It’s tempting to think global M&A arb funds – big players in Australian listed M&A deals – have clocked off for the year, particularly after a torching at Ramsay Health Care and Link Group (twice).
But with a couple of $10 billion to $20 billion deals in the works, they can’t help but dive back into Australian deals which have turned into potentially globally significant transactions.
We spoke to a handful of offshore funds on Wednesday, to get their views on Origin Energy and OZ Minerals. They look at the two completely differently – OZ Minerals is money in the bank, Origin Energy is the sort of deal they shouldn’t get involved in but can’t help but try to find an angle.
The thing that binds the two bids together, other than their size, is the target board’s commitment to recommend a deal should non-binding offers be turned into a firm bid. The arb funds reckon that’s an important show of support on the vendor side.
Cleanaway Waste Management has put its M&A cue back in the rack, leaving doubts about whether Queensland’s BMI Group can get the sort of strategic-buyer money it was chasing.
Bombed out gold explorer Gascoyne Resources has Perth’s Sternship Advisors and Ashanti Capital to find money to get its shut Dalgaranga gold project up and running again.
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