☕️ Altman's Comeback

Good morning.

Sam Altman will return as the OpenAI CEO after a chaotic and dramatic five days which took over our newsfeeds, Silicon Valley and the worldwide AI industry.

Altman will return to a new initial board that excludes three of the four board members involved in his ousting as the AI boom continues.

🏆 LOI Subscriber #TBD

Market movers

Shares in Christchurch-headquartered pharma distributor EBOS Group slumped 5.4% yesterday after it announced plans to call off its $3.7 billion acquisition of pet care business Greencross.

The $6.7 billion EBOS was lined up to acquire the TPG Capital-owned Greencross to drive growth, but a media reports says EBOS was unable to get enough backing to fund the transaction.

Together with Stake | Invest on Wall St and the ASX

The quick sync

• Embattled Chinese property developers Country Garden and Sino-Ocean Group have been put on a draft list of 50 others entitled to financing support. (Bloomberg)

• Several large Tesla investors want to hold its CEO Elon Musk accountable for his controversial comments on X last week. (WSJ)

• Germany’s largest steelmaker Thyssenkrupp has written down the valuation of its business by €2.1bn due to low demand and prices. (Financial Times)

• A landmark greenwashing case against EnergyAustralia is underway in what is the first big test for corporate marketing of carbon neutral products in Australia. (Capital Brief)

• Several US retailers have released troubling earnings reports stating an expected slowdown in holiday season spending as Black Friday approaches. (CNBC)

Trading floor

M&A

• Dissatisfaction grows over OreCorp's proposed takeover by Silvercorp Metals. (AFR)

• Avior Capital is taking control of Catalano Seafood with a $1.7m debt settlement. (BNA)

• AustralianSuper and Perpetual team up for a campaign ahead of the Origin Energy vote. (AFR)

• Jarden seeks more Southern Cross Media shares after Allan Gray's sale. (The Australian)

• TA Associates seeks proposals for the sale of its 33.9% stake in Fisher Funds, valued at $NZ22bn. (AFR)

• Mineral Resources to acquire Bald Hill lithium project for $173.9m. (The Australian)

• GenesisCare considers retaining US operations amid the sale process. (The Australian)

CAPITAL MARKETS

• Australian non-bank lenders say founders are increasingly willing to consider debt as a financing option amidst onerous venture capital terms. (Capital Brief)

• Macquarie has sold its exposure in Jon Adgemis' Public Hospitality Group debt stack to Archibald Capital. (AFR)

• Webjet reports a tenfold increase in bottom-line profit to $47m for H1 2023. (BNA)

• Bubs Australia is raising $28m for its US growth. (AFR)

• ARN Media extends contracts for KIIS FM hosts in a $200m deal. (Capital Brief)

VC

• White Box Enterprises secures $12m for social impact startups in regional communities. (Startup Daily)

• Ongoing OpenAI drama poses an existential concern for startups using its API. (Capital Brief)

• Earlywork closes a $1.5m seed round for expansion of tech sales boot camp. (Capital Brief)

People moves

• ASIC bans Magnolia Capital Group founder Mitchell Atkins over misconduct. (BNA)

• Sam Altman returns as OpenAI CEO; board undergoes changes. (SMH)

• . (Capital Brief)

• Binance CEO steps down after guilty plea on money laundering; faces $6.6bn fine. (Startup Daily)

The watercooler