☕️Wising up on AI

Good morning.

WiseTech Global founder Richard White claims that he was impersonated three times last week alone, as fraudsters made extortion attempts on his tech company. Capital Brief reports that three WiseTech staff members were confronted by a WhatsApp call with White on video, telling the staff member to give them money. Unlike Arup’s expensive brush with deepfakes earlier in the year, the WiseTech staff wised-up to the fraud attempt before anything too nefarious took place.

Detailing the encounters at the Australian Shareholders’ Association conference on Monday, White warned that the Pandora’s Box that is AI has already been opened: “This is unstoppable. No matter how concerned you are, or how bad or good you think this is, this has happened already and it’s now unstoppable.”

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Market movers

Shares in Star Entertainment shot up 20% to close at $0.54 yesterday, after the casino operator confirmed acquisition interest from a consortium involving Florida entertainment group Hard Rock Hotels and Casinos' Pacific partner. Earlier on Monday, the AFR reported that Florida entertainment group Hard Rock Hotels and Casinos was considering taking control of the Star. The reported proposal would see the Star rebranded and its properties separated from the casino operator. es

The quick sync

• Questions circle about whether BHP's bid to acquire Anglo American for $64.4b is likely to succeed by Wednesday’s deadline due to disagreement on the offer's value. (AFR)

  • Former BHP boss Don Argus urges Anglo American to engage in talks. (The Australian)

• Square Peg Capital set for pay day after Nvidia buys AI start-up, Deci. (AFR)

• Magellan Financial Group, through Airlie Funds Management, has acquired a 5.2% stake in Tabcorp. (Capital Brief)

• US fast food chain Red Lobster has filed for bankruptcy after its ‘Ultimate Endless Shrimp’ promotion cost the company US$11m ($16.6m). (Bloomberg)

• Pro Medicus CEO confident on competitors as dizzyingly expensive share price keeps rising. (Capital Brief)

M&A

• Comvita's mystery suitor is revealed to be private equity firm CVC. (AFR)

• US engine maker Briggs & Stratton is selling its Australian arm, including iconic Victa lawnmowers, via 333 Capital. (AFR)

• Optus could offload fibre assets to investors like Kohlberg Kravis Roberts, creating a potential Telstra competitor. (The Australian)

• TPG Capital treats investors to a fancy meal ahead of a potential $4b sale of Novotech. (AFR)

• Goat milk company Nuchev acquires Adelaide supplier bWellness for $7m, following a recent capital raise. (BNA)

• Investor group AMCI is selling $47.4m of Jupiter Mines shares at a discount through Barrenjoey. (AFR)

• Quinbrook Infrastructure Partners plans a $3.5b green iron project in Gladstone, Queensland. (Capital Brief)

• Cyan Renewables needs to raise its offer for MMA Offshore as its stock price is now higher than the $1b bid made earlier this year. (The Australian)

Capital Markets

• GO.FARM, backed by the Costa family and Qantas Super, is raising a $300m fund to invest in undervalued agricultural assets. (AFR)

• Peninsula Energy raised $106m at 10c a share, with stock price surging to 12c. (The Australian)

• Telix Pharmaceuticals dipped on the ASX after filing to IPO on the Nasdaq. (Capital Brief)

• Adamantem Capital has deployed $80m from its environmental fund across two businesses in 12 months. (AFR)

• Patriot Battery Metals, backed by Chris Ellison, is raising $45m at 85c a share for further drilling after ending its partnership with Albemarle. (The Australian)

VC

• Innovation Bay has secured $700k strategic investment to fund membership drive. (Capital Brief)

• Music licensing startup Melodie secured $1m to fuel European expansion through a convertible note. (Smart Company)

• Two surgeons launch a $50m medical research VC fund in the Southern Highlands, believing they can outperform traditional investors. (AFR)

People moves

• Westpac chief sustainability officer Siobhan Toohill will depart the bank in July. (LinkedIn)

• Australian Unity has appointed former CFO of Sentient Impact Group, Darren Dawson as its new general manager, social infrastructure funds. (Press release)

• Core Lithium names Paul Brown, ex-mineral resources exec, as new CEO effective from 4 June. (Capital Brief)

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