Takeover battle for Regis (ASX:REG) share price triggers sector-wide upgrade

The takeover bid didn’t only send the Regis Healthcare Ltd (ASX: REG) share price soaring. It triggered a re-rating among its peers with at least one leading broker upgrading the whole sector.

The Regis share price surged 21.4% to $1.79 in morning trade when the retirement accommodations operator rejected a $1.85 a share bid by Washington H. Soul Pattinson and Co. Ltd (ASX: SOL).

Takeover bid triggers rally in ASX aged care stocks

With the cat out of the bag, Regis’ rivals like the Japara Healthcare Ltd (ASX: JHC) share price and Estia Health Ltd (ASX: EHE) share price leapt 23% and 17%, respectively.

In contrast, the S&P/ASX 200 Index (Index:^AXJO) is trading 0.2% higher after reversing its morning loss.

It seems opportunistic…