☕ ACCC

Happy International Women’s Day! Appreciate all the notes re: yesterday's news. And thanks to those who pointed out that the ACCC may consider the LOI x Aussie Corporate merger as substantially lessening competition in the hilarious finance news sector. We have engaged counsel and are prepared to fight this. 

ps. if this was fowarded to you, sign up here > letterofintent.com.au 

LOI Subscriber #TBD

MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market news: TPG was in market, shooting their shot as they try to take Invocare private.

The PE shop spent Monday night buying up an 18% stake for $12.65/sh before lobbing a takeover bid in the morning. 

On the surface, it was a 40%+ premium to last close — but Invocare had been sold off after their HY results, so the bid only represents a ~15% premium to where it traded about a week ago. 

THE QUICK SYNC

• Twitter’s revenue is rumoured to be down 40%. (SMH)

• Atlassian cuts 500 jobs (SMH) and Meta expected to cut 1000s more in a new round of layoffs. (Yahoo)

• Megaport CEO Vincent English steps down after 6yrs in the role. (BNA)

• Three people found guilty of $105 million ATO fraud scheme. (SMH)

• Fed Chair says interest rates are ‘likely to be higher’ than previously anticipated. (CNBC)

• 46-year-old Goldman trader with a $35m bonus decides it's time for a rest. (EFC)

• Aston Martin shares jump 25% as F1 results appear to drive a short squeeze. (BBG)

TRADING FLOOR

 M&A:

• InvoCare is in play after TPG gets 18% of its shares in an overnight raid. (AFR | AFR | AFR | The Australian)

  • Invocare has Gresham and Clayton Utz to shore up its defense. (AFR)

• Sibanye-Stillwater lifted its New Century stake to more than 73% as its takeover nears success. (AFR)

• New Quantum, a wealth management software business is understood to have lobbed a bid for Sequoia Financial’s equities clearing business Morrison Securities. (AFR)

• JLL Advisory has started approaching super funds and other institutional investors for a stake in QLD-based retirement living group, Aura Holdings. (AFR)

• Over 70 parties have registered interest in the assets of Scott’s Refrigerated. (The Australian)

• Newcrest's CEO departure proved to be the opportune time to pounce for Newmont Mining. (The Australian)

Capital Markets:

• Family Zone expected to raise $25m to help get to profitability. (AFR)

• CIMIC and Apollo Global are set to sell a $400m stake in Ventia Services. (AFR)

  • IPO escrow structures to come into focus as Ventia owners sell down their stake. (AFR)

• Nationwide Building Society held investor calls with Australian debt investors. (AFR)

VC:

• Till Payments, an Australian fintech start-up, closed a $70m funding round. (AFR)

• Immutable, the crypto startup, is in market trying to sell a big chunk of its own tokens amid redundancies. (AFR)

Others:

• Millennium Management has lured trader Alex Wallis to its ranks. (AFR)

• Building giant PBS collapses: 80 projects abandoned, $25m owing. (The Australian | AFR)

• MoneyMe plays down its auditors caution over its future. (The Australian)

TOGETHER WITH ALLIANCE ADVISORS

Alliance Advisors is an independent advisory firm that supports public & private companies with strategic shareholder & investor advisory services through our global network. 

We Go Beyond, from development to execution of bold, client-first strategies, resulting in winning outcomes.

Join us at the Mergermarket M&A Conference in Sydney on Thursday 16th March, where we have a pair of tickets to give away!

📢 To enter the draw:

• Send your business card/contact details to Brendan Henry on [email protected]. 

The winner will be drawn on Friday 10th March.

THE WATERCOOLER

THE TRADE

• Investment Associate, Ventures — IAG (Learn More)

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