It was nice to see a little outbreak of public market M&A news on Wednesday morning, to give us something to take in alongside the budget.
The first piece of news was confirmation that it was Paine Schwartz that raided Costa Group, as we had revealed on Tuesday night.
The second was confirmation of a $500 million-odd takeover at Elmo Software, which locked US firm K1 Investment Management into a scheme of arrangement.
We’ve also got wind of a new funding round at Songtradr, which is being done at a significant (17 per cent) discount to where the company was hoping to raise six months ago.
It’s proof of how conditions have changed in unlisted markets and, to Songtradr’s credit, they’re not hiding from investors. They said it was deemed to be a fair price, given what’s happened in wider markets.
Happy reading, Anthony Macdonald, Sarah Thompson and Kanika Sood Street Talk editors
Music licensing group Songtradr’s taken the knife to its valuation in a bid to lure $US33 million ($52 million) in fresh funds from existing and new investors.
Founder-led Minemet Recycling Group has started charting a course to the ASX-boards, with a pathfinder prospectus in front of fund managers and a cornerstone process underway.
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