Stocks of the Hour: Crown, BWX, Objective Corporation

Company News

by Melissa Darmawan

US private equity giant Blackstone has raised its non-binding proposal to buy Crown (ASX:CWN) shares at a price of $13.10 cash per share valuing the bid at $8.9 billion. This is up from the $12.50 offer in November at a bid value of $8.5 billion. The new deal is subject to Blackstone completing due diligence, with the interim offer already having approval from Crown's board. Shares are trading 7.8 per cent higher at $12.54.

Elsewhere, skincare giant BWX (ASX:BWX) has promoted Rory Gration to group chief executive and managing director from March 1. He will succeed Dave Fenlon, who will remain on the board as a non-executive director. Shares nose dived 11.2 per cent lower at $3.87.

Software company Objective Corporation (ASX:OCL) has released a trading update for the first half of the financial year 2022 with a beat across the board. Highlights include a 35 per cent rise in net profit after tax compared to the same time a year ago, along with a 59 per cent increase in their cash balance at $27.7 million. Shares are trading 0.7 per cent higher at $17.06.

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