☕ Media merger

Good morning. We teased it out yesterday, but here's the news... LOI is joining our funnier, more anonymous corporate cousin, The Aussie Corporate.

Good morning. We teased it out yesterday, but here's the news... LOI is joining our funnier, more anonymous corporate cousin, The Aussie Corporate.

While the lawyers are bashing out the merger docs and bankers desperately hitting F9 on the model, hoping the #REF error will just solve itself out, you don't need to worry — LOI's content won't change. You'll still get the 5min quick read in your inbox every day.

Joining forces makes a lot of sense as we both share the same values of helping make AusCorp a more digestible, transparent and accessible place for all.

There's not much else to say except that if you haven't checked out The Aussie Corporate before then, make sure to follow them on Instagram or check out some of the other nuggets, like their 2022 salary guide.

Meanwhile we'll start working on our acceptance speeches for deal of the year 🤝.

Cheers!

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: With ANZ having picked up Suncorp's banking unit last year and all this talk of Macquarie becoming a fierce competitor in the mortgage space, many started to (re)speculate that BoQ & Bendigo Bank may consider a tie-up.

While neither bank has expressly ruled it out, Citi analysts reckon a merger would be too hard and expensive to pull off.

THE QUICK SYNC

  • Xi Jinping has tightened his grip on China at key meeting. (SMH)

  • UBS cuts bonuses 10% after deal slump; CEO gets an 11% pay boost. (Bloomberg)

  • RBA’s rate rises tip more borrowers to the edge. (SMH)

    • Interest rate rises to ‘bury’ poor and young. (AFR)

  • Dollar teeters ahead of Powell testimony and pivotal monthly jobs data. (Reuters)

  • Perth Mint sold diluted gold to China, got caught, and tried to cover it up. (ABC)

  • ASIC using AI to reject serious criminal complaints. (SMH)

TRADING FLOOR

M&A:

  • TPG Capital is seeking to buy Australia's largest funeral provider, InvoCare, after looking to raid the shares to secure a 10% stake at a 41% premium. (AFR)

  • Kinetic Group and Globalvia are understood to be working on Go-Ahead's new structure. (AFR)

  • Centuria announced it had acquired a 20-hectare tomato glasshouse tenanted by Costa Group for around $80m. (BNA)

  • Fund managers weigh up the chance Strike Energy's becomes an M&A target. (AFR)

  • Bendigo and Adelaide Bank and Bank of Queensland would be "too complex", according to Citi analysts. (AFR | The Australian)

  • Macquarie's bid for Telecom Italia grid needs Rome-based government support. (AFR)

Capital Markets:

  • Barrenjoey handles the trade of a $130m parcel of shares of Domino’s Pizza.(AFR)

  • Bravura Solutions raises $80m at a 53% discount. (AFR | BNA)

    • Investors need comfort around Bravura costs, according to Wilson analysts. (The Australian)

  • Sayona Mining is talking to Canadian investors to stitch up a capital raising. (AFR)

  • CBA and Liberty Financial are chasing dollars with separate bond deals (AFR)

    • CBA’s subordinated bond issue has closed at $1.75bn after receiving $3.46bn in demand. (The Australian)

  • NAB and ING Bank are understood to be tipping into Casella Wines' debt package. (AFR)

VC:

  • Sumday, an online platform for carbon accounting has raised $2m from Blackbird, Possible Ventures and others. (The Australian)

Others:

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:

The winner will be drawn on Friday 10th March.

THE WATERCOOLER

THE TRADE

  • Investment Associate, Ventures — IAG (Learn More)

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