Street Talk’s tipping for an M&A Monday on the ASX tomorrow.
We’ve spotted deals brewing at Woolworths, Tyro Payments, Genesis Minerals and St Barbara, and property manager Elanor.
At Woolies, Brad Banducci’s team has found a decent-sized acquisition in their new favourite segment: accoutrements for dogs, cats and other home pets. PETstock is doing $700 million in annual sales, and Woolworths’ stake should give it a nice leg up among the pet owners that browse its aisles.
But it’s not the biggest deal we are expecting next week. West Australian gold players St Barbara and Genesis were understood to be close to striking a deal on their mooted merger. We hear St Barbara’s set to spin out its non-Leonora assets, and tee up the rest with Raleigh Finlayson-led Genesis Minerals.
It’s a deal whose pros and cons have long been settled by analysts, but investors would have their eyes out for what structure the final deal takes.
Last, Potentia Capital and its consortium mates are back in action at Tyro Payments, lobbing a $1.60-a-share bid as Westpac lurks in the background. That’s just three days after the private equity firm upped its bid at its other beaten-down listed tech target, Nitro Software.
It would be interesting to see if Potentia’s new bid at Tyro spurs Westpac into action!
Grocery giant Woolworths is preparing to move further down the four-legged, feathered and furred route, homing in on a deal to invest in dog and cat food and pet accessories business PETstock.
Raleigh Finlayson-led WA gold miner Genesis Minerals and neighbour St Barbara are understood to be closing in on a deal that would see St Barbara spin off its overseas assets, leaving a bigger Leonora region gold pure-play.
Property manager Elanor’s out to prove there’s no investor concerns about properties leased to healthcare providers, reeling in a major institution for a new capital partnership.
Alex Abrahams is going to have to do it the hard way at Pacific Smiles, after running into roadblocks with major proxy outfits ISS and CGI Glass Lewis.
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