Good evening,

Things are about to get spicy at Melbourne toll road network ConnectEast.

Street Talk has spotted a brave suitor talking to investment banks for a potential tilt at a controlling stake in the infrastructure asset, which is up for sale via RBC Capital Markets.

It’s a bold move and shows someone out there is willing to go up against Transurban, which hired banks early on and already has an ACCC approval process in the works.

Sources said while Transurban is undoubtedly the big gorilla in the auction, the sell-side pitch has focused on drawing in financial investors. The process doesn’t start until July, giving EastLink’s owners a few more weeks to drum up rival suitors.

Elsewhere, we got our hands on the sale flyer for 150-year old men’s tailoring specialist Cambridge Clothing which pitches itself as a category leader at Myer, fundie services business Channel Capital had a shareholder and key staffer exit, and vanadium developer Vecco impressed an Italian investor.

Lastly, Exact Radiology was off to a new home, in the latest deal in the sector.

Happy reading,
Sarah Thompson, Kanika Sood, Emma Rapaport
Street Talk editors