The S&P/ASX 200 Index (ASX: XJO) is having a subdued start to the week. In afternoon trade, the benchmark index is down 0.2% to 7,428.3 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
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Adbri Ltd (ASX: ABC)
The Adbri share price is up 32% to $3.00. This morning, this building materials company revealed that it has received a non-binding takeover proposal from CRH and its largest shareholder, the Barro Group. A $3.20 cash per share offer has been tabled by the parties. Adbri has granted exclusive due diligence access until the end of February.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is up 30% to $2.21. This has also been driven by takeover news. Link has entered into a scheme implementation deed with Mitsubishi UFJ for a deal that will see it taken over for $2.26 cash per share. This represents a 32.9% premium to where the Link Group share price ended last week and values its equity at $1.2 billion.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren share price is up 22% to $20.98. Investors have been buying the company's shares after it released top-line results from its Phase 2 clinical trial of NNZ-2591 in children with Phelan-McDermid syndrome (PMS). According to the release, a significant improvement was observed by both clinicians and caregivers from treatment, across multiple efficacy measures. There are currently no approved treatments for PMS.
Tabcorp Holdings Ltd (ASX: TAH)
The Tabcorp share price is up 22% to 89.5 cents. This has been driven by news that the gambling company has been awarded the new Victorian Wagering and Betting Licence by the Victorian Government. Management estimates that this licence would have boosted FY 2023's EBITDA by $140 million if it had been in place for that period.
