After a slowish start to the year, fund managers were peppered with IPO news today.
Bank of America and Goldman Sachs opened the books on Australian Clinical Labs’ $400 million raising, while Pepper Money’s brokers blasted out pre-deal reports on its mooted $1.4 billion listing. Bell Potter and Canaccord also sent terms for DGL Group’s $100 million offer.
The big deal news was Allegro Funds’ agreement to acquire Toll’s Global Express unit in a deal that would see Japan Post walk away with less than $10 million. It’s astonishing to think that the global express unit represents about 40 per cent of Toll’s revenue and Japan Post paid about $8 billion for Toll in 2015.
Tonight, we take a look at other suitors sniffing around Crown Resorts, and have news of an American fast-food giant running a process to find an Australian master franchisee.
As American private equity groups Blackstone and Oaktree Capital try to get Crown to engage on their respective indicative offers, other parties are circling.
Israeli technology outfit Gefen Technologies has locked in a second cash top-up and bolstered its broking team before its mooted run at the ASX boards.
