The S&P/ASX 200 Index (ASX: XJO) is having a good start to the week. In afternoon trade, the benchmark index is up 0.65% to 7,839.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are rising:
The Navigator Global share price is up 2% to $1.80. This morning, this investment company revealed that it has entered into an agreement to acquire a strategic minority stake in 1315 Capital and its affiliates. The release notes that 1315 Capital is a private equity firm with over US$1 billion assets under management that provides growth equity and growth buyout capital to commercial-stage medtech and pharma outsourcing, healthcare services, medical technology, and health and wellness companies. They target markets where high-quality management teams can rapidly scale platform companies into large and important businesses that positively impact patients, physicians, and the broader healthcare system.
The Pilbara Minerals share price is up almost 8% to $1.96. This is despite there being no news out of the lithium miner. However, a number of lithium miners are pushing higher today as investor sentiment improves. They may believe that this side of the market has been oversold in recent time and created a buying opportunity.
The Smartpay share price is up 48% to 78.5 cents. Investors have been scrambling to buy the payments company's shares after it received a takeover approach from both Tyro Payments Ltd (ASX: TYR) and another third party. Tyro Payments' indicative proposal is to acquire 100% of the issued ordinary shares of Smartpay by way of scheme of arrangement for a price of NZ$1.00 (approximately A$0.90) per share. This comprises a majority of Tyro shares as well as cash consideration.
The Spartan Resources share price is up 9% to $1.75. This follows news that the gold miner has agreed to merge with Ramelius Resources Ltd (ASX: RMS). It has accepted a deal that will see Ramelius acquire all outstanding Spartan shares for $0.25 in cash and 0.6957 new Ramelius shares per share. This valued the company at $1.78 per share, which represented a relatively modest 11.3% premium to its last close price but a 27.5% premium to its 30-day average price. Ramelius' managing director, Mark Zeptner, said: "With the Spartan Effect, Ramelius has a vision for the Combined Group to be a +500koz/pa producer in FY30."
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.