Stocks of the Hour: Sydney Airport, A2 Milk & Tabcorp

Company News

by Lauren Evans

Sydney Airport (ASX:SYD) has received a non-binding proposal from a consortium of investors to acquire Sydney Airport at $8.25 per share, which amounts to more than $22 billion. The investors have proposed a cash buyout. The indicative price is below where Sydney Airport traded before the pandemic. Shares in Sydney Airport (ASX:SYD) are trading 33.5 per cent higher at $7.75. 

The a2 Milk Company (ASX:A2M) has received the tick of approval from the New Zealand Overseas Investment Office to acquire a 75 per cent interest in Mataura Valley Milk. The proposed acquisition will provide a2 Milk the opportunity to participate in nutritional product manufacturing, provide supplier and geographic diversity, and strengthen its relationship with key partners in China.  Shares in The A2 Milk Company (ASX:A2M) are trading 3.5 per cent higher at $6.75.

Tabcorp (ASX:TAH) has announced it intends to undertake a demerger of its Lotteries & Keno business. The demerger will create two standalone ASX-listed companies with distinct operating profiles, strategies and growth opportunities. Tabcorp Chairman Steven Gregg says, “The foundations have been laid for Lotteries & KenoCo and Wagering & GamingCo to deliver long term growth." Shares in Tabcorp Holdings (ASX:TAH) are trading 5.2 per cent lower at $4.93.

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