Good morning,

Here’s the only interesting thing that has come out of an interminable Takeover Panels process relating to The Market Herald. The normally staid tribunal has truly gone to town on Clayton Utz, the legal advisor to ASX-listed TMH which has more recently acquired Gumtree and HotCopper. Clutz is accused of burying information and concealing conflicts of interest. “We would have expected (at the least) more candour from Clayton Utz about the relationship between Clayton Utz and [another party known as] GAB,” the panel wrote.

In another section, they note: “Contrary to the representations made by TMH and Clayton Utz, in our view, the redacted sections of the minutes of 30 November 2022 contained information directly relevant to our inquiries … we consider the representations made by TMH and Clayton Utz to be misleading.

“When asked whether the redactions were reasonable and appropriate, Clayton Utz submitted that they were at the time they were made and reaffirmed its earlier submissions. We do not consider that the redactions were reasonable and appropriate given the direct proximity of the redacted materials to the issues in question.”

Truly embarrassing for Clayton Utz (who declined to comment) but pure joy for some of its rivals, who couldn’t help but send the panel’s 75-page report nobody can bother to understand.

Meanwhile, more from Lunch Watch: Morgan Stanley chief Richard Wagner having a good time downstairs at the Chifley Square diner district along with other bankers, no doubt celebrating the APA deal. And dining at Pendolino: Herbert Smith Freehill chair Rebecca Maslen-Stannage, Treasury Wine Estate director Toni Korsanos, ex-AMP chair Catherine Brenner and Macquarie co-head of ECM Georgina Johnson.

Happy reading,

• Journey Beyond, owner of experiential tourism assets such as The Ghan train and Cruise Whitsundays, is back on the auction block less than two years after it changed hands.
• Phil King’s Regal Funds was the buyer of Magellan Financial co-founder Chris Mackay’s 6.6 per cent stake in the investment house that changed hands on Wednesday.
• Australian Venue Co, the operator of bars including The Esplanade in St Kilda and Bungalow8 in Sydney, will be acquired by PAG Asia Capital for about $1.4 billion.
• Carlyle is doubling down on their investment in Opthea, intending to take up an option to invest another $US50 million ($80 million) in the clinical-stage biotech.
• It may be August but next year’s initial public offering pipeline is already revving up. Meet Ord Minnett’s IPO Class of 2024.

Magellan’s flagship fund outperformed its benchmark in the six months to June 30 by 0.88 per cent – “for the first time in a while”, as JPMorgan brokers told their clients yesterday.

Click here for the latest equity market wrap.

• Costa Group’s profit warning has cast double over whether New York private equity firm Paine Schwartz Partners will push ahead with a $3.50 a share takeover.
• Blackstone is making plans to launch a private equity fund for wealthy individuals, according to the Financial Times.
• Alinta Energy is eyeing a bid for Origin Energy’s Eraring coal power generator in a move that could cement the extended operation of the plant beyond its 2025.