Who would’ve thought, just a week ago, that Credit Suisse would have signed a deal to be acquired by UBS and be on death row.
It’s remarkable: the astonishingly small deal value (about $4.5b), the pace of the undoing, the ferocity of the negotiations, and the fallout, much of which is still to come.
In Australia, UBS is trying to work out what to do with its incoming people and businesses. CS’s private bank is widely tipped to be plugged into the UBS machine, while the CS investment banking and markets arms face less certain futures.
Nevertheless, the deal’s continue.
Tonight, we pick up on some highly unusual buying at Estia Health, a long-time mooted M&A target, which looks like more than just an institutional investor building a substantial stake.
The air raid sirens should be ringing (again) at long-time takeover target Estia Health, with the group rocketing back into favour on seemingly little news in recent days.
TrueGreen, which dazzled private markets investors with its pre-IPO pitch of $1 billion revenue by FY25 just two years ago, is understood to have gone cap in hand to existing and new financiers to buy more time to its mooted listing.
InvoCare’s pretty obvious decision to play slow in response to TPG Capital’s raid and indicative bid has given us plenty of time to think about what usually happens when a private equity suitor lands on a listed company’s door step.
You have received this email because you are subscribed to Street Talk First Look with the email address: newsletter@newslettercollector.com
