☕️Closing Bell

Good morning.

Chief of compliance at the ASX, Daniel Moran, told an audience of retail shareholders that overly burdensome regulation of listed companies and the rise of private capital could spell the death of the local bourse. Referring to James Hardie’s controversial acquisition of US-based AZEK, which prompted backlash as shareholders weren’t given a say on the deal, Moran warned that investors may begin to delist (or not list at all) if the exchange’s rules aren’t changed.  

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Market movers

Tabcorp shares jumped Tuesday as it launched live in-play betting in pubs and clubs, aiming to modernise retail wagering and challenge digital-first rivals.

The quick sync

• After torching $220m on Opthea, Phil King shrugs off redemptions as Regal doubles down on resources, global small caps and offshore capital. (Capital Brief)

• Trump stole the show at Macquarie’s conference, as corporate Australia braced for tariff chaos and chased safer returns beyond the US. (Capital Brief)

• Back on stage and undeterred, Richard White shrugs off scandal and share price pain as he reasserts control of WiseTech with a fresh power play. (Capital Brief)

• As Paul Eastwood writes, Trump’s tariffs are disrupting US meat exports and opening the door for Australia to lead in Asia’s premium beef and dairy markets. (Capital Brief)

Trading floor

M&A

• Southern Cross Austereo is selling its TV assets to Seven West Media to cut debt and improve stability, paving the way to resume dividends in FY25. (Capital Brief)

• Spheria challenges Deterra Royalties’ M&A strategy, threatens board spill. (AFR)

• NIB hires Jarden to explore options for selling its travel insurance unit, with Zurich seen as the likely buyer at a price of $200m. (The Australian)

• BlackRock acquires control of $400m StoreLocal amid self-storage boom. (AFR)

• DoorDash is investing over $7b to acquire Deliveroo and SevenRooms, aiming for global expansion despite a dip in its own stock price. (Capital Brief)

• Spark NZ plans data centre sale to fund $1b growth amid demand surge. (AFR)

• HotDoc hires advisor, eyes $200m sale as it hits $30m in revenue. (AFR)

• Skechers will be acquired by 3G Capital for $9.42b, with a 28% premium on its share price. (Reuters)

• OpenAI moves to acquire coding assistant startup Windsurf for US$3b. (Bloomberg)

Capital Markets

• SkyCity cuts earnings forecast again amid weak spending and poor casino performance. (Capital Brief)

• Echo IQ seeks $10m-$15m to boost AI heart disease detection efforts.

• Ford scrapped its 2025 forecast, warning that U.S. auto tariffs could cut $1.5b from its earnings and disrupt the industry. (Capital Brief)

• Colonial First State First Choice was behind the $985m withdrawal from Platinum Investment Management, which caused the company's shares to drop nearly 7%. (AFR)

• HMC Capital is close to securing new tenants for 11 hospitals amid Healthscope’s financial struggles, and may pursue a buyout or lease to other operators. (Capital Brief)

• Vicinity Centres is on track to meet its full-year earnings guidance after a strong Q3. (Capital Brief)

• MA Financial, Sumitomo Mitsui, and Monroe Capital invest $1.7b in US corporate borrowers, focusing on diversification as smaller lenders face challenges. (AFR)

• Platinum Asset Management reported April outflows and warned of a major $958m mandate loss in May. (Capital Brief)

• Future Fund forecasts high inflation, bond yields, and posts 7.9% return. (Capital Brief)(AFR)

• Brookfield is considering job cuts at Multiplex due to a significant decline in its workbook, with the company’s revenue falling sharply. (The Australian)

• Traders made nearly US$100mn flipping Melania Trump’s memecoin minutes before launch. (FT)

VC

• Blinq, a digital business card start-up, raises $38.7m, reaching a $200m valuation with 2.5m+ users. (AFR)

• Haast, an Australian AI startup, raises $6m to automate compliance and expand globally. (Capital Brief)

• Relevance AI raises $37m to build AI workers, backed by Silicon Valley giants. (AFR)

People moves

• William Buck appoints Besa Deda as inaugural chief economist. (AFR)

• Bapcor names Kim Kerr as new CFO after leadership shakeup. (Capital Brief)

• Morgans CEO John Clifford steps down after decades with the firm. (AFR)

• Nomura hires JPMorgan’s Cameron Nicholls, boosting its financial sponsors team. (AFR)

• Ex-Mosaic Brands CEO Erica Berchtold joins David Jones as Chief Operations Officer. (BNA)

• Steven Joyce is nominated to replace Barbara Chapman as NZME chairman amid shareholder dissatisfaction with the company's performance. (The Australian)

The watercooler