Good evening,

We’re into February and it feels like the public market’s M&A wheels are starting to turn a bit quicker.

Sydney Airport investors look certain to approve of the group’s $32 billion takeover on Thursday and there are some M&A spills on the horizon that could also be memorable.

First, BGH Capital has run to the Takeovers Panel over its treatment at Virtus Health – as Street Talk revealed it would on Wednesday – asking the panel to consider rival suitor CapVest’s exclusivity agreement and break fee.

Second, Aristocrat Leisure is all cashed up with nowhere to go, after failing to secure London-listed Playtech on Wednesday night.

Everything started well for Aristocrat last October, when it signed the deal and quickly raised $1.3 billion from a shareholder base that was waiting on it to move into online real-money gaming.

While Aristocrat could see off two rival suitors that landed on the scene, it hit a solid roadblock with some new Playtech investors, who ended up knocking back the deal.

Now it has to decide whether to try to pick off the Playtech assets or chase its real-money gaming dream elsewhere. Giving back the $1.3 billion raised seems like a last resort.

Elsewhere, we’ve got our hands on closely followed Credit Suisse hedge fund sales trader Sujit Dey’s M&A tips, and have spotted a global bigwig calling for Australian beauty booking business Bookwell.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk Editors