Guess which ASX All Ords stock is suspended amid takeover rumours

Another ASX share is rumoured to have received a takeover offer.

| More on:
a woman wearing a dark business suit holds her hand up in a stop gesture while sitting at a desk. She has a sombre look on her face.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

PSC Insurance Group Ltd (ASX: PSI) shares were storming higher on Wednesday before being slammed into a trading halt.

The ASX All Ords insurance stock was up 6% to $5.15 before the halt.

Why is this ASX All Ords insurance stock jumping?

Investors were fighting to get hold of the company's shares today amid speculation that it could be the latest ASX All Ords stock to receive a takeover proposal.

In response to the speculation, the company has requested that its shares be suspended while it prepares to make an announcement. It stated:

The Company requests a trading halt pending an announcement by the Company with respect to media speculation in relation to potential takeover approaches for the Company. The Company requests the trading halt remain in place until the earlier of the Company releasing an announcement in response to the media speculation, or until the commencement of trading on Thursday, 14 March 2024.

What's the speculation?

According to the AFR, the $1.9 billion insurance company has held "informal discussions with at least two offshore insurance brokers." It has also reportedly hired Goldman Sachs to guide it through the preliminary takeover talks.

The company's managing director, Tony Robinson, didn't shut down the rumours when quizzed by the media outlet. He said:

At any period in time, we are talking to people and parties about ideas and opportunities. And that includes ideas around privatisation.

The rumoured suitors include US$55 billion giant Arthur J. Gallagher & Co. (NYSE: AJG) and the UK's Ardonagh Group.

But with the ASX All Ords stock reportedly looking for a price of $2.3 billion, it remains unknown whether either of these parties will bite.

PSC Insurance Group shares are up a modest 7% over the last 12 months, whereas fellow insurance stock QBE Insurance Group Ltd (ASX: QBE) is up almost 20%.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and PSC Insurance Group. The Motley Fool Australia has recommended PSC Insurance Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Financial Shares

Man with rocket wings which have flames coming out of them.
Financial Shares

Up more than 900% in 5 years, can this ASX All Ords financials stock go higher?

The share price of this company has left others behind in the dust.

Read more »

A man sits in deep thought with a pen held to his lips as he ponders his computer screen with a laptop open next to him on his desk in a home office environment.
Financial Shares

HMC Capital shares are down 50% in 2025, can they turn around?

HMC Capital shares have plunged more than 50% this year, but with solid investments in energy, private credit, and data…

Read more »

Modern accountant woman in a light business suit in modern green office with documents and laptop.
Financial Shares

Forget the Big 4 banks and buy these 2 compelling ASX 200 financials stocks

The Big 4 banks might be steady, but if you’re after real growth in financials, here are two modern, scalable…

Read more »

A woman sits at her computer with her chin resting on her hand as she contemplates her next potential investment.
Financial Shares

Buy this surging ASX 300 stock before the next interest rate cut

A leading fund manager expects more upside from this surging ASX 300 stock.

Read more »

woman talking on the phone and giving financial advice whilst analysing the stock market on the computer with a pen
Financial Shares

Why this ASX All Ords stock surged yesterday

Investors sent this ASX All Ords stock flying higher. But why?

Read more »

Young woman thinking with laptop open.
Financial Shares

Does Macquarie tip more upside for Suncorp or IAG shares?

Macquarie analysed the outlook for both Suncorp and IAG shares in the year ahead.

Read more »

A woman sits at her computer with her chin resting on her hand as she contemplates her next potential investment.
Financial Shares

Why this $2 billion ASX 200 stock looks undervalued today

A leading expert believes this ASX 200 company is poised to ‘unlock some decent value’.

Read more »

A woman smiles at the outlook she sees through binoculars.
Financial Shares

Here's the earnings forecast out to 2030 for Macquarie shares

What’s expected of investment bank Macquarie?

Read more »