A2 Milk in trading halt due to 'potential acquisition'
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More news: The A2 Milk Company has entered a trading halt on the ASX as the New Zealand dairy producer prepares an announcement regarding a "potential acquisition" by the company.
A2 Milk also requested the trading halt to allow additional time for the company to respond to a price query by the ASX, which it received this morning as its shares surged 8.7%.
The trading halt will last until the earlier of the the ASX's publication of A2 Milk's response to its price query and the company's announcement regarding a potential acquisition, and commencement of normal trading on ASX and NZX on 1 October.
A2 Milk pauses trading on ASX after share surge
The news: The A2 Milk Company has paused trading pending an announcement, after shares in the New Zealand dairy producer rocketed on the ASX this morning.
The numbers: A2 Milk shares were up 8.7% to $6.24 by 11:20am AEST, the time the trading halt was confirmed, making it the second best performing stock across the ASX 200.
The context: Shares in dual-listed A2 Milk — one of the most China-exposed companies on the ASX and NZX— took a hit last month after the infant formula maker and dairy producer issued soft guidance relative to lofty market expectations, citing problems in China, its most lucrative market.
The company still expects “mid single-digit revenue growth” in the 2025 financial year, but many investors had hoped for more.
The sources: ASX announcement, ASX announcement
