
Pointsbet Holdings Ltd (ASX: PBH)
The PointsBet share price is up a massive 13% to $2.84. Once again, this appears to have been driven by improving risk sentiment. Alternatively, with M&A activity increasing in the tech sector recently, some investors may believe PointsBet could become a takeover target. Goldman Sachs gives PointsBet a M&A rank of two. This represents a medium probability of the company becoming an acquisition target.
Talga Group Ltd (ASX: TLG)
The Talga share price is up 7% to $1.40. Investors have been buying this battery and advanced materials company's shares after it released an update on the Vittangi Graphite Project in northern Sweden. That update reveals that Vittangi's graphite resource has been boosted by 54%, cementing its position as Europe's largest graphite resource.
