☕ IB acquisition

Good morning. Greenhill revealed overnight that it's being acquired by a Japanese bank, Mizhuo. The elite boutique, which has about 40 folks in Australia, agreed to a US$550m deal which is more than double where it was trading last week. More below.

May 23, 2023

Good morning. Greenhill revealed overnight that it's being acquired by a Japanese bank, Mizhuo.

The elite boutique, which has about 40 folks in Australia, agreed to a US$550m deal which is more than double where its shares were trading last week. More below.

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MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market News: Despite weeks of rumours that Potentia was firming up financing and expected to increase their offer for Tyro slightly — they've ended up walking away.

Unlike the battle for Nitro, where Potentia wasn't willing to lose the takeover battle against KKR-backed Alludo — they were ultimately happy to let Tyro go.

Reading a little between the lines of the announcement, it seems Tyro's bank and the complexity, tied-up capital and lengthy transition might have been a sticking point.

THE QUICK SYNC

  • Debt Ceiling: The deceptive calm on markets as ‘X date’ looms. (SMH)

  • BNPL to face tough new regulation under credit laws. (SMH)

  • Celebrities love this billion-dollar coat brand, and it’s coming to Australia. (SMH)

  • Global investment banks’ profits drop in China. (FT)

  • Epstein threatened to reveal Bill Gates’ ‘affair’ with young Russian. (SMH)

  • Meta fined a record $1.3 billion over EU user data transfers to the U.S. (CNBC)

TRADING FLOOR

M&A:

  • Greenhill in takeover discussions with Japanese banking giant Mizuho. (AFR)

  • WINconnect is among the parties that have taken an early look at Active Utilities. (AFR)

  • PEP is not letting up on negotiations for the $1bn sale of TPG Telecom’s Vision Network business. (AFR)

  • Final bids for Sun Cable are due on Tuesday in a process run by FTI Consulting. (AFR)

  • Potentia has abandoned its interest in Tyro Payments. (BNA | The Australian)

    • Tyro shares fell more than 16% as Potentia walks away from its bid. (AFR)

  • Brett Blundy and Ray Itaoui’s takeover bid for Best & Less is “not fair” to other shareholders “but reasonable”. (AFR)

  • Bigtincan has received a takeover bid from Siris Capital of 80¢ per share. (AFR)

    • Bigtincan has rejected a $485m takeover offer from Siris Capital. (BNA)

  • Australian Clinical Labs claims merger target Healius is ‘failing’ shareholders by not recommending its $1.58bn bid. (BNA)

  • BHP has shortlisted parties for the 2nd round of its coalmine sale process. (The Australian)

  • BHP's next assets to offload could be the Brazil copper assets it has inherited from OZ Minerals. (The Australian)

Capital Markets:

  • 29Metals is not about to pull the trigger on an equity raising. (The Australian)

  • Top Shelf was drumming up interest in a $35m to $40m recapitalisation. (AFR)

  • MA Financial is readying its first global private credit fund. (AFR)

  • Ramsay Health Care’s debut corporate bond meetings appear to be struggling to gain traction with investors. (AFR)

VC:

  • Servicely, an enterprise software startup, has raised $3m in a round led by EVP. (StartupDaily)

  • Adventus, a student recruitment platform, has just landed $22m in a fresh round of funding led by existing investors. (SmartCompany)

Others:

  • None

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