It’s killing season in Australian M&A. A handful of agreed takeovers hang by a thread as boards rethink decisions they made in the boom times.
The market wobbles put the frights through non-committed suitors are now blowing up deals that had been months or years in the making.
, while the stock’s trading 20 per cent lower. Arb funds are worried about credit markets and whether KKR will find financiers willing to carry syndication risk on a $5 billion to $10 billion debt package at amenable terms,The arb funds are seeking safety in a small number of situations, including Uniti Group and Irongate. They’re not worried about Woolworths’ ability to get MyDeal, but it’s too small to get them excited, and aren’t enthralled by Qantas Airways’ scrip bid for Alliance Aviation.
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