Companies roundup: DS Smith takeover & Entain

Packaging giants DS Smith (SMDS) and Mondi (MNDI) are still in merger talks, having reached an agreement in principle last month. The Panel on Takeovers and Mergers has extended the offer deadline from 5pm on 4 April to 5pm on 23 April. 

In March, the FTSE 100 companies announced an agreement in principle for an all-share offer. Under the terms of the deal, Mondi will pay 373p per DS Smith share –  a 33 per cent premium to its pre-offer price – and Mondi shareholders will own 54 per cent of the combined group and DS Smith shareholders will own 46 per cent. JS

Read more: The best packaging stocks in a struggling industry

Entain chair replaced by interim chief executive

Entain (ENT) announced that chair Barry Gibson is going to retire and step down from the board by the end of September, as the gambling operator continues its hunt for a new permanent chief executive. Interim chief Stella David will replace Gibson, who took up the role in early 2020, as chair. The news comes as Entain seeks to reassure investors after a wayward acquisition strategy under former chief Jette Nygaard-Andersen and a £585mn deferred prosecution agreement with HMRC regarding bribery allegations at its legacy Turkish business. CA

Read more: The rise and fall of Entain

Future shares leap as organic growth returns

Shares in Future (FUTR) jumped by 14 per cent this morning, after it revealed that it had returned to organic growth and was on track to hit its full-year forecasts.

The publisher reported a “strong performance” from its price comparison division, “good growth” in business-to-business, and a “resilient performance” from magazines. 

This helped to offset a “challenging” backdrop for affiliate products and digital advertising in the six months to 31 March. 

Future returned to organic revenue growth in the second quarter of FY2024 and said cash conversion had been strong. It intends to publish its interim results on 16 May. JS

Motorpoint flags improving performance 

Car retailer Motorpoint (MOTR) said its annual loss would be at the low-end of expectations as a pick up in consumer demand drove its retail volumes up 9 per cent in the quarter to 31 March compared to the year before. Margins rose as the period progressed on the back of improved inventory turnover and the sale of vehicles impacted by a correction of used car values in the previous quarter. The board added that there was around £9mn of cash on the balance sheet at the end of March. CA