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An early investor in StrongRoom AI told Capital Brief that Sydney venture capital EVP failed to notify other shareholders before it made the decision to call police in to investigate the medtech startup earlier this week. Tyson & Blake board director Aaron Michelin argues that EVP’s conduct was “unprofessional” and that it has “defamed” the medtech startup.

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Market movers

Healius shares surged Thursday as the pathology provider unveiled a $300 million special dividend after selling Lumus and will repay $680 million in debt.

The quick sync

• Sydney startup Rich Data Co, backed by Westpac and US lender nCino, is expanding into the US with its AI platform to help banks make faster, smarter lending decisions. (Capital Brief)

• TikTok hits out at YouTube’s exemption from Labor’s teen age rules, warning it entrenches Google’s power under Australia’s digital competition shake-up. (Capital Brief)

• Nine Entertainment’s latest data breach exposed the personal data of 16,000 SMH, Age and AFR subscribers as cyber attacks surge. (ABC)

• The IMF is weighing Donald Trump's tariff threats but says a US recession isn't in the forecast—for now. (Reuters)

Trading floor

M&A

• Canada’s Dollarama will acquire The Reject Shop for $259m at a 112% premium. (Capital Brief)

• Brookfield reviews bids for Aveo; key players weigh full or partial buyout amid capital constraints. (The Australian)

• Centuria acquires a $39m industrial facility in Perth, its largest industrial deal since 2023. (Capital Brief)

• Brookfield opens due diligence for Healthscope sale; Bain, HMC weigh bids, Ramsay uninterested. (The Australian)

• CoStar raises its takeover bid for Domain to $2.8b, with Domain's board agreeing to due diligence. (Capital Brief)

• Apax eyes Trade Me sale via IPO or private equity bid, with KKR, TPG, and Blackstone among potential buyers. (The Australian)

Capital Markets

• Trump imposes a 25% tariff on imported cars, affecting prices and production. (Capital Brief)

• Pengana freezes fund redemptions as Opthea’s failed trial threatens insolvency, impacting major investors. (AFR)

• The AEC cleared Gazette News of election law violations after a Coalition complaint about boosted coverage of independents. (Capital Brief)

• Bellevue Gold trading halt sparks fears of production downgrade, equity raising. (The Australian)

• Mesoblast launches Ryoncil in the US, the first FDA-approved therapy for pediatric SR-aGvHD. (Capital Brief)

• Aquasia adds loss provisions to its $541m fund after Konvoy Kegs' collapse, following a $14m LawFinance write-off. (AFR)

• Commonwealth Bank opens a Seattle tech hub to enhance AI capabilities and collaborate with major tech firms. (Capital Brief)

• OpenAI eyes $40b SoftBank-led funding at $300b valuation, with Magnetar, Coatue, and Founders Fund joining. (Bloomberg)

• The ACCC is consulting on new merger review guidelines ahead of a mandatory approval process starting in 2025. (Capital Brief)

• Ausbiz seeks $750k funding at $4m valuation. (AFR)

• Energy stocks, led by Ampol and Woodside, rose as US tariff threats pushed oil prices higher. (Capital Brief)

• ACCC warns of record winter gas shortfall, urges more supply. (Capital Brief)

• Brett Lee’s Sydney Beer Co faces $10m debt, with major creditors including its chairman and ATO. (AFR)

• Family offices like Alberts and Siddle are shifting from privacy to collaboration, focusing on impact and sustainability. (Capital Brief)

• MinterEllison widens the gap between its top and average partners as pay wars heat up across Australia’s legal elite. (AFR)

• Tesla is poised to weather Donald Trump’s auto tariffs better than rivals, thanks to its US-based production and supply chain. (Reuters)

• Sanjeev Gupta slams a $800m lawsuit from FitzWalter’s Ben Brazil as baseless, as InfraBuild fights to dismiss claims of a breach tied to GFG’s debt restructuring. (AFR)

• As Mecca founder and co-CEO Jo Horgan unveils the brand’s most ambitious store yet, talk of a potential sale adds intrigue to what may be her boldest power move. (AFR)

• Trump axed nearly $1m in ANU terrorism research funding as his administration tightens control over academic collaborations that clash with its political agenda. (AFR)

• Chow Tai Fook misled regulators over links to convicted junket boss Alvin Chau, casting a shadow over its bid to rescue Star Entertainment’s troubled Brisbane casino. (AFR)

• Peter Dutton’s $6b fuel tax pitch torched by economists as a budget-wrecking stunt that helps the rich and dodges real reform. (AFR)

VC

• AI startup Rich Data Co expands into US banking. (Capital Brief)

• Quantum sensing startup DeteQt raises $750k pre-Seed from Main Sequence Ventures and ATP Fund. (Startup Daily)

• EntroMat lands $1m from Breakthrough Victoria and Swinburne for high-entropy metal powders. (Smart Company)

• AI startup Project Manda has raised $2m in pre-seed funding to reduce inefficient work meetings and improve productivity. (Smart Company)

People moves

• Archer Materials appoints Simon Ruffell as CEO amid its transition to graphene semiconductor development. (Capital Brief)

• Martin Boland and James Black exit Regal-backed mining financier Taurus, 15 months after Regal acquired a 50% stake. (AFR)

• Kate Gould named CEO of Adelaide Festival Centre, starting July 2025. (Adelaide Festival Centre)

The watercooler