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Company mergers

Yesterday

Giselle Collins.

Pub landlord HPI rejects consortium’s $710m bid

The ASX-listed owner of 58 pubs told investors the bid undervalued its portfolio, which would only grow more in value as rates fell.

  • Michael Bleby

This Month

Australia’s three credit bureaus have become two.

Credit score agencies combine, creating Australia’s newest duopoly

Experian has completed its $820 million acquisition of Illion, which Experian’s CEO says will help banks assess credit risk more dynamically.

  • James Eyers
A real estate agent adjusting a sign in London. Rightmove is the biggest property listing platform in the United Kingdom.

News Corp chief says higher Rightmove bid would have been ‘foolhardy’

The Murdoch family-controlled giant owns 61 per cent of REA, which had lobbed a $12 billion takeover bid for its British rival. But the offer was rebuffed.

  • Hans van Leeuwen

September

REA Group has struggled to overcome Rightmove’s resistance.

REA abandons $12b pursuit of Britain’s Rightmove

REA Group chairman Hamish McLennan’s personal touch was not enough to get the deal, which Rightmove rejected on Monday, over the line.

  • Updated
  • Hans van Leeuwen
Rightmove is by far the biggest of Britain’s three online property portals.

REA lobs $12b fourth bid at UK’s resistant Rightmove

The Murdoch-backed REA has just days left to win over the British online property listing behemoth, as a “put-up-or-shut-up” deadline looms on Monday.

  • Hans van Leeuwen
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Regal’s Phil King.

Platinum rejects Regal’s takeover on value grounds

Regal Funds offered 0.274 of its own shares for every Platinum Asset Management share plus a special dividend. But that wasn’t enough.

  • Jonathan Shapiro
Rightmove is by far the biggest of Britain’s three online property portals.

UK property site Rightmove knocks back REA again

Pressure is increasing on the Murdoch-owned REA’s $11 billion-plus foray, with just five days left to get a deal across the line.

  • Hans van Leeuwen
Rightmove has received an offer from REA Group.

Will the Rightmove ‘fortress’ fall to REA’s siege?

Rightmove so dominates the UK market that its own CEO calls it ‘unassailable’. REA is hoping to seize the keys to the castle, but without tarnishing the prize.

  • Hans van Leeuwen
Anthony Scali has big ambitions for his family’s furniture retailer.

Nick Scali wants to conquer Britain. Does it stand a chance?

The ASX-listed furniture retailer has made a big bet on the United Kingdom, where plenty of big Australian companies have come unstuck.

  • Hans van Leeuwen and Carrie LaFrenz
Vanguard’s John Galloway, whose team has more input into company votes than just about any investor globally, including in Australia.

Big AGM voter Vanguard ready to wield its proxies to challenge boards

One of the biggest voices at the upcoming AGM season outlines its thinking: don’t expect ideological stances, but do expect a strict focus on skills and pay.

  • Anthony Macdonald
Morgan Stanley Australia chairman Tim Church told the Financial Review Property Summit that he expected M&A activity will pick up.

Morgan Stanley’s Tim Church awaits real estate M&A’s ‘big thaw’

The investment bank’s veteran real estate operator says expectations of impending interest rate cuts and a desire to deploy capital is getting deals going.

  • Jemima Whyte
Charter Hall is no M&A dummy. It has put pubs owner Hotel Property Investments in play.

Get ready for haymakers at the ASX’s last listed pubs owner

A bid at a 10 per cent discount to asset-backing? Welcome to deals in 2024.

  • Anthony Macdonald
Gina Cass-Gottlieb heads an ACCC that lacks the resources to handle large numbers of merger proposals.

Raising the bar against mergers will rob everyone of benefits

Why clamp down on mergers with less than maximum benefits when the public would still gain from seeing them go through?

  • Bran Black

August

Its all hands on deck at Robin Khuda’s AirTrunk.

Debt deal makers prepare to lend big for winner of $20b-plus AirTrunk

Both sides have arranged their own debt packages on top of the OpCo slice, where IFM and Blackstone are understood to be using different structures.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
Perpetual chief executive Rob Adams will front investors on Thursday. He navigated the fund manager through several acquisitions, including Pendal.

Perpetual takes ‘embarrassing’ $547m write-down on Pendal funds

The firm, which is in the midst of selling a large part of itself to KKR, disclosed the write-down just four days before it delivers a full-year financial update.

  • Jonathan Shapiro
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Credit and payments fintech Shift raises $35m

The Funded blog is the home for news on the tech deals that are done in Australia, as soon as we hear about them.

  • Updated
  • Paul Smith
Business Council chief executive Bran Black led the delegation to Canberra.

M&A crackdown: corporates protest in Canberra

Executives from large companies who are worried about planned tougher laws to block corporate mergers have taken their concerns to Treasurer Jim Chalmers.

  • John Kehoe and Aaron Weinman
Bankers and lawyers are good at taking investors for a ride.

Bidders having it both ways with ‘best and final’ threats

You’ve got to give it to the top investment bankers and lawyers – they’ve perfected the art of driving a truck through a two-inch gap. 

  • Anthony Macdonald

July

ANZ’s $4.9bn takeover of Suncorp Bank was finally completed on Wednesday.

ANZ can finally get under the hood of Suncorp Bank

ANZ chief Shayne Elliott said the $4.9 billion deal, which formally completed on Wednesday, will allow it to “compete more effectively across the Australian market”.

  • James Eyers
ACCC chairwoman Gina Cass-Gottlieb used public benefit grounds to approve Brookfield’s proposed purchase of Origin Energy.

Dealmakers face tougher ‘public benefit’ test on mergers

Businesses using public interest grounds such as climate change action or financial stability to get takeover approvals will face a stricter hurdle from the ACCC.

  • Updated
  • John Kehoe

Original URL: https://www.afr.com/topic/company-mergers-1mod