☕️DoJ InvestEGGation

Good morning.

The US Department of Justice (DoJ) has opened a preliminary investigation into the recent surge in egg prices in the country, according to sources cited by Bloomberg. The probe is focusing on whether companies colluded to boost prices or limit supply, as the cost for a dozen large eggs hit an eye-watering wholesale average of US$8.41 ($13.34) in late February, up 200% year-on-year.

The price jump has become a talking point for US President Donald Trump, as the country battles with the worst outbreak of bird-flu to date, seeing the death of over 130 million birds since 2022. 

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Market movers

A $3.35 billion bidding war for Insignia Financial heated up Friday, with Bain Capital and CC Capital upping their takeover stakes, sending shares soaring.

The quick sync

• Jun Bei Liu's bold exit from Tribeca after 20 years—taking the $1.5b Alpha Plus fund with her—sets up Ten Cap as a rising force in Australian funds management. (Capital Brief)

• As Elaine Stead writes, Australia still punishes startup failure—but for deep tech to thrive, we need to see it for what it really is: progress. (Capital Brief)

• The budget is back on. For Jim Chalmers, the stakes have never been higher. (Capital Brief)

• AustralianSuper is months away from hitting its ASX investment cap, with 70% of new funds now heading offshore. (AFR)

Trading floor

M&A

• Healthscope lenders seek to sell debt as HMC Capital eyes a stake. (AFR)

• Didi Lo’s consortium acquires Wallaby Foods. (AFR)

• Greencross nears sale or IPO with advisers lined up. (The Australian)

• Gerry Harvey takes major stake in PNG-focused Mayur Resources. (AFR)

• Private equity firms are eyeing Integral Diagnostics as a potential acquisition target after stock drop. (The Australian)

Capital Markets

• Elon Musk to face questioning over Twitter buyout lawsuit. (Bloomberg)

• Texas court rejects Jervois investors' bid to block bankruptcy deal. (AFR)

• BHP signed a $40m earn-in deal with ASX-listed Cobre to fund copper exploration in Botswana under its Xplor program. (AFR)

• Macquarie Capital to secure NZ$500m investor for Kiwibank pre-IPO. (The Australian)

• New Virgin Australia CEO Dave Emerson aims to secure ASX re-listing support after securing a Qatar Airways deal and leadership transition. (AFR)

• China's inflation turned negative in February, reflecting deflationary pressures. (Capital Brief)

• Metrics to take control of Oncall via debt-for-equity swap. (AFR)

• Sanjeev Gupta is seeking a senior executive, likely with restructuring expertise, as InfraBuild faces mounting debt pressures. (The Australian)

• Bridgewater bets against Australian markets via new ETF. (AFR)

• Virgin Group plans to raise £700m to launch a high-frequency cross-Channel rail service competing with Eurostar by 2029, but faces depot access issues. (Capital Brief)

• Star Entertainment’s shares stay suspended amid rescue deals. (AFR)

• EcoJoule raises $15m for expansion from Ellerston and Fifth Estate. (AFR)

VC

• Biomebank seeks US expansion but faces regulatory uncertainty. (Capital Brief)

People moves

• John Sevior joins Ellerston Capital as advisory board chair. (AFR)

The watercooler