Good evening,

The biggest capital markets deal of the year is under way.

Woolworths will kick off a non-deal roadshow for Endeavour Drinks’ demerger when it launches detailed documents on Monday morning.

To coincide with the launch, Endeavour CEO Steve Donohue will also start meeting funds. Should it hit the ASX boards as planned, Endeavour is likely to be worth about $10.5 billion on a market capitalisation basis.

Elsewhere, Blackstone has bid against itself at Crown Resorts in an effort to gain the board and shareholders’ attention.

As we revealed on Sunday, the new proposal, sent to Crown’s board over the weekend, saw Blackstone drop a handful of conditions and commit to be ready to acquire Crown in the third quarter of this year.

The buyout firm also increased its offer to north of $12 a share. Its former $11.85 a share indicative bid valued Crown at about $9 billion including debt.

We’ve also got an update on Chinese-owned infrastructure investor Landbridge’s plans to float Westside Corporation, as well as news on long-short Australian equities manager Monash Investors’ ASX-listed fund.

Finally, we wish Apollo Global Management managing director Tom Pizzey all the best for a speedy recovery.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd
Street Talk Editors