Good evening,

The obvious places to look for this year’s M&A targets are those things kicked over in recent years, or assets prepared for sale and scrapped when COVID-19 hit markets last year.

Vocus is a perfect case in point. So, too, AMP and even Bingo Industries, which has been closely watched by private equity funds during its four years as a listed company.

So we’re back looking at Woolworths’ proposed $10 billion pubs and liquor spin-off Endeavour Drinks, which is tipped to be put forward again as a demerger or sale candidate in coming months.

Never one to miss a beat, the private equiteers are already on the scene. BGH Capital is understood to have been trying to win over Bruce Mathieson, who looks like a kingmaker at Endeavour thanks to his stake in ALH, and lending banks.

BGH was bankered up and ready for auction this time last year. And, from what we can tell, its appetite for Endeavour has not waned.

Elsewhere, APA Group has added to its growing war chest of bankers, while a couple of big forestry funds are fighting it out in the “green triangle”.

Meanwhile, listed property types are readying for battle at Blackstone’s Milestone Logistics.

Happy reading
Sarah Thompson, Anthony Macdonald and Tim Boyd
Street Talk Editors