APM, AZS and BPT: Three ASX stocks closed in deep red on Monday

2 min read | April 08, 2024 05:24 PM AEST | By Team Kalkine Media

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APM, AZS and BPT: Three ASX stocks closed in deep red on Monday — Image source: @Oleg Gamulinskii/Pixabay

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Several ASX shares have had a rough start to the week, failing to mirror the upward momentum of the S&P/ASX 200 Index, which saw a rise of 0.20% to 7,789.10 points Monday.

Among the notable underperformers are:

APM Human Services International Ltd (ASX: APM)

APM Human Services shares took a nosedive by 29% to close at AU$1.15 apiece. This plunge came in response to a takeover update, with CVC Asia Pacific retracting its non-binding offer of AU$2.00 per share following the completion of due diligence. Despite receiving another offer from Madison Dearborn Partners, APM deemed it "disappointing." However, the board expressed willingness to engage further with Madison Dearborn Partners to explore potential improvements to its AU$1.40 per share offer.

Azure Minerals Ltd (ASX: AZS)

Azure Minerals witnessed a decline of nearly 7% to AU$3.32. The lithium explorer conducted its scheme meeting concerning the proposed takeover by SQM and Hancock Prospecting, offering $3.70 per Azure share with a conditional off-market takeover offer of AU$3.65 per share as a fallback. However, ahead of the meeting, the company disclosed that the Foreign Investment Review Board had requested an extension to decide on the deal. Despite this delay, Azure remains optimistic about securing approval, stating that it is a routine extension request and sees no reason for the FIRB not to grant approval.

Beach Energy Ltd (ASX: BPT)

Beach Energy shares slumped by 15.04% to AU$1.61. The energy producer faced selling pressure from investors after revealing quality issues at its Waitsia joint venture project in the Perth Basin. Beach Energy is now revising its production schedule and cost estimates for Waitsia, acknowledging the need for updates due to the severity of the additional quality issues.

The market response to these developments underscores investors' sensitivity to company-specific news and the potential impact on share prices. As these ASX-listed companies navigate through challenges and uncertainties, shareholders will closely monitor further updates and announcements regarding their respective situations.

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