Manikay puts MYOB takeover in jeopardy

Manikay puts MYOB takeover in jeopardy

Manikay Partners is edging closer to blocking the takeover of business management software provider MYOB (ASX: MYO) as it acquires more of the Australian company. Hedge fund Manikay now owns 14.93 per cent of MYOB, up from just 9.9 per cent two weeks ago. In order for the takeover of MYOB by Kohlberg Kravis Roberts & Co (KKR) to pass ...

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Compumedics scores major US health contract

Compumedics scores major US health contract

Neurological device developers Compumedics (ASX: CMP) have signed an agreement with a major US health organisation which will see its technology deployed in 48 hospitals. Compumedics has contracted with Adventist Health System to allow Compumedics to supply 48 hospitals with its suite of sleep, neurological monitoring and brain research s...

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The tug of war for Xenith IP Group heats up

The tug of war for Xenith IP Group heats up

The battle for control of Australia's intellectual property law firms continues as Xenith IP Group (ASX: XIP) is pulled in two opposing directions. Overnight IPH (ASX: IPH), Australia's largest supplier of IP services, released a letter addressed to IPH and Xenith shareholders detailing the various reasons why their proposal is be...

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Significant demand pushes WiseTech raise up $50 million, closes at $300 million

Significant demand pushes WiseTech raise up $50 million, closes at $300 million

Shareholders hungry for a slice of logistics software giant WiseTech (ASX: WTC) has pushed its capital raise up from $250 million to $300 million. Announced yesterday, the raise by one of the fastest risers in this year's Sydney's Top Companies List is intended to assist the company with its growth plans. At the close of the p...

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GO1 bags over $30 million in raise led by Microsoft

GO1 bags over $30 million in raise led by Microsoft

Tech startup success GO1 has raised more than $30 million in a series B funding round led by M12, Microsoft's venture fund. The $30+ million capital raise was primarily led by M12 alongside existing investors SEEK and Y Combinator, as well as new investors Larsen Ventures. As part of its investment M12 will get a seat on the board...

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Class action looms for IOOF

Class action looms for IOOF

While Australia's prudential watchdog takes action against IOOF (ASX: IFL) directors and executives over alleged misconduct, the wealth manager is about to face another legal battle. Sydney-based law firm Quinn Emanuel Urquhart & Sullivan announced today it planned to file a class action against IOOF, arising from evidence given a...

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Investment firm launches $20 million takeover bid for Yowie

Investment firm launches $20 million takeover bid for Yowie

Yowie (ASX: YOW) might be completely gobbled up by Australian investment firm Keybridge Capital (ASXL KBC) for a cool $20 million. The underperforming confectioner is facing the takeover by Keybridge following a disappointing first half during which the company recorded a loss of $871,000. Keybridge looks to be taking advantage of thi...

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Sigma Healthcare rejects API takeover proposal

Sigma Healthcare rejects API takeover proposal

The parent company of some of Australia's leading pharmacies, Sigma Healthcare (ASX: SIG), has rejected a takeover proposal from Australian Pharmaceuticals Industries (ASX: API). In December 2018 API offered $727 million to buy the entirety of Sigma Healthcare. Sigma is the parent of leading Australian pharmacies Amcal, Chemist King, ...

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Retail Food Group denies administration rumours

Retail Food Group denies administration rumours

Embattled franchisor Retail Food Group (ASX: RFG) has denied reports in the Courier Mail citing "word on the street" speculation that administrators could be called in as soon as next week. The operator of food brands including Brumby's, Donut King, Michel's Patisserie and Gloria Jeans reported a loss of $111 million for...

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Zelda strikes up partnership to break into US medicinal cannabis market

Zelda strikes up partnership to break into US medicinal cannabis market

Zelda Therapeutics (ASX: ZLD) has entered into a partnership that could see it grab a serious slice of the US medicinal cannabis market. Zelda and Ilera Healthcare will explore a range of commercialisation opportunities to tap into the lucrative US medicinal cannabis market. Though not legal or decriminalised federally, the United Sta...

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Clayton Utz, AMP cave in to ASIC's 'fees for no service' notes demand

Clayton Utz, AMP cave in to ASIC's 'fees for no service' notes demand

After months of withholding notes from interviews of current and former AMP representatives, law firm Clayton Utz has finally coughed up documents requested by the Australian Securities and Investments Commission (ASIC). The notes formed the basis for Clayton Utz's October 2017 report on on fees for no service (FFNS) that was consider...

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Manikay ups the ante in MYOB takeover spat

Manikay ups the ante in MYOB takeover spat

Hedge fund Manikay Partners has increased its shareholding in business management business MYOB (ASX: MYO) a day after it publicised its criticism of a potential takeover of MYOB. Manikay now holds 11 per cent of MYOB shares, up from 9.99 per cent. The increase in shareholding comes after the hedge fund sent a letter to MYOB expressin...

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Australian retailers continue to flounder in 2019

Australian retailers continue to flounder in 2019

The beginning of 2019 has not shown any improvement for Australian retailers, clawing only a tiny bit of sales back during the first month of the year. According to the January retail figures released by the Australian Bureau of Statistic (ABS) sales increased by just 0.1 per cent from December 2018. This slight increase follows the d...

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Myer claws back into the black but sales still down

Myer claws back into the black but sales still down

In a rare bit of positive news for Australian retail giant Myer (ASX: MYR) the company has reported a reasonably positive first half for FY19. Though total sales at the department store were down 2.8 per cent in 1H19, the company recorded a NPAT of $41.3 million (up 3.1 per cent from 1H18). Statutory NPAT during the half was $38.4 mil...

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Major MYOB shareholder refuses to back takeover deal

Major MYOB shareholder refuses to back takeover deal

A major shareholder in business management company MYOB (ASX: MYO) has gone public with its refusal to back the $2.2 billion takeover proposal by a private equity firm. In a letter sent to MYOB and ASIC, and posted on the ASX today by MYOB, major shareholder Manikay Partners has expressed its disagreement with the proposed takeover of MYO...

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Rollercoaster ride for Longtable amidst capital raise and Maggie Beer acquisition

Rollercoaster ride for Longtable amidst capital raise and Maggie Beer acquisition

Shares in Longtable (ASX: LON) rose 36 per cent between in the lead-up to 28 February, right before a trading halt relating to its acquisition of Maggie Beer, a capital raise, and the group's 1H19 results. After the trading halt was lifted, shares fell back down to earth. Premium food producer Longtable (ASX: LON) has had a rollercoas...

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Longtable scoops up the rest of Maggie Beer

Longtable scoops up the rest of Maggie Beer

After 40 years, one month and nine days Maggie Beer has decided to sell her eponymous food brand. It has been a long time coming for Maggie who first sold 48 per cent of the brand to Melbourne based food company Longtable (ASX: LON) in 2016. Speaking to Business News Australia Beer said the decision to sell came at the right point in ...

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Cromwell profit rises on strong investments

Cromwell profit rises on strong investments

Real estate investor and manager Cromwell Property Group (ASX: CMW) has come out the end of 2018 with a strong investment portfolio and a clear mandate for the future. The company reported half year statutory profit of $111.1 million, up 37.5 per cent on 1H18, and operating profit was $82.6 million, up 7.6 per cent on 1H18. Cromwell n...

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Blue Sky's restructure continues to hit the bottom line hard

Blue Sky's restructure continues to hit the bottom line hard

The rehabilitation efforts of Blue Sky's (ASX: BLA) board are still ongoing, but they were not enough to improve the company's results at the end of 2018. The company reported an underlying net loss after tax of $25.7 million, down by $41.8 million from the profit at the end of 2017. This loss was outside the lower end of what the...

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Michael Hill's exit from the US starting to pay off

Michael Hill's exit from the US starting to pay off

After shutting up shop in the United States and reducing its Australian footprint Michael Hill is starting to see some success again. At the end of December 2018, the jewellery retailer's statutory NPAT rose by 125 per cent to $19.5 million, compared to $8.5 million at the same time a year ago. Earnings also rose during the period...

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