Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Appen Ltd (ASX: APX)

The Appen share price is down 20% to 78 cents. Investors have been hitting the sell button today after the artificial intelligence data services company revealed that its takeover talks are over. Its suitor, Innodata Inc (NASDAQ: INOD), appears upset that news of its offer was leaked to the investment community. It told Appen that it was withdrawing the indicative proposal on the basis that it was intended to remain confidential.

Aussie Broadband Ltd (ASX: ABB)

The Aussie Broadband share price is down 17% to $3.58. This has been driven by news that its white label agreement with Origin Energy Ltd (ASX: ORG) has been terminated. Aussie Broadband revealed that the terms that Origin was seeking were not workable and wouldn't have delivered value for shareholders.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down 4% to 19.2 cents. Investors have been selling the lithium miner's shares since the release of its half-year results. Core Lithium reported revenue of $134.8 million and a loss after tax of $167.6 million. In response to the result, Citi has reaffirmed its sell rating with a reduced price target of just 11 cents.

Westpac Banking Corp (ASX: WBC)

The Westpac share price is down 3% to $26.57. This appears to have been driven by a broker note out of Macquarie this morning. Its analysts have called time on the banking sector rally and put the equivalent of sell ratings on all of the big four banks. Westpac is now rated as underperform with a $26.00 price target.

The post Why Appen, Aussie Broadband, Core Lithium, and Westpac shares are dropping today appeared first on The Motley Fool Australia.

Speculation that the artificial intelligence (AI) data services company was a takeover target caused its shares to rocket on Tuesday.

But then news that the non-binding takeover offer on the table from Innodata Inc (NASDAQ: INOD) was significantly less than expected caused Appen's shares to crash back down to Earth.

Unfortunately, this decline has continued on Thursday after the company released a further update on the takeover proposal.

In early trade, the Appen share price is down 17% to 80 cents.

Appen shares sink on takeover update

As you might have guessed from the share price reaction, this update is not a good one.

According to the release, Appen has been informed that Innodata has walked away from talks and withdrawn its offer for the company.

Innodata appears upset that news of its offer was leaked to the investment community.

It informed Appen that it was withdrawing the indicative proposal on the basis that it was intended to remain confidential.

It is also worth noting that investors in the United States didn't respond positively to news of the offer. Innodata's shares on the Nasdaq index crashed 16% the day the proposal was made public.

They didn't appear to believe that acquiring a company going through such a difficult period would be a smart move by management. Particularly given that Innodata is still operating at a loss.

What now?

With these takeover talks over, Appen will go back to focusing on its turnaround.

It has advised that it will continue to update shareholders in accordance with its continuous disclosure obligations.

Appen shares are down by 67% over the last 12 months.

The post Appen shares plunges 17% after takeover collapse appeared first on The Motley Fool Australia.

In morning trade, the artificial intelligence data services company's shares are down 21% to 85 cents.

Why are Appen shares crashing?

Investors were fighting to get hold of the company's shares on Tuesday on the back of takeover speculation. This led to the Appen share price rising a massive 30% to $1.08 before being slammed into its trading halt.

Well, it turns out that there's no smoke without fire.

After the market close, Appen responded to a price query from the Australian stock market operator and revealed that it has been in takeover discussions with Innodata Inc (NASDAQ: INOD).

However, the market may be disappointed to learn that the price being discussed is significantly lower than where Appen's shares were trading yesterday. It states:

Appen recently received a highly conditional, confidential, non-binding, indicative proposal from Innodata, a New Jersey based NASDAQ listed entity, in relation to a potential combination of the two companies through a stock-for-stock transaction (the Indicative Proposal). The Indicative Proposal contemplates offer consideration of A$0.70 worth of Innodata shares per Appen share (which equated to a premium in excess of 100% to the Appen share price at the time the Indicative Proposal was provided).

The Appen board is now seeking to understand the potential value to Appen shareholders from the proposed combination and has agreed to a limited exchange of non-public information on both businesses to occur on a non-exclusive basis.

It also notes that it has made no determination as to whether the indicative consideration proposed by Innodata would be acceptable.

Appen's shares are now down 65% since this time last year.

The post Why are Appen shares crashing 21% today? appeared first on The Motley Fool Australia.

The artificial intelligence data services provider's shares rocketed 30% higher to $1.08 on Tuesday before being thrown into a trading halt.

Appen's shares are now expected to return to trade this morning after the company responded to a price query from the Australian stock exchange.

What's going on with the Appen share price?

Investors were scrambling to buy the beaten down tech stock yesterday amid speculation that it could be a takeover target.

Appen responded to the speculation after the market close and revealed that it has indeed received a takeover proposal.

However, any investors buying shares yesterday might be disappointed to learn that the price that has been offered is notably lower than the current Appen share price.

According to the release, Appen has received a highly conditional, confidential, non-binding, indicative proposal from Innodata Inc (NASDAQ: INOD) that contemplates offer consideration of A$0.70 worth of Innodata shares per Appen share.

While this was a 100% premium to the Appen share price at the time, it is now a 35% discount to where it trades today.

What's next?

The company revealed that its board is currently seeking to understand the potential value to Appen shareholders from the proposed combination. It has agreed to a limited exchange of non-public information on both businesses to occur on a non-exclusive basis.

As things stand, it has made no determination as to whether the indicative consideration proposed by Innodata would be acceptable. It has also warned that there is no certainty that the indicative proposal will result in a binding proposal for Appen.

The Appen share price remains down 55% over the last 12 months despite yesterday's jump.

The post Appen share price on watch following takeover offer appeared first on The Motley Fool Australia.