Macquarie Group’s acquisitive streak is returning, with the investment bank sealing the purchase of ANZ Terminals over the weekend at a price that topped expectations.
Elsewhere, Roc Oil’s mystery suitor may soon come out of the woodwork, M&A activity threatens to explode and the IPO market remains on track for a near-record year even if float fatigue is starting to take root.
The long-running sale of ANZ Terminals has concluded in a positive fashion for owner Morningside Private Investors after Macquarie Group put forward a strong bid for the operator of liquids and gas storage terminals around the country. According to The Australian Financial Review, Macquarie will pay $525 million for ANZ Terminals, above the $500m mark Morningside had reportedly been chasing.
It is believed REST Super was the closest underbidder, also lobbing an offer north of $500m the way of Morningside, while US-based Oiltanking was among others to fall short.
Also in energy, the merger of Roc Oil and Horizon Oilremains up in the air as the AFR reports Roc’s mystery suitor is due to visit the company next week. Roc last week revealed it had received a non-binding offer from an unnamed bidder, believed to be a Chinese-based outfit, and the suitor’s visit is a sign Roc may be willing to engage.
HZN Price at posting:
35.0¢ Sentiment: Buy Disclosure: Not Held
ROC Price at posting:
60.0¢ Sentiment: Buy Disclosure: Held
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