Back on the 18th May 2026, Australian Strategic Materials (ASM AU)‘s Scheme Booklet was dispatched, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July.

Then a wobble. On the 15th June, with Energy Fuels (UUUU US)‘s share price down ~39% since making the Offer, the IE reiterated scrip terms were fair and reasonable.

Now the Scheme Meeting has been postponed to a “later date to be determined“ to prepare supplementary disclosure, after Energy Fuels received a conditional $725mn financing commitment from the DoW.

On the 29th April, oOh!Media (OML AU), Australia’s No.1 player in outdoor advertising, announced Pacific Equity Partners (PEP)’s A$1.40/share NBIO; then I Squared Capital (ISQ)’s May 11th A$1.45/share NBIO.

Both indicative Offers were rejected, however suitors were afforded due diligence. After three weeks, OML announced PEP, ISQ and Oaktree have all pitched indicative Offers, some up to A$1.60/share.

OML has now given all parties further due diligence up to six weeks to firm an Offer. Or Offers. OML has not indicated A$1.60 is a number it will support.

Frasers Group (FRAS LN), footwear/clothing play Accent Group (AX1 AU)‘s largest shareholder (22.9%), has launched an on-market Offer at A$0.65/share, a zero premium to last close.

Frasers has been on the scene since August 2024, when it acquired a 14.65% stake; then inked a 25-year strategic partnership in April 2025. And bumped its holding to 19.9%.

Optically, $0.65/share appears a steal. Accent is down 73% from its December 2024 high. Yet Frasers raises legitimate concerns on, inter alia, Accent’s capital allocation priorities and the board’s remuneration.

As discussed in Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint, insurance play Steadfast (SDF AU) was reportedly attracting PE interest, such as Blackstone.

Steadfast has now entered into a process deal with Amwins and Dragoneer at A$6/share by way of a Scheme, a 51.9% premium to undisturbed.

Amwins/Dragoneer have been provided with eight weeks of exclusive due diligence access. A firm Offer will requires FIRB and OIO signing off.

Back on the 20th April 2026, specialist industry play Matrix Composites & Eng (MCE AU) announced a Scheme with Advanced Innergy Holdings (AIH AU).

AIH offered A$0.40/share, in cash, a 66.7% premium to undisturbed and a seven-year high. Terms have been declared final.

The Scheme Booklet is now out, with a Scheme Meeting on the 6th July, and expected implementation on the 23rd July 2026. The IE (BDO) says “fair & reasonable“.

Back in January 2023, point-of-sale payments play Tyro Payments (TYR AU) provided Potentia with due diligence to “develop a significantly improved proposal“. Potentia subsequently walked away in May 2023.

On the 12th August 2025, Tyro announced it had received unsolicited NBIOs. This development also came to nought.

With shares down 13% YTD, reportedly M&A is back in vogue for Tyro. A scrip Offer from Judo Capital (JDO AU) is one rumour doing the rounds.

Critical metals play Cygnus (CY5 AU) has entered into a Scheme with AIM-listed Central Asia Metals (CAML LN).

CAML is offering 0.06 new CAML shares for each Cygnus share, or a A$0.176/share indicative Offer price, which backs out a 60% premium to last close.

Cygnus shareholders will hold ~30% of the enlarged mining play. ~29% of Cygnus shareholders are supportive. Looks clean. Just no ASX listing for CAML (AFAIK).

This morning (1st June), in response to an AFR article, Saas’s provider ReadyTech Holdings (RDY AU) confirmed Total Specific Solutions (TSS) has submitted a conditional NBIO.

TSS is offering A$2.00/share by way of a Scheme in parallel with A$1.75/share conditional Offer predicated on a 50.1% minimum acceptance condition.

In response, ReadyTech said it “has determined to reject the on the basis that it does not reflect the inherent value of ReadyTech ... and ... would not be executable“.

After Bapcor (BAP AU) guided weaker FY24E numbers, Bain tabled a A$5.40/share indicative Offer on the 11th June 2024. Bapcor summarily rejected terms on the 9th July.

Since that rejection, Bapcor’s share price has cratered 87% following repeated earnings downgrades plus a heavily discounted equity raise this past February.

Tanarra and Spheria remain steadfast in their holdings; but AustralianSuper has now exited. At these distressed levels, you can envisage a PE outfit running a ruler over the company

Back on the 16th June 2025, dual-listed Tourism Holdings (THL NZ/AU) announced an unsolicited NBIO from a consortium comprising BGH Capital and the founding Trouchet family.

The consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world’s largest commercial recreation vehicle rental operator. THL summarily rejected terms. Then crickets.

THL announced this morning a profit downgrade; and a revised NBIO from the consortium of NZ$3.10/share. ~16% of the register is supportive. The proposal expires on the 12th June.

A lot to unpack: the Panel declines IFM’s application; the Skyway ROFO has expired; and the Target Statement is now out - the IE says NOT fair and NOT reasonable.

The ROFO expiration should come as no surprise. Nor should the IE conclusion. IFM’s independent directors previously issued a strongly worded rebuttal to IFM’s Offer.

A key tenant of IFM’s Offer evolves around the Skyworth put option: would/will IFM waive the put condition; or Ontario Teachers’ Pension Plan (OTPP) irrevocably waives its right to put?

On the 21st October 2025, as part of a US-Australia bilateral framework, Australia said it would provide a US$100mn equity investment in Gina Rinehart-backed Arafura (ARU AU)‘s Nolans project.

Arafura has now announced it will kickstart Nolan’s development after the Aussie government confirmed “up to 500 tonnes p.a.“ from the rare-earth project would be included in its strategic reserve.

The Aussie commitment represents 14% of Nolans’ binding offtake target.

On the 12th May 2025, BGH and Portfolio Services, an entity associated with Ariadne Australia (ARA AU) and Gary Weiss, proposed a A$0.80/share cash Offer for Webjet Group (WJL AU).

That kickstarted a competitive bidding situation with Helloworld Ltd (HLO AU), culminating in Webjet ceasing discussions with both Helloworld and BGH/Weiss on the 13th Feb 2026.

Then crickets. BGH and Ariadne have now terminated their partnership. Webjet concurrently announces okay FY26 numbers. The share price is currently ~54% adrift of Helloworld & BGH/Ariadne’s NBIOs.

Aussie/Singapore telco play Tuas (TUA AU) is down 55% (63% at one point) after Singapore’s telco regulator Infocomm Media Development Authority (IMDA) said Tuas may have been using unapproved spectrum.

Concurrently, IMDA halted its assessment of the proposed consolidation between Keppel (KEP SP)‘s M1 and Tuas’ Simba Telecom until further notice. That consolidation was announced last August.

Tuas was trading at A$5.51/share prior to the August announcement, and is now at $2.75, or a A$1.5bn market cap hit. That’s excessive.

On the 28th April, European Lithium (EUR AU)‘s ~34.4% held Critical Metals (CRML US) announced a non-binding reverse takeover via a scrip deal. A Scheme has now been entered into.

CRML intends to issue 0.035 new CRML shares for each EUR share - same as the NBIO. The implied value per CRML scrip is A$0.58/share.

A successful merger sees 100% of the Tanbreez Rare Earth project under one roof. The Scheme Meeting is expected to be held in 3Q26, as is implementation.

Back on the 21st Jan 2026, rare earth play Australian Strategic Materials (ASM AU) (”ASM”) entered into a Scheme with Energy Fuels (UUUU US).

Energy Fuels offered 0.053 new Energy Fuel shares PLUS an unfranked dividend up to A$0.13/share, or A$1.60/share all-in, a 121% premium to undisturbed. Ian Gandal, ASM’s largest shareholder, was supportive.

The Scheme Booklet is now out, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July 2026. The IE (BDO) says “fair & reasonable“.

On the 4th February 2026, Abacus Group (ABG AU) announced it is in preliminary discussions with 19.7%-held Abacus Storage King (ASK AU) regarding the potential internalisation of ASK’s management functions.

When ABG and ASK de-stapled in 2023, the physical assets went into ASK, while the management function remained with ABG. That is, ASK pays ABG an annual management services fee.

This expected cleaner/delineation structure was likely not lost on Charter Hall (CHC AU), which announced a 5.837% stake in ABG last month.

Titomic (TTT AU), a manufacturing/tech company, is proposing a US redomiciliation via a primary listing on the NYSE and a secondary Aussie listing (CDI).

Titomic flagged this expected development on the 12th March 2026, to reflect Titomic’s expanding activities within the US defense, aerospace, and industrial markets.

Titomic’s redomiciliation follows Nova Minerals (NVA AU) recent lead; although Nova’s move was largely predicated on Nova losing its foreign private issuer status.

On the 6th May, Atlas Arteria (ALX AU) declared IFM’s Offer to be low, opportunistic, and highly conditional. And tapped the Takeovers Panel to resolve concerns regarding the Offer structure.

The Panel subsequently declined to make interim orders, without elaboration. IFM was now free to dispatch its Bidder’s Statement, which it has now down. The Offer is open for tendering.

Not to be outdone, IFM has lodged its own Panel application, specifically centred on Chicago Skyway’s right of first offer involving Ontario Teachers.