In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.8% to 7,137.9 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are charging higher:
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Crown Resorts Ltd (ASX: CWN)
The Crown share price is up 7.5% to $13.02. This follows news that rival Star Entertainment Group Ltd (ASX: SGR) has tabled a conditional, non-binding, indicative merger proposal. On a pro forma basis, Star's offer implies a price in excess of $14.00 per Crown share. This was a 15.5% premium to its last close price. Crown is considering the offer and also an improved bid from Blackstone. The Star share price is up 6.5% on the news.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up 7% to $24.63. Investors have been buying the iron ore producer's shares after the price of the steel making ingredient continued to rise. According to Metal Bulletin, the spot iron ore price rose US$10.37 per tonne or 5.1% to US$212.25 per tonne on Friday night.
Nearmap Ltd (ASX: NEA)
The Nearmap share price has rebounded 3% to $1.77. This appears to have been driven by some heavy insider buying and a positive broker note out of Morgan Stanley. In respect to the latter, this morning the broker retained its overweight rating and $3.30 price target on its shares despite Nearmap's legal issues. This price target represents potential upside of 86%.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is up over 7% to $3.67. The catalyst for this was news that the payments company has signed an agreement to acquire health fintech, Medipass, for $22.5 million. Medipass has created a digital health payment platform allowing healthcare providers to accept healthcare payments without the need for a terminal. Its multi-sided platform links healthcare funders, healthcare providers and patients to streamline the claims approval and payment acceptance process.
