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Market Update

William Hill Rejects Higher Offer, Bovis Homes Net Jumps

Author: Sarla Buch
Last Update: 3:15 AM ET August 15 2016

4:00 PM Frankfurt – Bovis Homes net and revenues surged. Hennes & Mauritz said sales in July soared 10%. Lonza agreed to acquire the U.S.-based nutraceuticals for $300 million. William Hill rejected revised higher merger offer.

In London trading, FTSE 100 index increased 28.11 or 0.4% to 6,949.57 and in Frankfurt the DAX index gained 32.15 0.3% to 10,746.12.

In Paris, CAC 40 index edged up 0.20 to 4,500.39.

Bovis Homes Group Plc slipped 1.7% to 822 pence after the U.K.-based home builder said revenues in the first-half ending in June soared 18% from a year ago to £412.8 million.

Net profit in the period surged 13.7% from a year ago to £48.9 million compared to the £43 million and diluted earnings per share increased to 36.4 pence from 32 pence.

As of August 12, the home builder said it crossed more than 90% of the targeted sales volume of about 3,877 homes from 3,768 homes in a year ago period.

H & M Hennes & Mauritz AB jumped 2.1% to 277.20 Swedish Kronor after the Sweden-based apparel retailer said sales in July soared 10% from a year ago and 8% in the previous month.

The retailer said as of July 31, total number of stores amounted to 4,105 compared to 3,649 in a year ago month.

H & M Hennes said August month and total revenues for the third-quarter ending in August is schedule to release on September 15.

Lonza Group AG fell 0.2% to 188.20 Swiss francs after the Switzerland-based chemicals and pharmaceutical ingredients maker agreed to acquire the U.S.-based nutritional ingredients maker InterHealth Nutraceuticals, Inc for about $300 million.

Pinewood Group Plc rose 0.09% to 560.50 pence after the U.K.-based film and television studio services provider’s newly-incorporated privately held Bidco received offer from asset manager Aermont Capital for about £323 million.

William Hill Plc dropped 3.1% to 323.40 pence after the U.K.-based online and mobile sports gambling services provider rejected revised higher merger offer from Rank Group Plc and 888 Holdings Plc.

Revised proposal offered 352 pence per share of William Hill from the previous proposal of 339 pence per share.

Under the previous bid, shareholders of William Hill were offered 199 pence in cash and 0.725 of BidCo share.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc