On Wednesday, the S&P/ASX 200 Index (ASX: XJO) has returned from the Christmas break with a bang. In afternoon trade, the benchmark index is up 0.95% to 7,573.3 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are rising:
Arcadium Lithium (ASX: LTM)
The Arcadium Lithium share price is up 6.5% to $10.77. Arcadium Lithium is new on the ASX boards and was formed following the merger of Allkem with Livent Corp. Investors appear to see value on offer here following recent weakness in the lithium industry.
Boart Longyear Group Ltd (ASX: BLY)
The Boart Longyear share price is up 55% to $2.72. This follows news that the drilling services company has entered into a binding arrangement agreement with an affiliate of American Industrial Partners Capital Fund. The agreement will see American Industrial Partners Capital Fund acquire Boart Longyear for US$1.9554 per share, which implies a total equity value of approximately US$371 million.
Opthea Ltd (ASX: OPT)
The Opthea share price is up 24% to 56.5 cents. This morning, this biopharmaceutical company advised that it expects to receive the remaining US$35 million funding from the Development Funding Agreement (DFA) with Carlyle and its life science franchise Abingworth. In addition, it is expecting a further US$50 million financing under an Amended DFA to include a new co-investor. Pleasingly, this financing is non-dilutive to shareholders.
Orecorp Ltd (ASX: ORR)
The Orecorp share price is up almost 13% to 57.5 cents. This has been driven by news that the gold miner has received and accepted a takeover offer from Silvercorp Metals Inc. (TSE: SVM). Silvercorp has offered the equivalent of 58.9 cents per share. This values OreCorp at approximately $276.5 million.
