In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.65% to 7,009.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Grange Resources Limited (ASX: GRR)
The Grange Resources share price is down 7.5% to 78.7 cents. Part of this decline has been driven by the iron ore pellet company's shares trading ex-dividend this morning for its latest dividend. Eligible shareholders will receive Grange Resources' 2 cents per share fully franked dividend at the end of the month on 30 September.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price has crashed 20% to $3.57. Investors have been selling this administration services company's shares amid doubts over its takeover. This follows news out of the UK which threatens to scupper the transaction. To gain its approval for the deal, the UK Financial Conduct Authority is asking Dye & Durham to put down A$519 million towards redress payments relating to the now-collapsed Woodford Equity Income Fund.
Ramsay Health Care Limited (ASX: RHC)
The Ramsay share price is down 10% to $62.98. This follows news that a consortium led by KKR has refused to increase its $88 per share offer after Ramsay rejected it. The private hospital operator described the offer as "meaningfully inferior." However, it has left the door open for KKR to post an improved bid. Though, investors don't appear confident that one is coming.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 2.5% to $8.39. This appears to have been driven by news out of Europe. According to Reuters, energy companies in the EU, such as coal miners, could be required to make a solidarity contribution to help offset the effects of the continent's ongoing energy crisis.
