☕️ Stake-sale Subplot

Good morning.

All eyes will be fixed on Nine Entertainment’s half-year earnings later this week, as industry diehards look for more detail or reasoning behind the rumour that Nine’s banker, Michael Stock, canvassed the sale of a 60% stake in Domain to both KKR and TPG. While Domain reported strong results last week, the company will only find it more difficult to compete with REA Group in an AI-driven world.

Time will tell if Nine CEO Mike Sneesby will be drawn on the matter during Thursday morning’s earnings call.

🏆 LOI Subscriber #TBD

Market movers

Shares in APM Human Services International soared almost 50% during trading yesterday, after the company announced that its board had rejected a takeover bid by CVC Asia Pacific. The proposal made on 16 February by the private equity firm included a $1.60 cash per share consideration less dividends paid to shareholders. APM’s board said that the offer did not sufficiently reflect the fundamental value of APM and the potential of its market leading platform globally.

The quick sync

• Medibank has inked a deal with US tech firm Amwell to create ‘digital health assistants’ for its customers, claiming it will save Australia’s healthcare systems billions. (The Australian)

• US trading changes that will overhaul the pace of trading settlements could mean Australian market participants get left behind. (Capital Brief)

• KPMG data shows that Aussie tech firms are under increasing threat of insolvency and are rushing to restructure. (AFR)

• Capital One is exploring a potential acquisition of credit card lender, Discover Financial Services, which would combine two of the largest credit card companies in the world. (Bloomberg)

• Opposition treasury spokesman Angus Taylor and Productivity Commission chair Danielle Wood are calling for a Productivity Summit to draw attention to languishing productivity growth. (Capital Brief)

• Shares in Currys have soared on news that JD.com is in the early stages of a possible cash bid for the UK household goods chain, after a separate bid from Elliott Investment Management was rejected over the weekend, prompting speculation of a bidding war. (Bloomberg)

Trading floor

M&A

• Seven Group Holdings seeks to acquire the remaining stake in Boral with a cash and scrip offer valued at $6.05 per share. (Capital Brief)

• Star Entertainment Group’s flagship Sydney casino faces potential closure amid new inquiry. (Brisbane Times)

• Pacific Equity Partners eyes Integral Diagnostics for radiology assets acquisition. (AFR)

• Reliance Worldwide shareholders shouldn't disregard the possibility of another substantial acquisition by the plumbing fixtures business given its strong performance. (The Australian)

• Bid for Ansarada hangs on the founder's plan for unprofitable parts of the business. (AFR)

• Fonterra to merge Australian and NZ brands into Fonterra Oceania. (Business Desk)

• Orora shares drop 6% post €1.29b Saverglass acquisition. (The Australian)

Capital Markets

• Greenhill Energy seeks funding for a waste-to-hydrogen facility. (AFR)

• A2 Milk posts strong revenue and profit, bolstered by Chinese market. (Capital Brief)

VC

• Hatch raises $7m in a Seed round for Gen Z job marketplace. (Startup Daily)

• Gilmour Space Technologies recently secured $55m in Series D funding, enabling its first orbital launch later this year. (Smart Company)

People moves

• HMC Capital is set to onboard former UBS energy and utilities head and senior QIC infrastructure dealmaker Angela Karl as head of its new energy transition investment team. (AFR)

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