There’s nothing like a weekend to stitch up a big M&A deal - but it seems like it’ll take a fair bit more than a weekend for Ramsay Health Care and KKR & Co.
Both sides were reeling late last week as a simmering situation finally hit boiling point. There was spilt milk on both sides, as Ramsay lost its $88-a-share, all-cash bid and KKR lost a bit of its “good guy” glow that it carried into the deal.
Hedge funds were wishing for a quick resolution, like a quick round of pricing talks and a new agreed deal (subject to the remaining diligence and the like), however they could be waiting for a while yet.
It sets up an interesting few weeks for the big banana of Australian M&A.
There’s plenty of deal makers’ years that rest on Ramsay and KKR finding a happy ending, and even a few careers.
In Street Talk tomorrow, we look at Seven Group’s latest move to call in bankers to consider options around its capital notes.
As the dust settles on Seven Group’s FY22 results, investors have turned their attention to the group’s balance sheet and a hefty new addition to its current liabilities.
Former Paradice Investment Management stockpickers David Moberley and James McBeath have resurfaced with a new boutique shop ClearLife Capital, putting an end to the worst-kept secret in Australian funds management.
Stockbroker Wilsons has set up a new natural resources dealmaking unit targeting IPOs, equity raisings and M&A, and poached a Petra Capital adviser to head it.
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