MARKET REPORT: Flutter shares rise after settling legal fight with Fox

Shares in Paddy Power and Betfair owner Flutter rose after a New York arbitrator settled a long-running legal battle with Rupert Murdoch’s Fox media group.

The court ruled that FanDuel – the US sports betting company owned by Flutter and in the middle of the row with Fox – was worth £19.2 billion.

This means Fox would have to pay £3.6bn if it decides to exercise its option to take an 18.6 percent stake in FanDuel. That’s a lot more than Fox had hoped to pay.

Shares in Flutter, whose brands include Pokerstars and Sportsbet, rose 2.7 percent, or 305p, to 11815p.

Fox launched a legal challenge last April over the terms to take a stake in FanDuel.

Flutter boss Peter Jackson said the ruling “reaffirms the confidence we had in our position on this matter and provides certainty about what it would cost Fox to buy into this company, if they wanted to.”

The FTSE 100 fell 0.5 percent or 34.85 points to 7299.99, but the FTSE 250 rose 1.2 percent or 218 points to 18559.57.

Supermarket group Ocado gained 6.3 percent or 40.2p to 674.2p and rival Sainsbury’s shot up 4.5 percent or 9.3p to 218p after analysts suggested the companies benefited from higher prices and strong demand.

Mike Ashley’s Frasers Group rose 5.8 per cent, or 38.5p, to 706p after it launched a share buyback program worth up to £70 million.

Trainline, meanwhile, slipped 5.4 percent or 17.5p to 305.5p after Deutsche Bank issued a ‘hold’ rating and lowered the ticket seller’s target price from 371p to 350p.

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Shares in Appreciate rose after it agreed to be snapped up by payment services company PayPoint.

The deal is for 44 pence per share and values ​​the Liverpool-based group, which sells products such as Love2shop gift cards and vouchers, at around £83 million.

PayPoint said this is a nearly 70 percent premium to the closing price of Appreciate shares on Friday.

Appreciate chairman Guy Parsons said it can “prosper under PayPoint’s ownership”.

Shares rose 58.5 percent, or 15.25p, to 41.3p.

Energean rose 1.9 percent, or 29p, to 1,569p after it said it discovered 13 billion cubic meters of gas after an exploration of the Zeus well, off the coast of Israel. Peel Hunt raised his target price for the exploration and production company to 2000p from 1800p.

Virgin Wines rose 1.7 percent, or 1p, to 60p on a positive note from the broker.

Liberum said the wine retailer was “a corkscrew” and praised the group for its “disciplined growth approach” and success in retaining new customers during the pandemic.

National World has put £1.1 million into social media company The News Movement, which will produce news content for its audience on sites such as Tik Tok, Instagram and Twitter.

It comes just days after newspaper mogul David Montgomery said he was considering an offer through his group National World for the Daily Express and Daily Mirror owner Reach.

National World shares, however, fell 2.4 percent, or 0.5p, to 20p, while Reach climbed 6.7 percent, or 7.1p, to 112.8p.

Elsewhere, the Marwyn Acquisition Company (MAC) rose 12.9 percent, or 0.23 pence, to 1.98 pence after the private equity group appointed the former chairman of Asos.

Lord Alli, who chaired the fast fashion brand from 2001 to 2012, has now held the same role at MAC.

MAC is a publicly traded acquisition company marketed by Marwyn, the top shareholder of the investment firm AdvancedAdvT, who unsuccessfully attempted to acquire M&C Saatchi (up 2.6 percent, or 3.3 pence, to 132.3 pence). with tech entrepreneur Vin Murria.

Legal group DWF rose 2.6 percent, or 1.8 pence, to 71 pence after its acquisition of Canadian law firm Whitelaw Twining.

The deal, valued at up to £27.7 million, is expected to close by the end of the year.

DWF chief Sir Nigel Knowles said: “We are delighted to enhance our offering in the Canadian legal market.

“Whitelaw Twining represents a high quality opportunity for our customers. It also allows us to expand our claims and customize our presence in Canada and broader Connected Services and Mindcrest capabilities in North America.”