In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up 0.1% to 6,763.9 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
Kelsian Group Ltd (ASX: KLS)
The Kelsian share price is up over 15% to $6.29. This follows news that the travel company won't be making an offer for UK-based bus and train operator GoAhead Group. Management explained that it made the decision largely due to difficulties in raising equity in the current environment. Kelsian, formerly known as SeaLink, would have required $1 billion+ in capital to fund the deal based on GoAhead's market capitalisation.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is up 12% to $4.45. This morning the company revealed that Dye & Durham has agreed to increase its takeover offer again. Dye & Durham has lifted its offer from $4.57 per share to $4.81 per share. This has been enough for the Link board to recommend the proposal to shareholders. Eligible shareholders will also be entitled to a 13 cents per share consideration from the potential sale of Link's BCM business.
Liontown Resources Limited (ASX: LTR)
The Liontown share price is up 7.5% to $1.20. Investors have been buying this lithium developer's shares following the achievement of a "significant milestone." That milestone is the appointment of Lycopodium Limited (ASX: LYL) to complete the engineering, procurement, construction management (EPCM) and commissioning services for the Kathleen Valley Lithium Project in Western Australia. Despite recent cost inflation in the sector, the contract is in line with previous estimates.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 4% to 69 cents. Investors have been buying this buy now pay later (BNPL) provider's shares following the release of its quarterly update. Zip reported group quarterly revenue growth of 27% to $160.1 million from its 12 million customers. Management also revealed that it is closing down its Pocketbook, Singapore, and Zip Business operations and looking at options for other Rest of the World businesses, including the UK.
