Key takeaways:

• Costa Group, Austal, and United Malt Group were all caught up in takeover talk

The RBA decision to hold rates steady sparked a bright start to the week, but that faded as investors gauged the prospect of further rate hikes from the Federal Reserve.

Which shares excelled?

Shares in Costa Group (ASX: CGC) led the winners list following a takeover approach by private equity suitor Paine Schwartz Partners. The fruit and vegetable business received an unsolicited, confidential, and non-binding proposal from the New York-based firm to acquire all of the issued shares in Costa that it does not already own by way of a scheme of arrangement. 

Under the offer, Costa shareholders would receive $3.50 per share in cash, while also remaining entitled to any interim dividend declared for the most-recent six-month period up to 4 cents per share. Like other deals, the bid is subject to a number of conditions, although its suitor has received approval from the Foreign Investment Review Board.

Shipbuilder Austal (ASX: ASB) was also part of the takeover chatter this week, with the AFR reporting that one of its North American suitors was close to making a bid for the company. It was reported that JF Lehman & Company has engaged Morgan Stanley to help it perform due diligence and secure funding in order to submit a formal bid. It was previously reported that a number of potential suitors were weighing up a tilt at the business, with the speculation underpinning buying activity over recent weeks.For the third time in as many weeks, luxury retailer Cettire (ASX: CTT) is one of the week best performers. The company revenue growth appears to be driving unparalleled buying interest in the stock, which entering Friday trading session was up nearly 200% year-to-date. Cettire management recently informed the market that its sales were up 122% for the four months ending 30 April 2023, with growth accelerating in April and expected to continue.After conducting extensive due diligence, France Malteries Soufflet has come to the party with an offer to acquire ASX-listed maltster United Malt Group (ASX: UMG) for $5 per share. The offer is a binding bid, with the company Board recommending the bid to shareholders. It follows a series of earlier offers, priced at $4.15, $4.50, and $4.90 per share, which were each rejected. The final bid prescribes a value of around $2 billion to the business, representing a 45.3% premium.Gold stocks were also among the winners during the first four days of the week, but those gains were pared when the price of gold dropped overnight leading into Friday morning. Other stocks gaining ground this week included Perenti (ASX: PRN) and Eagers Automotive (ASX: APE).

Which shares dragged on the market?

Financial services firm AMP (ASX: AMP) was crunched after the company was on the wrong end of a verdict in the Federal Court of Australia. It was in relation to proceedings brought against the company financial planning division and its Buyer of Last Resort (BOLR) policy. 

The Federal Court ruled in favour of the lead applicant and sample group member, which means the business could be staring at a potentially large damages bill once the impact on other group members is calculated. The uncertainty clearly rattled shareholders, with the stock sold off sharply directly after the news broke.

Casino operator Star Entertainment Group (ASX: SGR) was trading within touching distance of a 52-week low following another sell-off. The company was the worst performer within the benchmark index on Thursday when its shares tumbled 8.7%. There was no specific catalyst for this leg down in the company share price, but the business has been facing deteriorating operating conditions for some time as its earnings track at unprecedented low levels due to subdued consumer sentiment and restrictions imposed by the regulator.Last week rebound in the share price of Magellan Financial (ASX: MFG) has proven to be short lived, with the fund manager slammed on Thursday to the tune of around 8%. Yesterday trading update indicated that investors withdrew another $2.1 billion from Magellan funds last month, with overall assets falling below $40 billion for the first time in more than seven years. 

In a concerning sign, approximately $1.7 billion was withdrawn by institutional investors, even though the company performance seemingly improved enough to enable it to collect $10.9 million in performance fees for the June half.

Among the rest of the week laggards were companies like PEXA Group (ASX: PXA), Sezzle (ASX: SZL), PSC Insurance Group (ASX: PSI), Tuas (ASX: TUA), and Polynovo (ASX: PNV).

We'll be back next week with another Weekly ASX Trading Wrap Up - until then, have a great week!