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  • DataRoom AM: IPO ecstasy | Business Spectator
    and Dick Smith Electronics which will arguably will be the three most closely watched of the year Given the maturity of their businesses they re unlikely to match the stunning performance of Freelancer on debut but nonetheless should be warmly received by a market that is running hot It appears as if December IPOs will raise over 3 billion and include the three largest of the year as the market finally puts the disappointing floats of Collins Foods Kathmandu and Myer behind it Medibank Private Newcastle Airport Newcastle Port The next step in the likely privatisation of Medibank Private is almost upon us with the government set to announce the lead advisor for its scoping study of the business Lazard N M Rothschild Sons and Greenhill Co are battling for the business advisor role and will engage in discussions with the Department of Finance this week Lazard has long been considered the favourite but the other two parties are still firmly in the running Herbert Smith Freehills Gilbert Tobin and Minter Ellison meanwhile have settled down to scrap it out for the role of legal advisor Medibank Private which is likely to reap upwards of 2 billion for the government looks as if it will be offloaded in a dual track process that seeks to weigh up the value of a trade sale against an IPO Several competitors would love to acquire the health insurer but the strength of the IPO market has an early 2015 listing as the most likely option right now In other privatisation news New South Wales Treasurer Mike Baird has called for expressions of interest in Newcastle Port by December 9 The sale is expected to raise at least 700 million for the state government That isn t the only action around the New South Wales city however with a 50 per cent stake in Newcastle Airport reportedly up for grabs Newcastle City Council and Port Stephens City Council are looking to cash in with a sale of as much of 50 per cent of the asset though the sale is restricted by the Department of Defence requirement that a non government entity cannot own more than 50 per cent Newcastle Airport has recently completed a corporate restructure to pave the way for the sale which will see it transition from a domestic only airport to an international option for regional NSW The sales process is expected to begin late next year with Australian super funds likely to be among the keenest suitors Warrnambool Cheese and Butter Bega Cheese Saputo Murray Goulburn Takeover target Warrnambool Cheese and Butter Factory Holdings has seen its shares hit new highs as rumours persist that Murray Goulburn Co operative may raise its bid one last time As it stands the 9 29 price for WCB shares is above the 9 a share offer from Saputo that comes with the approval of the WCB board Meanwhile another run up in the price of Bega Cheese shares has seen its offer

    Original URL path: http://www.businessspectator.com.au/article/2013/11/19/breakfast-deals/dataroom-am-ipo-ecstasy (2014-01-12)
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  • DataRoom AM: GrainCorp growing pains | Business Spectator
    but Abbott would be trekking a dangerous road should he force ADM to retreat Part of it relates to government s open for business tag line but it s more than that The main argument here is that ADM will exert undue pressure on growers The problem with that theory is twofold Firstly the Australian Competition and Consumer Commission the independent watchdog has said categorically the takeover won t detrimentally impact competition The second point is that should ADM exert bullying tactics or even engage in collusion it would be breaking the law More to the point the company has little to gain by blocking access for growers to its supply chain The argument falls flat as soon as people say the takeover is unnecessary which is irrelevant or that we need a national strategy on foreign investment in agribusiness The latter is likely true given Australia has to a degree fumbled an amazing opportunity but you can t block ADM on those grounds Indeed you can t have free and open markets only when it suits the Nationals It essentially comes down to three questions Does the government trust the ACCC Does the government have faith in Australian competition law Does the government believe in free markets If the answer is no to any of the above then there s a wider issue If the answer is yes to all the above then the deal simply must be passed Crucially the notion that Abbott is interfering is not a good look as this is the Treasurer s decision alone According to The Australian the prime minister has denied he tried to exert pressure on Joe Hockey but it s clear both are in a tight spot They are squeezed between traditional Liberals who would find the notion of blocking the bid incomprehensible and the Nats who are steadfast against it We wait patiently until December 17 when the final decision is due to be made In the meantime we can enjoy another Senate inquiry which hopefully provides something more valuable to the debate than its request a couple of months ago for an independent review of the ACCC s findings Warrnambool Cheese and Butter Saputo Bega Cheese Murray Goulburn Parmalat Harvey Fresh The tit for tat week in the fight for control of Warrnambool Cheese and Butter Factory Holdings ended in a win for Saputo which had earlier started the week off on the front foot by receiving Foreign Investment Review Board approval for its proposed takeover Counter bids were then forthcoming from Murray Goulburn Co operative and Bega Cheese but Saputo followed with a revised bid of its own on Friday that on the surface is the best deal for shareholders The unconditional 9 a share plus special dividends offer has again seen Saputo receive the approval of the WCB board but there remains an expectation Murray Goulburn will revise its 9 a share bid shortly on the back of comments from its boss Gary Helou Meanwhile the smallest suitor Bega Cheese declared its latest bid was final but still retains hope it s in with a chance With Bega s shares surging almost 7 per cent on Friday its offer is now above that of Saputo s without including special dividends and while the group is a long shot to wrest control it is still set for a nice payday either way given its 18 per cent stake in WCB The way things are tracking however it could all end in a stalemate with neither Saputo Murray Goulburn or Bega getting a majority stake While all the focus has been on WCB Italian dairy giant Parmalat is quietly stalking Western Australian based Harvey Fresh according to the Australian Financial Review It is not alone in its admiration of the processor of a third of WA s fresh milk with several Asian buyers also believed to be in the mix Parmalat which owns the Pauls Vaalia and Oak brands in Australia is reportedly well advanced in discussions though a 100 million to 150 million deal is not likely to be completed this month IPO market Freelancer com Nine Entertainment If you weren t sure that the IPO market had reached frenzied status then Friday s action should have made you a believer We warned readers last week that the activity around Friday s listing of Freelancer com was going to be intense but even the most bullish would have been surprised by the 2 60 peak the company reached in early trade The buzz settled a little as the day wore on but the lucky few who were able to get hold of the 50 cent shares up for grabs in the bookbuild would have still been delighted with the closing price of 1 60 a remarkable 220 per cent gain on the listing price As we discussed on Friday the amount of press for such a small IPO coupled with the limited amount of stock on offer and improving market conditions were always going to lead to a surge in price However turning a 218 million company into a 700 million company appeared a little optimistic on the first day of trade Freelancer may be a great business but a valuation that high at this stage of its life is pricing in a lot of its potential Still the Matt Barrie led company should get a substantial boost in traffic and interest given all the column inches it has received Meanwhile the high profile float of Nine Entertainment is edging closer with the retail offer closing over the weekend According to the AFR mum and dad investors will account for just 15 per cent of the available stock thanks to robust offshore demand Again get ready for another float with a strong first trading day with the limited offering to retail investors and strong institutional interest likely to ensure there s plenty of demand as soon as it hits the boards Queensland Investment Corporation Queensland Motorways Queensland

    Original URL path: http://www.businessspectator.com.au/article/2013/11/18/breakfast-deals/dataroom-am-graincorp-growing-pains (2014-01-12)
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  • DataRoom AM: Rich cheese | Business Spectator
    entered a stage where it is out of control Where the heart or ego is ruling over logic Right now it s a bit like an auction on a house with three families desperate to get their dream home In such a circumstance the prospect of overpaying is high and at 9 the case can easily be made that we have already reached that stage WCB is suddenly a company worth over 500 million more than double where it was two months ago And investors who pushed WCB shares above Murray Goulburn s offer price yesterday foresee another offer coming likely from Saputo at around the 9 9 50 range The Canadian dairy group still has the problem however of reaching 50 1 per cent shareholder acceptance given that 46 per cent of WCB s stock is held collectively by hostile competitors Bega Murray Goulburn and Kirin Bega too is expected to raise its bid though unless its share price climbs significantly it s unlikely to be able to compete with its larger rivals But for Bega the bidding war will still provide a nice little return on its 18 per cent WCB stake should it lose the battle IPO market Freelancer com National Storage Dick Smith Electronics Ahead of shares in Freelancer com going on market at lunchtime on Friday some high profile names have been revealed as investors in the 17 5 million float Brad Shofer co founder of MYOB and Seek co founders Paul and Andrew Bassat have all claimed a slice of the company s stock along with Joel Sng whom Freelancer suggests was a founding investor in Facebook The hype around this had many in the media quite excited but we are going to temper that buzz with the conclusion that you likely need a loose definition of founding investor to put Sng in that category In fact type Joel Sng Facebook into Google and see just how little information there is about his involvement with the social network Based on our research we would suggest his founding investment likely relates to taking a very small slice of the company when it floated on the Nasdaq Either that or he offered a small financial investment in conjunction with a larger player a few years back However he almost certainly had nothing to do with the early days of Facebook when the likes of Mark Zuckerberg Sean Parker Eduardo Saverin and Peter Thiel were involved Didn t anyone watch The Social Network Regardless we digress from the main game which is that the heavily oversubscribed float has received more coverage than any IPO under 100 million in recent history As such expect a very strong first trading day on Friday lifting the company s market capitalisation well above the current value of 218 million Elsewhere in the red hot IPO market Dick Smith Electronics has raised 340 million in its IPO after strong demand saw the cornerstone part of the float heavily oversubscribed according to The

    Original URL path: http://www.businessspectator.com.au/article/2013/11/14/breakfast-deals/dataroom-am-rich-cheese (2014-01-12)
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  • DataRoom AM: GrainCorp headache | Business Spectator
    agribusiness from our stock exchange that weakens Sydney as a market and as an international financial market and then opens questions about whether Australia is really going to be a major player and an international centre for commerce for agriculture and for industry in the future he concluded Treasurer Joe Hockey who Truss says is well aware of the importance of the decision has slated December 17 as the date for a final decision and while the deal is expected to get the green light it might be given only with a few conditions to help appease the Nationals It doesn t take much for tension to evolve into a rift and while the GrainCorp deal may not be the catalyst there are other decisions on the horizon that would be keeping Hockey and Prime Minister Tony Abbott awake at night The most obvious is the potential takeover of Warrnambool Cheese and Butter by Saputo While the chances of that have diminished in the past week there is still the potential for Saputo to look for a knockout blow by making a bid for Bega Cheese as well A Bega and WCB takeover from a foreign entity would surely rile the Nats However on pure competition grounds it s hard to knock back the deal so it s left to the catch all of being in the national interest No one would envy a Coalition treasurer making that call in this environment Bega Cheese Warrnambool Cheese and Butter Fonterra Saputo Murray Goulburn Kirin Holdings On Friday Warrnambool Cheese and Butter suitor Bega Cheese hit a record high on news New Zealand dairy giant Fonterra planned to procure a 10 per cent stake it now has six per cent It s now up over 40 per cent since the takeover offer was announced and while Fonterra may be a friendly shareholder Bega has launched an investigation of its share trading to assess whether there may be predators lurking The Australian reports As we have mentioned in this column previously Bega is very much in play should it fail to acquire WCB though chairman Barry Irvin says the company is not considering such a prospect an option We ve consistently said that Bega is not for sale he said according to The Australian We think that there s plenty of value to be created within the group Nevertheless takeover targets often have little say when a bid too good to refuse comes along and given the froth in the dairy sector right now perhaps that isn t far away Saputo would be the most obvious candidate with a takeover of Bega bringing it closer to capturing its original target of WCB while also boosting scale in Australia The only thing standing in the way will be the Foreign Investment Review Board and as outlined above a hostile Nationals party In the meantime Bega s board is meeting this week to discuss its WCB proposal It may choose to raise its bid or

    Original URL path: http://www.businessspectator.com.au/article/2013/11/4/agribusiness/dataroom-am-graincorp-headache (2014-01-12)
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  • DataRoom AM: Kirin's cheese wedge | Business Spectator
    per cent with bidder Murray Goulburn and around 18 per cent with fellow suitor Bega Cheese All three harbour desires to keep Saputo away from the Australian market Indeed in one fell swoop Saputo s position as frontrunner may have been taken away Unless it can find a way to appease one of the three its chances of reaching 50 1 per cent acceptances appear remote Kirin s interest relates to a supply deal it maintains with WCB in relation to its Coon cheese brand It is thought Saputo will not be keen to maintain this agreement should it wrest control potentially leaving Kirin to play the role of kingmaker with the two Aussie firms The Japanese group s enthusiasm to get itself a seat at the table led it to pay a premium for shares on the market up to 16 per cent above Saputo s current bid price Meanwhile New Zealand dairy giant Fonterra lies in waiting though it is widely considered unlikely to bid It has however confirmed the hiring of Reunion Capital Partners to advise on the current corporate activity in the dairy sector Fonterra too may look at gaining access to a blocking stake though the availability of stock is becoming an issue With all this action it s little surprise WCB shares rose as much as 11 per cent yesterday before closing 5 per cent higher Bega too attracted plenty of interest gaining 4 per cent after climbing as much as 13 per cent above its Monday close The Bega share price movement is important as it raises the group s cash and scrip deal significantly from where it was at the start of this process It is now around 1 share higher than where it began the process though still lower than the offers of Murray Goulburn and Saputo Retail Food Group Retail Zoo Boost Juice An acquisition appears near for franchisor Retail Food Group as it pursues a fresh capital raising The owner of Donut King Brumby s and Michel s Patisserie among other franchises entered a trading halt yesterday ahead of what The Australian Financial Review believes will be a 45 million to 55 million cash injection The news of a boost to its cashflow came as the group informed the market it was actively chasing acquisitions on the back of last year s 41 million Crust Pizza buy There currently exists a plethora of motivated vendors within the market and the present environment presents an attractive period for the company to grow via acquisitive activity chief executive Tony Alford said The company is presently investigating a number of earnings accretive acquisition opportunities and will keep the market appropriately informed The companies on their radar are not known though RFG would no doubt be interested in Retail Zoo the owner of Boost Juice and Salsa s Fresh Mex grill which is reportedly pursuing a trade sale or IPO Veda Pacific Equity Partners IPO candidate Veda should be in line for a

    Original URL path: http://www.businessspectator.com.au/article/2013/10/30/breakfast-deals/dataroom-am-kirins-cheese-wedge (2014-01-12)
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  • Breakfast Deals | Business Spectator
    Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Breakfast Deals DataRoom AM Medibank buzz The wheels are turning on a sale of Medibank Private while mooted Pepperstone and Freelancer floats heating up the IPO market by Daniel Palmer 7 23am October 24 DataRoom AM Milking M A The battle for Warnnambool Cheese could foreground a year of M A resurgence while Vodafone and TPG seem most likely to make a play for AAPT by Daniel Palmer 7 21am October 23 DataRoom AM Warrnambool churn The fight for WCB intensifies with speculation over new players while Woolworths ParkNShop play proves a bridge too far by Daniel Palmer 7 35am October 21 DataRoom AM Leighton load up Hochtief s latest Leighton stock grab appears disconnected from bribery allegations while RHG faces a difficult decision by Daniel Palmer 7 27am October 16 DataRoom AM Glencore s copper catch Glencore Xstrata is rumoured to be after more of Oz Minerals while Westpac is in pole position to bag Lloyds Australian arm by Daniel Palmer 7 05am September 30 DataRoom AM Lloyds list ANZ has passed on Lloyds Australian banking assets while Commonwealth Property Office Fund may have another bid in the offing by Alexander Liddington Cox 6 48am September 26 DataRoom AM IPO blitz The list of companies aiming for ASX floats continues to grow while Etihad appears to have further boosted its Virgin stake by Alexander Liddington Cox 7 19am September 20 DataRoom AM Equity theory An ACCC decision could put the kibosh on Perpetual s Trust Company tilt while WCB warns on Bega s advances by Alexander Liddington Cox 7 17am September 18 Breakfast Deals Clipped wings AustralianSuper s Sydney Airport bid has been grounded and Etihad Airways ups its stake in Virgin Australia by Alexander Liddington Cox 7 38am September 16 BREAKFAST DEALS Billabong countdown Sycamore Partners exclusivity period for its Billabong bid ends this week while Archer Daniels Midland attempts to woo critics over its GrainCorp offer by Luke McKenna 7 12am May 06 1 comment BREAKFAST DEALS NZX power start The New Zealand Exchange gets an IPO kick from Mighty River Power while the ADM Graincorp timetable is largely up to China by Alexander Liddington Cox 7 26am May 03 BREAKFAST DEALS Echoing mine shaft BHP Billiton and Rio Tinto appear to be pursuing similar sell off strategies while IOOF could pitch a rival bid for Trust Company by Alexander Liddington Cox 7 29am April 30 BREAKFAST DEALS Hungry ADM ADM still has some hurdles to jump before its GrainCorp takeover gets the go ahead while Brisbane s Clem Jones Tunnel is reportedly up for grabs by Alexander Liddington Cox 7 31am April 29 BREAKFAST DEALS Woodside warmth Woodside s special dividend call could trigger a Shell rethink while Virgin s ready to take the fight to Qantas by Alexander Liddington Cox

    Original URL path: http://www.businessspectator.com.au/dataroom/breakfast-deals?page=1 (2014-01-12)
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  • Breakfast Deals | Business Spectator
    Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Breakfast Deals DataRoom AM Float fatigue Cover More s disheartening debut has investors worried about the 2014 IPO market while the ACCC has concerns about Bluescope Steel s proposed purchase of Arrium s OneSteel Sheet and Coil business by Daniel Palmer 7 08am December 20 DataRoom AM Bega backdown Bega backs away from its WCB bid clearing the path for Canadian suitor Saputo while Dexus Property Group lands CBA s offices contract by Daniel Palmer 7 35am December 19 DataRoom AM IAG bounty Insurance Australia Group hopes to turn risk into reward with its Wesfarmers insurance buy while the IPO rush looks set to continue in 2014 by Daniel Palmer 7 30am December 17 DataRoom AM Qantas cold shoulder Qantas looks like it may have to fend for itself while GrainCorp s exiting boss gives the government a serve by Daniel Palmer 7 02am December 16 3 comments DataRoom AM Virgin booster shot Virgin Australia gets some help from its major shareholders while Transurban and AustralianSuper look to have joined forces in a bid for Queensland Motorways by Daniel Palmer 7 34am December 13 DataRoom AM Woodside s gas lag Woodside s Leviathan plans remain in the balance while Lion Nathan may be seeking a joint venture with Parmalat by Daniel Palmer 7 34am December 11 DataRoom AM TPG top up Investors are pleased TPG finally sealed the deal on acquiring AAPT while Amcor and Brambles get ticks of approval for their respective demergers by Daniel Palmer 7 29am December 10 DataRoom AM Qantas baggage drop A plane sale and leaseback option could straighten Qantas tailspin while Kirin Holdings may be looking to offload its National Foods dairy assets by Daniel Palmer 7 26am December 09 DataRoom AM Qantas tailspin Qantas pleas for help fall on deaf ears while Veda Group s strong debut on the ASX puts to bed concerns of IPO fatigue by Daniel Palmer 7 18am December 06 DataRoom AM Westfield makeover Frank Lowy takes Westfield Group in a new direction while Fairfax Media sends Stayz on a one way trip by Daniel Palmer 7 03am December 05 DataRoom AM Netting AAPT iiNet is rumoured to be in the race for AAPT while the big week of IPOs stumbles with Industria REIT by Daniel Palmer 7 14am December 04 DataRoom AM Saputo intolerance WCB shareholders hit back at their board s apparent Saputo favouritism while UBS is also a winner in Ansell s latest acquisition by Daniel Palmer 7 21am November 27 DataRoom AM Saputo s bittersweet bait Saputo s sweetened WCB bid could wind up at the Takeovers Panel while Dexus is far from out of the race for CPA by Daniel Palmer 7 21am November 26 DataRoom AM Determined Dexus Dexus lobs a counterbid to GPT s play for CPA while Woodside s Leviathan project may finally get the go ahead by Daniel Palmer 7 19am November 22 DataRoom AM Murray Goulburn

    Original URL path: http://www.businessspectator.com.au/dataroom/breakfast-deals?destination=taxonomy/term/3246 (2014-01-12)
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  • DataRoom AM: Unclogging Clydesdale
    it has experienced in the region and the likely investor pushback NAB entered the UK market over two decades ago through the 1987 purchase of Clydesdale Bank It has since added to the unit with the purchase of the Yorkshire Bank It s not the only possible sale NAB could consider with some analysts suggesting part of its wealth management division MLC may also be up for grabs in the near term Nomura bank analyst Victor German told The Australian Financial Review that NAB may be wise to pursue the option of outsourcing its product manufacturing I can see a scenario where all banks not just NAB will potentially look to divest the underwriting businesses he told the paper MLC is one of the more obvious candidates They ve had some challenges this year coupled with under performance over the last decade At this point the rumours are little more than analyst exuberance and the UK business is more likely to be up for grabs before any part of the MLC business is hived off NAB acquired MLC for 4 56 billion at the turn of the century Warrnambool Cheese and Butter Bega Cheese Saputo Kirin Holdings Fonterra Murray Goulburn Saputo is widely expected to extend its bid for Warrnambool Cheese Butter today ahead of its current deadline expiring at 1900 AEDT The lack of communication about its plans has raised eyebrows however with reports the quiet approach may again see it receive attention from the Takeovers Panel It is rare for a company to wait to the day of a deadline to declare an extension to an on market bid but little about this long running saga has been normal Separately the Canadian dairy firm announced it had cleared the 20 per cent mark in acceptances meaning it is now the largest shareholder in WCB But there s still a long way to go to achieve a seemingly elusive majority shareholding Meanwhile rumours of Bega Cheese being chased by NZ giant Fonterra assisted the former s share price yesterday with Bega adding over 2 per cent in a broadly flat market Bega is one of the best candidates for a takeover in the coming year but expect little action on that front until the dust settles on the scrap for WCB The most significant news yesterday however was the heavily reported though scarcely analysed comments from Bega boss Barry Irvin His remarks hinted at the possibility another bidder could yet surface to challenge Saputo and Murray Goulburn We have had a number of inquiries regarding Bega s 18 8 per cent WCB stake and I don t think it s appropriate to reveal who those parties might be but yes we have had some international inquiries Irvin said The reality is the Europeans and the Asians are all very interested in well performing Australian dairy assets The latter quote is intriguing given there are currently no European companies in play regarding the WCB chase and Kirin Holdings with 10

    Original URL path: http://www.businessspectator.com.au/print/765596 (2014-01-12)
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