Few things get tongues wagging in Street Talk land like a busted deal.
Chalk up Harris Farm and, looking increasingly likely, the SG Lottery IPO as two rare and large busts this year, during a period when most transactions are getting done.
At grocer Harris Farm, the family shareholders attracted interest from all the right sorts of parties but decided to pull the pin. As joint CEO Angus Harris said, “we love this business and want it more than anyone else”.
That conclusion came after rounds of indicative bids and serious talks with parties including Roc Capital, Oaktree Capital Management and Bain Capital.
It got to the point where the bidders wondered whether there was a number that would get the deal over the line, or whether they were shopping for something that just wasn’t for sale.
While the IPO at 14-times EBITDA may well be higher, the financial buyer is offering owner Scientific Games the chance to get out in full. The IPO was for a stake of 50 per cent to 55 per cent.
Word that a big debt syndicate was being rammed together on Wall Street squashed fundie hopes of the IPO getting up on Wednesday. A deal is said to be imminent.
Hopes of a whopper $10 billion SG Lottery float sank on Wednesday as word spread that someone on Wall Street was pulling together a huge leverage finance package after days spent negotiating with owner Scientific Games.
Matrix IDM, founded by a former AMP Capital head of technology and with clients like Aware Super and Cbus, has caught the attention of a British buyer.
Australian fund manager Tribeca Investment Partners is trying to stay ahead of the pack, signing a new carbon credits investment deal and raising a new fund.
Marketing tech company Xpon is pitching investors this week for its coming IPO, expected to raise up to $12.5 million at a $60.7 million market capitalisation.
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