☕ Spilt milk

Good morning. Meta results just dropped. For the folks early in their career and looking to break into tech, check out the TAC x Earlywork guide here.

Good morning. Meta results just dropped. For the folks early in their career and looking to break into tech, check out the TAC x Earlywork guide here.

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MARKET MOVERS

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

Market news: Synlait, the NZ dairy company, hit an all-time low after dropping profit guidance from NZ$15-25m down to basically NZ$0 — reforecasting to between a NZ$5m loss and NZ$5m profit.

As a result, A2 Milk, who is a major custom of Synlait and part owner, was forced to respond and shrug their shoulders in confusion at the drop. Despite A2 Milk's best "nothing to see here" attempt it still led to a 5% drop in their shares as well.

THE QUICK SYNC

  • Inflation is easing but prices for goods we have to buy are still astronomical. (ABC)

  • Gatecrashed: The $35b decision that could shake up the mining world. (SMH)

  • APRA calls out worst-performing, highest-fee super funds. (AFR)

  • Australia’s 50 biggest givers top $1b in donations for the first time. (AFR)

  • Jetstar dumped one in six Sydney-Melbourne flights in March. (AFR)

  • Alphabet beat earnings for first quarter (CNBC) as did Microsoft. (CNBC)

  • ‘Crypto is dead in America’ thanks to regulators, says investor Chamath Palihapitiya. (YH)

TRADING FLOOR

M&A:

  • Marley Spoon has presented a buyout bid from a Frankfurt-listed SPAC, an equity raising, and debt relaxations to the investors. (AFR)

  • Chicago-based investment bank Lincoln International secures a strategic partnership with Miles Advisory Partners. (AFR)

  • Andrew Forrest is believed to be considering buying the remaining 25% of Windlab or selling out altogether. (AFR)

  • Sonic Healthcare signed to purchase German company Medical Laboratories Duesseldorf for €180m ($297.6m). (BNA)

  • Efoodz buys delivery service CoLab out of administration. (SmartCompany)

  • Synlait may place its NZ milk processor on the market in an effort to drive down its debt. (The Australian)

  • Ridley is understood to be on the acquisition trail. (The Australian)

  • Lithium miner Allkem could be on Rio Tinto's radar. (The Australian)

Capital Markets:

  • Burgundy Diamond Mines recuts its underwritten placement from $US150m ($231m) to $US126m ($193m). (AFR)

VC:

  • Melodie, a music licensing platform, has raised $1m at a $15m valuation. (StartupDaily)

  • Clear Dynamics, a developer of customised enterprise software, is looking to raise $20m at a $40m pre-money valuation. (AFR)

  • Avenue Bank, a local fintech, has halved its capital-raising target and will now seek to raise $5m for its Series C. (The Australian)

  • Me&u, a pub meal ordering platform, raised $30m in a round led by Acorn Capital in December 2022. (StartupDaily)

  • Empiraa. a business strategy platform, avoids venture capital for a second time to raise $518K on a $7.5m valuation. (StartupDaily)

Others:

  • TPG Telecom has a new leadership team at Vision Networks. (AFR)

  • Citi has promoted Mark Woodruff to CEO for Australia. (AFR)

  • Tensions are believed to be building internally within the ranks of Jarden as details on staff bonus payments emerge. (The Australian)

THE WATERCOOLER

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