After IFM launched a A$4.75/share offer for Atlas Arteria (ALX AU), increasing to A$5.10/share IF it secures 45%, I thought Atlas may reject terms, but ultimately would be supportive.

I was wrong. In a strongly worded rebuttal, Atlas has declared the Offer to be too low, opportunistic, and highly conditional.

Specifically, Altas unpicks the conditions to the Offer which “seek to constrain Directors and management from running the business“.

Gold fever continues down under as Regis Resources (RRL AU) and Vault Minerals Ltd (VAU AU) announce a A$11bn merger, creating the ASX’s third largest gold miner.

By way of a Scheme, Regis is offering 0.6947 new shares for each Vault share. Post merger, Regis and Vault shareholders will hold 51% and 49% in the combined entity.

Both boards unanimously back the transaction, which is projected to complete late August, early September. Clean deal.

On the 16th Feb 2026, gold-play Magnetic Resources (MAU AU) entered into a Scheme with Genesis Minerals (GMD AU).

Via the default option, Genesis is offering A$1.40/share in cash plus 0.0873 new Genesis shares (~70/30, cash/scrip) for each Magnetic share.

The Scheme Booklet is now out, with a Scheme Meeting on the 3rd June, and expected “implementation” on the 23rd June 2026. The IE (BDO) says “fair & reasonable”.

OOh!Media (OML AU), the No.1 player in Australia’s outdoor advertising, has announced an NBIO, by way of a Scheme, from PE-outfit Pacific Equity Partners (PEP).

Subject to completion of satisfactory DD, PEP is offering A$1.40/share, a 65% premium to last close. Apart from shareholder approval, the transaction requires FIRB and NZ’s OIO signing off.

OML’s share price was down 35% YTD. Tony Faure recently stepped down as Chair. CEO James Taylor assumed the role just five months ago. Yes, timing is opportunistic.

European Lithium (EUR AU)‘s ~34.4% held Critical Metals (CRML US) has announced a non-binding reverse takeover via a Scheme scrip deal.

CRML intends to issue 0.035 new CRML shares for each EUR share. The implied value per CRML scrip is A$0.58/share. EUR shareholders will hold ~45% of the combined entity.

A completed merger sees 100% of Tanbreez Rare Earth project under one roof. Exclusive due diligence to run until around the 7th May. EUR is up 53% as I type.

European Lithium (EUR AU), which holds a (estimated) ~34.4% stake in Critical Metals (CRML US), the mining operator of projects in Austria, Greenland, and Ireland, is currently suspended.

The rumour mill suggest CRML will make an offer for its parent. CRML recently received government approval to control 92% of the Tanbreez rare earths project in Greenland

Those same rumours are indicating a A$0.58/share, or a 104% premium to European Lithium’s last close.

On the 8th June 2022, IFM Global Infrastructure announced a 15% stake Atlas Arteria (ALX AU), a US/Europe toll-road play, and subsequently floated a NBIO, which ultimately came to nought.

IFM continued to accumulate shares, and on the 17th November 2025, announced it had added 2.48%, and held 35.03%.

IFM has now launched a A$4.75/share Offer cash Offer, increasing to A$5.10/share (best & final) IF it secures 45%, or more, of shares out. Atlas may still reject terms.

On the 16th February, logistics and infrastructure play Qube Holdings (QUB AU) announced the Macquarie Asset Management-led consortium had firmed an Offer at A$5.20/share, the same price as the NBIO.

Terms back out a 27.8% premium to undisturbed. And ~14.5x FY25 EV/EBITDA. Fully franked dividends up to A$0.40/share permitted, but will be netted. An $0.0535/share interim dividend has been paid.

The Scheme Booklet is now out, with a Scheme Meeting on the 16th June, and expected implementation on the 28th July 2026. The IE (Grant Samuel) says “fair & reasonable“.

On the 3rd March, dual-listed Alaskan gold/antimony play Nova Minerals (NVA AU) proposed a US redomiciliation, leading to a primary listing on the NYSE and a secondary Aussie listing (CDI).

The move, as previously flagged last month, was predicated on Nova losing its foreign private issuer status, as the majority of its shares out are now held by US investors.

The Scheme Booklet is now out, with a Scheme Meeting on the 29th May. The IE (RSM), not surprisingly, says the Scheme is in shareholders’ best interest.

Meteoric Resources Nl (MEI AU), one of a handful of Aussie-listed plays developing Brazilian rare earths mines, is seeking to raise A$40mn (@ A$0.17/share, a 1.5% discount to one-week-VWAP).

And yesterday, the Trump administration-backed USA Rare Earth (USAR US) announced a punchy US$2.8bn takeover of Serra Verda, Brazil’s only operational producer of rare earths.

Brazil boasts the world’s largest rare earths reserves after China. Both these deals/projects centre on scarcer, harder to extract, heavy rare earths, essential for EV magnets and defence applications.

On the 14th April, Yancoal (YAL AU) announced it had entered into a transaction to acquire a majority stake in the Kestrel coal mine, located in Queensland, for “up to” US$2.4bn.

Yancoal intends to acquire the 80% stake held by EMR Capital and Adaro Energy (ADRO IJ) JV. Mitsui will maintain its 20% stake.

80% of Kestrel was previously held by Rio Tinto Ltd (RIO AU), and sold for A$2.25bn in 2018. That transaction required FIRB approval. This transaction also requires FIRB signing off.

Specialist industry play, Matrix Composites (MCE AU), announced an NBIO with Advanced Innergy (AIH AU) on the 30th Match. It has now entered into a Scheme.

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

Apart from independent shareholders signing off, this transaction requires FIRB approval. The transaction should complete mid/late July.

Back on the 24th November Monash IVF (MVF AU), a fertility provider, announced, and summarily rejected, a A$0.80/share non-binding indicative Offer from Soul Patts (SOL AU) & Genesis Capital.

Soul Patts & Genesis have returned to the well with a A$0.90/share NBIO (”best & final”). The indicative terms are a ~47% premium to undisturbed and 34% to last close.

Genesis/Soul Patts collectively hold 19.6% in MVF. Monash should engage.

After some competitive jostling late last year, Helloworld Ltd (HLO AU) and BGH Capital tabled all-cash NBIOs for digital travel agent Webjet Group (WJL AU) at A$0.90/share and A$0.91/share respectively.

Following protracted due diligence, neither suitor firmed proposals worthy of putting to shareholders, and Webjet subsequently ceased discussion on the 13th February. The share price promptly cratered.

Katrina Barry has now resigned as chief executive - less than two years into her new role - and just five weeks after the departure of her boss, David Galt.

Back on the 9th Feb, leading non-bank lender Pepper Money (PPM AU) confirmed KKR and Challenger Ltd (CGF AU) had submitted an NBIO by way of a Scheme.

KKR/CGF offered A$2.60/share, a 47.7% premium to undisturbed, and ~1.49x P/B (based on 1H25 numbers). KKR currently holds 60.34%.

Domestic peers are down 11% since the NBIO was announced. Global peers are down even more. KKR/CGR have reduced the NBIO by 13.5% to $2.25/share (including dividends). Best & final.

Last May, concurrent with Brendan Gore (CEO/MD) stepping down, residential land developer Peet Ltd (PPC AU) announced it was undertaking a strategic review of the business.

Industry peer Stockland (SGP AU) was/is believed to be the frontrunner to make a tilt for Peet. Local media are reporting a PE or super fund is now kicking tyres.

Aussie NBIOs are tricky trade in the current geopolitical environment - see the latest in Pepper Money (PPM AU): KKR/Challenger’s NBIO. A total absence of an Offer is even trickier.

On the 8th December 2025, National Storage REIT (NSR AU) entered into a Scheme with Brookfield and Singapore’s GIC.

Brookfield/GIC tabled a A$2.86/share (~1.11x P/NTA 30th June 2025) Offer, the same terms as the 26th November NBIO. In addition to the vote, the transaction required FIRB and OIO approvals.

The Scheme Booklet is now out, with a Scheme Meeting on the 15th April, and expected implementation on the 8th May 2026. The IE (Kroll) says “fair & reasonable“.

Back in June 2024, the Aussie Treasurer made orders requiring Singapore-based Yuxiao and four (deemed) associated investors to sell their shares in Northern Minerals (NTU AU) within 60 days.

I discussed this situation in Northern Minerals (NMI AU): Chinese Investors Forced To Exit. One shareholder, Indian Ocean International Shipping, stonewalled, and was subsequently fined A$14mn late last year.

The latest news concerns Beijing-based Vastness Investment Group, Northern Minerals largest shareholder (7.7%), withdrawing its requisition to oust Adam Handley (chairman). These developments appear geared to stress-testing Aussie foreign investment.

Dual-Listed (ASX, NASDAQ), Alaskan gold/antimony play Nova Minerals (NVA AU) is proposing a US redomiciliation, leading to a primary listing on the NYSE and a secondary Aussie listing (CDI).

The move, as previously flagged last month, is predicated on Nova losing its foreign private issuer status, as the majority of its shares out are now held by US investors.

Separately, Nova candidly responded to a short seller’s report that was “historical, selective, or non-material, and whether accurate or not, are wholly irrelevant to the Company’s operations, assets, or prospects“.

Back on the 22nd July, Insignia Financial (IFL AU), a wealth manager and previously known as IOOF, entered into a Scheme with CC Capital at A$4.80/share.

That’s 56.9% premium to undisturbed (11th December 2024), 20% above Bain’s initial indicative tilt, but 4% below CC Capital (% Bain’s) A$5.00/share indictive Offer on the 7th March 2025.

The Scheme Booklet is now out, with a Scheme Meeting on the13th April, and expected implementation on the 28th April 2026. The IE (Kroll) says “fair & reasonable“.