It’s fizzled-out deals everywhere in the listed land!
This week Link Group killed the Dye & Durham offer, BHP was silent even after OZ Minerals’ big update - and now Street Talk’s spotted Westpac’s wealth auction in a stalemate.
Sources reckon Colonial First State is the only party still hanging around the hoop, but its bid is well under the $1 billion mark that Westpac wants, as well as non-binding.
It’s not great news for Westpac, which reports to a September 30 balance date and will be scrambling hard to put a juicy capital return to shareholders soon.
They are trying to offload $150 million worth of GYG shares at a $1.6 billion valuation - or $400 million higher than what Magellan sold out at just four short months ago.
It’s a surprising valuation move, when nearly everything in the unlisted land is either worth less than it was a year ago OR is clinging onto price tags printed in raisings done in a low-rate world.
Guzman Y Gomez’s investors are seeking an eye-watering $1.6 billion valuation for the mexican food chain as they put a $150 million parcel of shares on the market.
Investment bank Morgan Stanley has put some balance sheet on the line for PAG Asia Capital, underwriting its entry into the frozen section of Australia’s supermarkets.
