Nexus Energy has been offered a low-ball deal from an opportunistic Seven Group, though at least the embattled energy firm is going to avoid the ignominy of filing for bankruptcy.
Elsewhere, Singapore’s GIC joins the heated race for Queensland Motorways, former Nathan Tinkler vehicle Aston Metals is bought out, the lead advisors on the Burson Auto Parts IPO receive healthy compensation and final bids filter in for timber company Gunns.
Nexus Energy has fallen into the hands of Seven Group in an all-cash deal. As speculated in recent days, the suitor -- which is run by former Nexus chair Don Voelte -- has offered Nexus shareholders 2 cents for every share they hold, a substantial discount on the 5.9c the shares last traded at on the ASX.
The deal will see Seven commit to over $400 million in capital outlays over the medium term and is expected to be finalised by June. The troubled energy firm was just days away from bankruptcy should a deal not have been struck, with Seven offering a $40m loan to assist the firm ahead of clearance for the takeover.
Speaking of bankruptcy, the former Nathan Tinkler-led Aston Metals has found a new owner, according to The Australian Financial Review. ASX-listed Aeon Metals will reportedly confirm a takeover of the Queensland-based group this week after Aston entered receivership in September last year. The company was the last remaining mining asset of note held by former rich lister Tinkler.
Also in resources, ConocoPhillips and Woodside Petroleum are believed to be among the interested parties in PTT’s $2 billion Montara gas project off the coast of Western Australia. Other challengers may include US-based Apache, Italy-based Eni and China’s Sinopec and PetroChina.
Meanwhile, Singapore’s sovereign wealth fund GIC has filled the gap left by Ontario Teachers’ Pension Plan in a consortium chasing the highly prized toll road operator Queensland Motorways. The development sees GIC team with IFM and Borealis on a bid for the $5bn company ahead of the final deadline of April 22. Groups led by Transurban and Hastings Fund Management add to a strong field of competitors.
In IPO news, the $220m float of Burson Auto Parts has turned into a handsome payday for lead advisors Morgan Stanley and UBS, with the two firms earning $6.6m, according to the AFR. The company is slated to join the ASX on April 24. Ahead of the IPO, however, Burson may be chasing an acquisition as the AFR reports the auto group is among three firms to discuss a takeover with WA-based Veale Auto Parts. Metcash is among other suitors, though Veale has not officially started a sales process.
In property, GPT Group is in the running to purchase Healthscope’s $1.25bn property portfolio, which is likely to be hived off ahead of a planned IPO. It is believed that GPT will face competition from its former parent company, Lend Lease.
Elsewhere, seven final bids for the assets of failed Tasmanian timber company Gunns will likely be delivered by the end of today. Moelis & Co and KordaMentha are running the sale, with a final decision on the winning bidder not expected until at least May.
Finally, ANZ Bank has lifted its capital notes offer, successfully issuing 16.1 million notes at $100 each to raise $1.6bn, while Suncorp is raising $250m through an offer of convertible preference shares.