Australia's Adairs jumps most in 18 months on local furniture retailer buy

Adairs

24/11/2021 23:47

** Home furnishing retailer Adairs Ltd  ADH.AX  rises as
much as 11.7% to A$3.82, their biggest intraday pct jump since
May 2020
    ** Says https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02457285-3A582040?access_token=83ff96335c2d45a094df02a206a39ff4
 to buy Australian furniture retailer Focus on Furniture for
enterprise value of A$80 mln ($57.58 mln) on a debt-free basis
    ** Deal expected to be immediately EPS accretive, and
deliver pro forma double-digit EPS accretion in FY23 and beyond
    ** Deal gives ADH a network of 23 stores and an online
channel, and increases exposure to bulky furniture category
    ** Adds there is no change to ADH's dividend payout policy
due to deal
    ** ADH hits highest since Oct. 22; snaps three-day losing
streak
    ** ADH second biggest pct gainer in the ASX All Ordinaries
index  .AORD 
    ** Up 3.6% this year, as of last close, vs a 12.8% increase
in the ASX All Ordinaries index 


($1 = 1.3895 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))