Stocks of the Hour: Adairs, Washington H Soul Patts & Vocus Group

Company News

by Michael Luu

Investment powerhouse Washington H. Soul Pattinson (ASX:SOL) is looking combine strength with industry peer Milton Corporation (ASX:MLT) in a merger that would form a $10 billion ASX-listed capital management giant. The payment package consists of a scrip consideration, as Soul Patts is offering new securities in the company to Milton’s shareholders. The proposal values Milton shares at a 1 dollar or 10 per cent premium to Milton’s closing price of $5 on Monday.

Shares in Washington H. Soul Pattinson (ASX:SOL) are trading 1.8 per cent higher at $30.79.

Bedding retailer Adairs (ASX:ADH) has speeded up their purchase plan to fully acquire homewares and furniture supplier Mocka. The ASX-listed home furnishings specialist currently owns a 65 per cent interest in the vendor. Adairs was originally scheduled to snap up the remaining stake in two deferred payments within the next two financial years. The $773 million company has announced that it will move up their payment timeframe and purchase the remaining 35 per cent in one transaction for $45 million.

Shares in Adairs (ASX:ADH) are trading 1.1 per cent higher at $4.62.

Macquarie-backed investment firm Voyage Australia has received an overwhelming go-ahead from Vocus shareholders to acquire the telco for $3.5 billion. The $3.4 billion company held a vote on the takeover proposal, and recorded a 99.84 per cent approval rate for the deal.

Shares in Vocus Group (ASX:VOC) are trading 0.2 per cent higher at $5.49.

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