☕️Meme stock Mania

GameStop royalty Keith Gill breaks back onto the scene with a roar.

Good morning.

Despite not making any case or argument for buying GameStop stock, a single meme shared by Keith Gill (more commonly known as ‘Roaring Kitty’) on Sunday evening, triggered a frenzy in the meme stock on Monday. Shares briefly surged 110% to US$37 ($56) and trading was halted several times due to volatility.

Gill’s post on X has garnered 94,000 likes and over 19 million views in under 24 hours, showing his powers of mass mobilisation, and prompting over 46 million shares to change hands before 10am ET.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Shares in Southern Cross Media fell 9% during trading on Monday, to close at $0.86, after ARN unveiled a new takeover offer for Southern Cross as bidding partner Anchorage Capital Partners pulled out of the deal. Anchorage attributed the decision to a deteriorating outlook for regional TV and a decline in trading performance since the offer was first made in October. On Monday, ARN said that it and Southern Cross are substantially complete on mutual due diligence, and are progressed on transaction documentation. To the extent the ARN Indicative Proposal is supported by the Southern Cross board, ARN considers that a binding transaction could be entered into in coming weeks.

The quick sync

  • FinClear sets sights on shattering the ASX’s monopoly in clearing and settlement. (Capital Brief)

  • Anglo American rejects revised takeover offer from BHP, which valued the mining giant at around £34 billion. (Financial Times)

  • Federal government reveals anticipated $9.3b surplus for 2023-2024. (Capital Brief)

  • PE firm Permira will take website-developer Squarespace private in a US$6.9 billion takeover. (TechCrunch)

  • HBO parent Warner Brothers Discovery is canvassing potential Australian partners to launch of its standalone streaming platform, Max, in 2025. (Capital Brief)


  • Queensland Airports Limited auction faces delays before take-off. (AFR)

  • BGH Capital weighs selling its primary healthcare business, ForHealth, or opting for refinancing. (The Australian)

  • Arcadia Capital to sell Orange Hire to NYSE-listed United Rentals Inc, following a substantial rise in EBITDA. (AFR)

  • Offshore PE firms compete for Colinton Capital Partners' Dimeo cleaning services business; sale process advances to second round, with potential $400m valuation. (AFR)

  • Partners Group to resume Guardian Childcare sale post-regulator review. (AFR)

  • Openn Negotiation enters administration after $1.3m bid for Proffer Group. (BNA)

  • Ecofibre sells North Carolina facility for US$10.4m, appoints new leaders. (BNA)

Capital Markets

  • Macquarie dominates April's on-market block trades; Goldies' activity declines. (AFR)

  • KKR's MYOB refinancing stalls amid negotiations. (AFR)

  • National Australia Bank initiates an eight-year tier one capital issue to raise $750m. (Capital Brief)

  • Shareholders, including major investor Allan Gray, are pushing back against the idea of a significant equity injection for Fletcher Building. (The Australian)


  • Redback Technologies, a solar battery startup from Brisbane, exits administration with new owners. (Startup Daily)

People moves

  • David Foster steps down as Bendigo and Adelaide Bank chair, with Vicki Carter appointed as permanent successor after serving as interim since April. (Capital Brief)

☝️ Know about a deal or people move we don’t? Hit reply.

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