Good evening,

Blackmores stole the show on Thursday, cinching a $95-a-share bid from Japan’s Kirin.

The vitamin business confirmed Street Talk’s report before market open, adding its grumpy and largest shareholder Marcus Blackmore’s was vouching his 18 per cent stake to the bidder.

By the evening, fund managers who had trawled through the documents reckoned both sides -- Kirin and Blackmore -- have backed in protections for themselves in case a rival suitor blazes in.

There was also some chatter about if the bid packed enough of a premium, but it’s hard to ignore that the board, the largest shareholder and investors all seem happy. The stock ran up 22.8 per cent to close at $94.26.

Blackmores has been on M&A hit lists for years, to the point where it had ended up in the “too hard basket” for several fund managers. So for now, the advisers on all sides -- Barrenjoey and Adara for Blackmores, UBS for Kirin and Rothschild for Marcus Blackmore -- have pulled a rabbit out of the hat.

The scheme vote is expected in July, meaning if there’s an interloper hanging around, they would have to move fast.

Elsewhere, Fortescue Metals was closing in on a sheep station, APA Group and Downer’s consortium had lost out to Endeavour Energy and friends at NSW’s first renewable energy zone tender, and start-up Eucalyptus stitched up a $50 million raising.

Lastly, Macquarie’s equities business has new bosses.

Happy reading,

Sarah Thompson, Kanika Sood and Emma Rapaport

Street Talk Editors