In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decent gain. The benchmark index is currently up 0.5% to 7,343.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why these ASX shares are falling:
Best & Less Group Holdings Ltd (ASX: BST)
The Best & Less share price is down almost 3% to $1.93. This morning, this retailer confirmed the receipt of a takeover offer at a discount to its prevailing share price. BBRC International has offered $1.89 cash per share to acquire the company. Two major shareholders have revealed that they are willing to accept the offer.
Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is down almost 4% to 51.5 cents. Investors have been selling this uranium developer's shares following the release of an update on drilling activities at Alligator River. The market may have been expecting stronger results from its drilling program.
Mirvac Group (ASX: MGR)
The Mirvac share price is down 1% to $2.37. This appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded this property company's shares to a neutral rating with a $2.50 price target. The broker made the move in response to Mirvac's earnings guidance downgrade from last week.
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price has continued its slump and is down a further 10% to $1.04. Investors have been selling off this graphite producer's shares since its quarterly update last week. Syrah revealed that its unit costs were higher than the price received for its graphite. This led to management reducing its production plans and raising $150 million through the issue of new convertible notes to AustralianSuper.
