Stocks of the Hour: Iress, Cimic & Medibank

Private equity firm EQT has walked away from a deal with Iress (ASX:IRE) after failing to reach an agreement on a revised $15.91 cash per share offer from July. The move followed a 10-day extension to complete due diligence. Shares in Iress (ASX:IRE) are trading 10.4 per cent lower at $12.13.

Cimic’s (ASX:CIM) company CPB Contractors has won construction work at the new Western Sydney International Airport. The construction company will deliver airside civil and pavement work, while the contract is expected to generate around $265 million in revenue. Shares in Cimic Group (ASX:CIM) are trading 1.7 per cent lower at $20.03.

Medibank (ASX:MPL) directors Christine O’Reilly and Peter Hodgett will both retire from the health insurer's board at the annual general meeting in November. The two members both joined prior to the company listing on the ASX in 2014. Shares in Medibank Private (ASX:MPL) are trading 0.6 per cent lower at $3.54.

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Source: Finance News Network