Cyrus mandates for Virgin; UAC’s hard yards at Infigen; Five V’s new deal

Finally a takeover bid for Infigen Energy! Sure, the $1.2 billion offer is subject to a 10-page list of conditions, and doesn't have the approval of a 33 per cent shareholder (yet, as far as we can tell) or the company's board, but it is the first proper bid after 10 years of searching by investment bankers.

Now that there's one offer on the table, naturally everyone expects another. But if bidder UAC Energy's experience is any guide, others watching might have pause for thought. UAC found out that Infigen Energy is not the easiest company to raid, and now there's even less loose stock for any other potential acquirer. It means a bidder would probably need a recommendation by Infigen's board or its major shareholder (or both) to have any success.

We also take a look at the latest advisory firm to score a big role in Virgin Australia's auction and have a pair of deal scoops from the world of private equity.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd

Street Talk Editors