BREAKFAST DEALS: Painful Discovery

Discovery Metals finds itself an increasingly vulnerable target, while Westpac begins a hybrid notes drive.

Discovery Metals shares had the rug pulled out from under them… again. Chinese private equity suitor Cathay Fortune is pushing for due diligence and the copper mining target doesn’t have a lot in the trunk to resist. Westpac Bank has kicked off the hybrid drive for 2013; who knows what’s to come. Meanwhile, talk is already underway about what Mark Carnegie’s next target will be, GrainCorp’s suitor might have brought in a partner of sorts and the IPO market in 2013 is off to an even worse start than 2012, according to the latest research.

Discovery Metals, Cathay Fortune Corporation

Discovery Metals shares were smashed yesterday to the tune of 13.1 per cent after Chinese private equity suitor Cathay Fortune Corporation extended the timeline of its $830 million takeover proposal.

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