Records shattered on ASX as profits impress, takeovers heat up afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Japara grants suitor access to its books
Share
The board of Japara Healthcare has opened its books to suitor Little Company of Mary Health Care Ltd, also known as Calvary Healthcare, taking a possible tie-up one step closer.
On June 5, Japara received an increased non-binding indicative proposal from Calvary seeking to buy 100 per cent of the shares via a scheme of arrangement at $1.20 per share, valuing the equity at $444.1 million.
Japara shares shot up over 6 per cent in early trade but by 1115 AEST Monday they were up 5.5¢, or 5 per cent, to $1.17. The stock was trading at just 80¢ the day before the first proposal was revealed.
Weekly Broker Wrap: Budget 2021 broadly equity market friendly, BNPLs US eclipse, online moderating, Mining & Infrastructure run-up
-Absence of fiscal (budget) repair may put upward pressure on interest rates
-Average US BNPL company growing over 10% quarter-on-quarter
-Mining & Infrastructure Services companies have 2-3 years to reach peak
-Consensus Data revenue for mining services forecast to increase 17% by FY23
By Mark Story
Budget: Good for growth and good for jobs
Given that it includes ample near-term stimulus, no tax hikes and plenty of medium-term spending initiatives, Wilsons suspects the government has clearly framed the Budget 2021 with an eye to the next election.
What may have potentially influenced the scope and timing of further stimulus, adds Morgan Stanley, is the government s negative position in recent election polling. The broker also notes marginal seat skew makes NSW and Victoria a likely focus for Opposition policies.
The Budget And The Stock Market
May 13 2021
The FY22 Budget continues the transition from crisis support to growth recovery and imbeds active policy support into key areas like aged care, and child care, plus a timely extension for tax incentives that allow current activity momentum to be sustained.
-Far more than expected additional fiscal stimulus of $96bn over 5 years
-Brokers believe conservative assumptions leave door open for further upgrades at mid-year
-Budget 2021 assumes a further delay to re-opening of the international border until mid-22
-Some policy initiatives – that add to the demand for housing – deemed inappropriate for the economic cycle
Calvary Health Care makes $278m bid for Japara
Share
Japara Healthcare on Friday said it had received a $1.04-a-share offer from not-for-profit Calvary Health Care to acquire all the shares of the owner, operator and developer of aged care homes under a scheme of arrangement.
Japara, said the non-binding proposal by Calvary, which puts a $277.9 million value on the company, assumed no further dividends, distributions or reductions in capital and was subject to conditions include a unanimous recommendation by the Japara board.
“The Japara board has not yet formed a view on the merits of the indicative proposal,” the company said.