Stocks of the Hour: Aristocrat, Adairs & Fortescue Metals

Company News

by Lauren Evans

The rival bidder facing Aristocrat Leisure’s (ASX:ALL) bid has dropped the pin on the deal to buy British gambling software group Playtech. The offer by JKO Play was withdrawn, which means that Aristocrat is now the only player at the table. The offer has been recommended by Playtech’s board with shareholders set to vote at the start of next month. Shares are trading 2.1 per cent lower at $40.62.

Mandated store closures from Covid-19 led Adair’s (ASX:ADH) group sales to be impacted in the first half of this financial year. The furniture company added that gross margins have been impacted by increased supply chain costs, higher delivery costs to online customers and additional promotional activity. Shares are trading 18.2 per cent lower at $3.12.

Fortescue Metals (ASX:FMG) is set to acquire the UK-based Williams Advanced Engineering for around $309.7 million. The acquisition aims to develop battery electric solutions for Fortescue’s rail, mobile haul fleet and other heavy mining equipment, to accelerate the decarbonisation of its mining operations. Shares are trading 2.1 per cent lower at $20.51.

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