In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a modest decline. At the time of writing, the benchmark index is down a touch to 7,255.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why these ASX shares are rising today:
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InvoCare Limited (ASX: IVC)
The InvoCare share price is up 12% to $12.43. This follows news that the funerals company has received an improved non-binding takeover offer from TPG Global. The private equity firm has made a $13.00 cash per share offer to acquire the company. This is up from its previous offer of $12.65, which was rejected by InvoCare.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is up 1.5% to $28.62. Investors have been buying this gold miner's shares after it announced that it has entered into a scheme of arrangement with fellow gold miner Newmont. The scheme will see Newmont take over the miner for the equivalent of $29.27 per share. This implies an enterprise value of $28.8 billion.
Silver Lake Resources Ltd (ASX: SLR)
The Silver Lake Resources share price is up over 7% to $1.09. Interestingly, this rise comes after Silver Lake was outbid for the Leonora assets of St Barbara Ltd (ASX: SBM). It seems as though the market was not convinced that the acquisition of these assets would add sufficient value.
Silver Mines Ltd (ASX: SVL)
The Silver Mines share price is up 4.5% to 22.5 cents. This morning, this silver miner revealed bonanza grade silver from the Aegean Zone at the Bowdens Silver Deposit. Management notes that this new drill intercept is situated at the northern edge of the recently announced mineral resource estimate. As a result, it provides further extensional exploration targets.
