Bain Capital selected as successful bidder for Virgin Australia

Bain Capital selected as successful bidder for Virgin Australia

Virgin Australia's (ASX: VAH) administrators Deloitte have named Bain Capital as the successful bidder for the company after Cyrus Capital Partners pulled out of the running this morning. Following a comprehensive sale campaign the administrators have today entered into a sale and implementation agreement with Bain Capital. ...

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Retail Food Group sees customers return, but permanent closures inevitable

Retail Food Group sees customers return, but permanent closures inevitable

Retail Food Group (ASX: RFG), the owner of Gloria Jean's Coffees, Brumby's Bakeries, Donut King, Michel's Patisserie and others, has observed an increase of customers returning to its outlets as COVID-19 restrictions ease across most of the country.  However, the pandemic has sped up the permanent closure of a number of i...

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ASIC threatens court action against Smiles Inclusive

ASIC threatens court action against Smiles Inclusive

More than 3.5 months after Smiles Inclusive (ASX: SIL) was suspended from trading over its failure to produce an audited financial report for the December half, Australia's corporate watchdog is taking steps to force the struggling dental outfit to lift its game. If a court order arises at the request of the Australian Secur...

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Qantas completes $1.4 billion placement

Qantas completes $1.4 billion placement

Airline Qantas (ASX: QAN) has successfully completed the $1.4 billion placement tranche of its broader capital raise this morning. The company says it received high levels of interest from both existing institutional shareholders and new investors, with demand to participate in the placement "significantly in excess of the funds that...

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Cyrus Capital Partners pulls out of Virgin Australia bid

Cyrus Capital Partners pulls out of Virgin Australia bid

Investment advisory firm Cyrus Capital Partners has withdrawn its bid to acquire Virgin Australia (ASX: VAH), leaving Bain Capital as the last bidder standing. As reported by the ABC Cyrus says the decision was made after Virgin administrator Deloitte allegedly failed to "meaningfully engage" with Cyrus. The shock move comes...

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GTR's early move to USA uranium puts it ahead of the pack

GTR's early move to USA uranium puts it ahead of the pack

The following article is sponsored content in partnership with Finfeed. Business News Australia does not give financial advice. As investors cotton on to the generally positive movements in the uranium price, the outlook for uranium explorers and producers is also improving. GTi Resources (ASX: GTR) first came to investors' attent...

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Blank check company to lift F45 onto the NASDAQ

Blank check company to lift F45 onto the NASDAQ

A US-based blank check company will take Australia's F45 onto the NASDAQ following the completion of a merger, enabling the fitness company to continue on its international expansion path. F45 will be acquired by Crescent Acquisition Corp (NASDAQ: CRSA), a listed acquisition vehicle created by Crescent Capital Group in March last year...

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Qantas to raise $1.9 billion for COVID-19 recovery, 6,000 staff made redundant

Qantas to raise $1.9 billion for COVID-19 recovery, 6,000 staff made redundant

Airline Qantas (ASX: QAN) will raise $1.9 billion in equity to accelerate recovery as it taxis onto its COVID-19 recovery plan. Qantas' three-year recovery plan includes making 6,000 staff redundant, grounding 100 aircraft for at least a year, and immediately retiring Qantas' six remaining 747s. Of the $1.9 billion, approximat...

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TPG shareholders approve Vodafone merger

TPG shareholders approve Vodafone merger

TPG Telecom (ASX: TPM) shareholders have voted almost unanimously in favour of a merger with Vodafone Hutchison Australia (VHA), with management hopeful ordinary trading of the combined group will start on 14 July. The vote was able to proceed after the Foreign Investment Review Board (FIRB) approved the deal in May, following a...

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Mirvac retail property value drops $349m

Mirvac retail property value drops $349m

The impacts of social distancing requirements due to COVID-19 have taken their toll on real estate group Mirvac (ASX: MGR), slashing the value of its retail property portfolio by $349 million. The preliminary unaudited devaluation represents a 9.9 per cent drop for the group's second-largest property asset class.  In contrast...

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Afterpay UK active customer numbers hit one million

Afterpay UK active customer numbers hit one million

Afterpay (ASX: APT) delivered an impressive set of performance indicators from its UK business Clearpay after the market closed yesterday, with more than one million active customers on board after just one year in operation. The COVID-19 pandemic has led to a strong customer adoption rate for Clearpay, with customer purchasing frequency ...

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Village Roadshow to reopen theme parks, cinemas

Village Roadshow to reopen theme parks, cinemas

Village Roadshow (ASX: VRL) will start opening some Queensland theme parks on Friday, while its cinema circuit in Tasmania is already open with Victorian regional cinemas to follow suit later this week. The company's theme parks Warner Bros. Movie World, Sea World, Wet'n'Wild and Paradise Country have all had their COVID Safe ...

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FBR shares drop like hot bricks after JV falls through

FBR shares drop like hot bricks after JV falls through

Perth-based robotic technology company FBR (ASX: FBR) has lost its second joint venture in the space of 18 months, after a deal with Brickworks Building Products was abandoned due to COVID-19 uncertainty in the Australian residential construction market. FBR has announced today the two parties mutually agreed to discontinue the ...

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Cromwell labels $518m ARA takeover bid "opportunistic"

Cromwell labels $518m ARA takeover bid "opportunistic"

A $518 million takeover bid from ARA Asset Management has been launched today that would see the fund manager take control of Cromwell Property Group (ASX: CMW). ARA via its wholly owned entity ARA BidCo intends to acquire 29 per cent of all Cromwell securities that ARA does not already hold an interest in for $0.90 per share. If succ...

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Woolies, Qube to spend at least $1.1 billion on automated distribution centres in Sydney

Woolies, Qube to spend at least $1.1 billion on automated distribution centres in Sydney

After shelling out $560 million on an automated distribution centre in Melbourne's southeast, Woolworths Group (ASX: WOW) will spend a further $700-780 million on two new centres in Sydney's Moorebank Logistics Park. Woolworths has signed a 20-year lease with Qube Holdings, which will invest $420-460 million itself to build t...

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Mayfair 101 places IPO Wealth into voluntary administration

Mayfair 101 places IPO Wealth into voluntary administration

Restructuring advisory firm Cor Cordis has been appointed as the voluntary administrator of Mayfair 101's IPO Wealth Holdings. The move follows the appointment of receivers to IPO Wealth in May by Vasco Trustees after two repayments were missed. The AFR reported that these missed repayments were worth $3 million and followed the f...

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Deloitte Australia slashes 700 jobs in response to COVID-19 impacts

Deloitte Australia slashes 700 jobs in response to COVID-19 impacts

The economic impacts of the COVID-19 pandemic have forced Deloitte Australia to tighten its belt, resulting in 700 staff members being made redundant. The company says the decision to reduce its workforce of 10,000-strong by 700 was made in response to COVID-19. Whilst Deloitte's revenue has grown for the financial year by 10 per ...

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Former Wattle Health chair banned for hiding $35m income

Former Wattle Health chair banned for hiding $35m income

Tax agent Peter Biantes has been banned from practicing for up to five years after the Tax Practitioners Board (TPB) found he had tried to hide a $35 million windfall from the sale of a cheese business abroad. Biantes, who resigned from the board and his role as interim chairman at Wattle Health (ASX: WHA) last week citing healt...

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Piper Alderman launches shareholder class action over Dreamworld tragedy

Piper Alderman launches shareholder class action over Dreamworld tragedy

Theme park operator Ardent Leisure (ASX: ALG) has announced to the market it was served with a shareholder class action yesterday in relation to the 2016 Dreamworld tragedy. After the market closed yesterday the Sydney-headquartered group reported the proceedings had been filed by law firm Piper Alderman in the Federal Court of Austr...

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NT to reopen borders, COVID-19 "eradicated"

NT to reopen borders, COVID-19 "eradicated"

Northern Territory Chief Minister Michael Gunner has today announced interstate borders will reopen from 17 July, giving the country four weeks' notice before visitors can enter the "safest place in Australia without question". Speaking at a press conference this afternoon, Gunner said today marked 28 days since the last cor...

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