Good evening,

CVC Capital Partners′ run at APM Human Services may have hit a hurdle after its period of “hard exclusivity” – whereby the target signs a written commitment that it will refrain from engaging with another party – ended last Thursday.

Street Talk understands rival buyout firm Bain Capital is considering its own proposal for the struggling employment services company and has been working with the bankers at Jefferies Australia.

This would put Bain in competition with CVC Asia Pacific which is attempting to sweep APM off the bourse with a $2-a-share offer, just 2½ years after Madison Dearborn floated it for $3.3 billion.

Of note, Bain is far from committed to making a formal approach but the US private equity giant and Jefferies country head Michael Stock are looking for an angle.

CVC is now working under “soft exclusivity” terms, which means the target can engage with another party if they think there will be a competing proposal which is better on its terms.

That’s due to end on March 27 and leaves the door open to an interloper.

APM hasUBS and Gilbert + Tobin on defence. CVC has been working with Macquarie Capital’s private equity boss Dragi Ristevski on the mooted takeover.

Street Talk reported on Monday that CVC is pushing ahead with securing the Michael Anghie-led company, testing market appetite for the debt it would need to bankroll its $1.8 billion bid.

• Sydney buyout fund Pacific Equity Partners has raided ASX-listed traffic management business Avada Group’s register, picking up a strategic stake for Altus Traffic, housed in the Fund VI.
• Big super is ready to retake the M&A test at student accommodation player Campus Living Villages, with Goldman Sachs set to secure the sell-side gig.
• Macquarie and PSP have fired the starter’s gun on selling down a slice of data centre tearaway AirTrunk, which is expected to be worth $15 billion.
• Trading volume in Regal’s VGI Partners Global Investments shot up on Tuesday, as someone got to work scooping up shares in the LIC.

• Boral’s directors and independent expert Grant Samuel want shareholders to reject Seven Group’s takeover bid. But Ryan Stokes, Seven’s CEO and Boral’s chair, is backing the proposal.
• Genesis Capital has raised its bid for dental chain Pacific Smiles.
• HWL Ebsworth chief Juan Martinez dead at 64.

APM’s stock closed Tuesday’s trade at $1.65, up around 100 per cent since the takeover offer was first announced but a far cry from the $3.55 IPO price.

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