Good evening,

The mooted $4 billion sale of bus operator Kinetic has hit a roadblock.

Street Talk understands Kinetic’s owners, OPTrust and Foresight Partners, along with sell-side advisers at Macquarie Capital have pushed out the deadline for non-binding indicative bids by a week from October 1.

That gives prospective acquirers more time to prepare their offers, especially in light of recent Victorian government contract wins in mid-September that pushed up guidance to $500 million-plus EBITDA in the 2025 financial year from $450 million during early marketing.

It also means Macquarie’s infrastructure bankers have extra breathing room to rustle up more bidders.

Read the full story tomorrow and more on the Street Talk page.

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Click here for the latest equity market wrap.