The FTSE-250 listed heat treatment company Bodycote saw its share price slump at the open on Friday after a planned bid by private equity house Apollo was called off. Management however responded in a robust manner, noting that they remained confident of their ability to create a high performing business with attractive growth prospects following a strong start to the financial year. The Bodycote share price was down around 8% in early trade.
The manufacturer of low-cost microcomputers issued a trading update this morning with the company benefitting during H1 from a strong inventory position in a market dominated by rising memory prices. That means profitability for the period will be significantly ahead of expectations, but the benefit will be short lived. As stock becomes depleted, this will have to be topped up at current market prices but management are confident that sufficient supply can be found to meet full year production targets. The Raspberry Pi share price was up almost 17% shortly after the open.
Global betting and gaming company Evoke – the name behind brands like 888 and William Hill – issued a note this morning advising that they had agreed terms for an all share acquisition by Bally’s Interlot. That’s at a significant 138% premium to the share price before Evoke announced a strategic review just over six months ago, although the stock has made meaningful gains since. A cash alternative of 52p is also available and the Evoke share price was up 13% at 8.30am.
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