Back in 2025, Sydney PE outfit Pacific Equity Partners privatised SG Fleet (SGF AU), an Aussie provider of fleet leasing services: see SG Fleet (SGF AU): 8th April Scheme Vote.

Now SG Fleet has tabled a A$3.60/share NBIO for one of its key competitors, FleetPartners Group (FPR AU).

That’s a 27.2% premium to last close, and ~16% above where Mitsubishi Motors (7211 JP) has built its stake. Expect the ACCC to take a good look at firm terms.

Back on the 28th August 2023, software provider Energy One Ltd (EOL AU) fielded an indicative Offer from STG at A$5.85/share; reduced to A$5.15/share after DD. EOL said no.

That rejection was prescient as the share price nudged A$20/share two years later; but has since halved, and trades around A$10.85/share as I type.

Shares are in a trading halt. The AFR is reporting Norwegian-based Volue has pitched an indicative A$17/share Offer by way of a Scheme. That’s a 57% premium to undisturbed.

In my weekly insight on short positions in Australia, it was noteworthy seeing Commonwealth Bank of Australia (CBA AU) knock Rio Tinto (RIO AU) off the top spot.

Westpac (WBC AU) was No. 4 (in A$mn short), up from No. 11 a year ago. National Australia Bank (NAB AU) was at No. 9, and ANZ (ANZ AU) No. 14.

There are a multitude of factors for increased banking short positions. Revolut gaining a full banking licence Down Under is unlikely one of them. But it’s still worth digging into.

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.

The vote was delayed after Energy Fuels (UUUU US) secured DoW financing; then a revised IE assessment was required after Energy Fuels announced a US$1.9bn mine-to-magnet rare-earth platform in Germany.

The replacement Scheme Booklet is now out, with a Scheme Meeting on the12th August, and expected implementation on the 28th August. The IE (BDO) still says “fair & reasonable“.

Forrestania Resources Ltd (FRS AU) all-scrip Offer for Zenith Minerals (ZNC AU) is a small M&A deal. Look away now if this is not your bag.

There are some intriguing aspects surrounding this transaction - after the Offer was made - which are worthwhile discussing.

I believe there is a case for FRS misleading shareholders. Right now, the bid proceeds, and the Takeovers Panel is signalling caution as it considers Harvest Lane’s application.

Following its curious A$22.07/share self-destructing NBIO on the 15th July, EQT has returned with a A$22.50/share NBIO for Perpetual Ltd (PPT AU), by way of a Scheme.

That’s a 4% bump to its initial NBIO of A$21.64/share on the 1st July, which was rejected as being inadequate. $22.07/share was similarly deemed inadequate.

PPT’s board is assessing the revised tilt. Optically, terms appear fair. Ot at least sufficient to engage. A$22.50/share is a 45.2% premium to undisturbed.

In February this year, OFX (OFX AU) announced a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound interest”.

This morning the international money transfer play announced it has entered into a transaction process deed with Equals Group, potentially leading to a A$1.00/share offer by way of a Scheme.

Equals Group has been granted four weeks of due diligence. OFX’s board is unanimously supportive of terms, if firmed, which represent a 108% premium to undisturbed.

Andrew Forrest has acquired a 16.8% stake in critical minerals miner EQ Resources (EQR AU) from Oaktree. Shares promptly popped ~34% on the news yesterday.

Oaktree has been a substantial shareholder since the 18th January 2024, paying A$25mn for a 15% stake; and appears to be exiting for A$190mn. Nice.

EQR is primarily a tungsten miner in Australia and Spain, accounting for the majority of each country’s global supply output of 1.2% and 0.9% respectively. China commands 85%.

Last night, Perpetual Ltd (PPT AU) announced it had received a revised NBIO from EQT at A$22.07/share, 2% higher than the prior bid that was rejected on the 1st July.

However, Perpetual notes EQT stated in its revised bid, that “the Revised Indicative Proposal itself will be regarded as being automatically withdrawn if it is disclosed“.

So, how does that work? Is there, or is there not a revised bid at A$22/share since this terms are publicly disclosed? Perpetual does say it is considering the proposal.

After Genesis Minerals (GMD AU) pitched a “superior” cash/scrip Offer for Vault Minerals Ltd (VAU AU) on the 6th July, Regis Resources (RRL AU) was expected to walk. And they did.

This morning, Genesis/Vault firmed terms: 0.7629 new shares for every Vault share, plus A$0.475/share in cash - for an implied value of A$5.274/share. Terms are unchanged from the 6th July.

The Offer is by way of a Scheme. Expect a Scheme Booklet by August/September, a meeting a month later, and expected implementation by October/November. Clean deal.

OOh!Media Ltd (OML AU), Australia’s No.1 player in outdoor advertising, has announced the three known suitors have reconfirmed their NBIOs, and confirmatory due diligence has been afforded.

Pacific Equity Partners, I Squared Capital, and Oaktree remain in the mix, with indicative offers between A$1.60-A$1.65/share.

The final process is expected to take up to four weeks,

Back on the 5th May, West Aussie gold miners Regis Resources (RRL AU) and Vault Minerals Ltd (VAU AU) announced a A$11bn scrip merger, by way of a Scheme.

What appeared to be another straightforward, albeit, large gold merger, has unravelled after Genesis Minerals (GMD AU) pitched a “superior” cash/scrip Offer yesterday morning.

Post merger, Genesis shareholders would own ~59.8% of the combined company, and Vault ~40.2%; versus 51%/49% under Regis’ terms. Regis has until the 13th July to match Genesis’ terms.

Perpetual Ltd (PPT AU) has been in the cross hairs since KKR’s all-in 2010 tilt; while bids have landed for various units, all of which came to nought.

In March of this year, Perpetual announced it was offloading its wealth management arm to Bain for A$550mn. Then last week, Perpetual rejected EQT’s A$21.64/share all cash NBIO.

Perpetual is trading ~12% adrift of those indicative terms - and down 9% in the past year. There are signs the Street is turning (mildly) positive.

On the 29th May 2026, Tourism Holdings (THL NZ/AU) announced an NZ$3.10/share NBIO from a consortium comprising BGH Capital and the founding Trouchet family. Due diligence was subsequently afforded.

The same consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world’s largest commercial recreation vehicle rental operator in June 2025; however THL summarily rejected terms.

This morning THL announced an NBIO of NZ$3.30-NZ$3.40/share from a “credible strategic buyer“. Due diligence has been afforded. Discussions remain ongoing with the BGH/Trouchet consortium.

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.

However, after Energy Fuels (UUUU US) received a conditional $725mn financing commitment from the DoW, the Meeting was postponed to a “later date to be determined“ to prepare supplementary disclosure.

Now Energy Fuels has announced a US$1.9bn transaction to acquire a mine-to-magnet rare earth platform in Germany, (likely) necessitating an IE assessment revamp; but ultimately remaining fully supportive.

On the 24th Feb 2026, life insurance play ClearView Wealth (CVW AU) announced a Scheme with Zurich Insurance (ZURN SW) at A$0.65/share in cash (a 21.5% premium to last close).

Crescent Capital Partners, holding (or having control of) ~53% of shares out, is supportive. ClearView’s board is unanimously supportive. The Offer requires ACCC (done) and APRA clearance (outstanding). Looks clean

The Scheme Booklet is now out, with a Scheme Meeting on the 27th July, and expected implementation on the 20th August 2026. The IE (Grant Thornton) says “fair & reasonable“.

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.