The Australian share market may be relatively flat on Thursday, but that hasn't stopped some ASX All Ords shares from making big moves.
For example, the two shares listed below have been making moves in opposite directions following the release of announcements. Here's what you need to know:
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Incitec Pivot Ltd (ASX: IPL)
This ASX All Ords industrial chemicals and explosive company's shares were up 3% after the release of its announcement.
Incitec Pivot's announcement revealed that the US anti-trust regulatory review process in relation to the sale of its ammonia manufacturing has now concluded. This paves the way for the completion of the transaction on 1 December 2023.
The company also confirmed that ~A$1 billion of cash proceeds from the transaction will be returned to shareholders.
Southern Cross Media Group Ltd (ASX: SXL)
Heading in the other direction is this ASX All Ords share, which has fallen as much as 6% this morning.
Investors have been hitting the sell button after it provided an update on Australian Community Media's (ACM) non-binding conditional indicative proposal involving the merger of Southern Cross Media and the regional publications and digital assets of ACM.
The company has considered with the assistance of its advisers the ACM proposal and determined that it would not be in the best interest of shareholders.
One of the reasons for this is that the proposal involves the acquisition of regional print and digital assets, which is not consistent with its strategy.
But that's not the end of the M&A. Management advised that it is continuing to progress its evaluation of the indicative proposal received from the consortium of ARN Media Limited (ASX: A1N) and Anchorage Capital Partners.
