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Why BetMakers, Domain, Link, & Nuix shares are tumbling

BetMakers Technology Group Ltd (ASX:BET) and Nuix Ltd (ASX:NXL) shares are two of four tumbling lower on Monday…
The post Why BetMakers, Domain, Link, & Nuix shares are tumbling appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. In afternoon trade, the benchmark index is down 0.2% to 7,165.7 points.

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

BetMakers Technology Group Ltd (ASX: BET)

The BetMakers share price is down 14% to $1.15. Investors have been selling the betting technology company’s shares since it announced a $4 billion offer to acquire the Tabcorp Holdings Limited (ASX: TAH) Wagering and Media business late last week. This offer comprises $1 billion in cash and $3 billion in BetMakers shares. BetMakers shareholders appear concerned that the latter could dilute their shareholding.

Domain Holdings Australia Ltd (ASX: DHG)

The Domain share price is down 2.5% to $4.92. The property listings company’s shares have come under pressure after its attempt to acquire a slice of the PEXA property settlement business fell through. Domain will now focus on its strategic collaboration with PEXA instead.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price has fallen 6% to $5.13. Investors have been selling the administration company’s shares after it confirmed that its PEXA business will be undertaking an initial public offering (IPO). The underwritten price of the IPO implies an enterprise value for PEXA of $3.3 billion. Link, which owns a 44% stake in the company, advised that it expects to receive a minimum of $50 million in cash as a result of the IPO process. Some shareholders appear to have preferred the outright sale option.

Nuix Ltd (ASX: NXL)

The Nuix share price has crashed 17.5% to $2.78. Investors have been selling the investigative analytics company’s shares after it downgraded its guidance just over a month after issuing it. Nuix is now expecting pro forma revenue of $173 million to $182 million in FY 2021. This compares to its 21 April guidance of $180 million to $185 million. Management blamed this on the expected timing of closure of some upsell opportunities and new potential customers.  

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More reading

News Corp (ASX:NWS) share price slides amid FOX Bet rumours
ASX 200 down 0.15%: A2 Milk class action, Nuix crashes again

These 3 beaten down ASX tech shares are trading near historic lows

Nuix (ASX:NXL) share price crashes 12% after downgrading guidance again
Link (ASX:LNK) share price on watch following PEXA IPO update

The post Why BetMakers, Domain, Link, & Nuix shares are tumbling appeared first on The Motley Fool Australia.

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