In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.3% to 7,302.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
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Estia Health Ltd (ASX: EHE)
The Estia Health share price is up 9% to $3.09. This morning, this aged care operator announced that it has entered into a scheme implementation agreement with private equity firm Bain Capital. This will see the latter acquire Estia Health for $3.20 cash per share. This represents a 50% premium to where its shares traded on 21 March, which was before Bain Capital's initial proposal.
GQG Partners Inc (ASX: GQG)
The GQG share price is up 4% to $1.62. Investors have been buying GQG shares after the company released its latest funds under management (FUM) update. According to the release, GQG's FUM stood at $108.1 billion at the end of July. This is up from $104.1 billion a month earlier.
GUD Holdings Limited (ASX: GUD)
The GUD share price is up almost 3% to $10.26. This follows news that the diversified products company has agreed to sell its Davey Water Products business to Waterco Limited (ASX: WAT). GUD anticipates net cash proceeds of approximately $56 million from the sale, which will be used partly to pay down debt. Management advised that the sale reflects its ambition to be a pure-play automotive business.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 3% to $5.14. Investors have been buying this lithium giant's shares after it released the results of its FY 2023 drilling program. Pilbara Minerals revealed that the total measured, indicated and inferred resource at the Pilgangoora Operation in Western Australia has increased by 36% to 413.8 million tonnes (Mt).
