Australia Special Situations

Macquarie Group (MQG.AX) has offered to sell Energy Assets Group's non-domestic, non-smart gas metering services business to an approved purchaser to resolve regulatory concerns.

Genetic Signatures agreed principal commercial terms of a proposed all-scrip merger with Microba Life Sciences Limited in September 2026.

A buyer is acquiring Steadfast Group Limited (SDF.AX) for A$6.00 per share in cash via a takeover scheme.

Austral Resources Australia Ltd proposes to acquire all Hammer Metals Limited (HMX.AX) ordinary shares through a scheme of arrangement.

Genesis Minerals will acquire all shares of Vault Minerals Limited (VAU.AX) via a scheme of arrangement.

Ausgold entered a binding Scheme Implementation Deed under which an OceanaGold subsidiary would acquire 100% of the company.

Ingenia Communities Group (INA.AX) proposes to acquire Peet Limited through a scheme of arrangement.

IVE Group entered a binding Scheme Implementation Deed on 21 September 2026 to acquire 100% of Motio Limited.

CZR Resources is pursuing an off-market takeover of Zuleika Gold (ZAG.AX) and proposes a subsequent buyback of up to 10% of post-takeover CZR shares, using up to A$15 million.

Zenith Minerals is the subject of an off-market takeover offer from Forrestania Resources Ltd. Forrestania held a relevant interest of approximately 58% in Zenith as at 31 August 2026.

Warburg Pincus and its affiliates submitted a revised non-binding indicative proposal dated 25 September 2026 to acquire 100% of Ingenia's issued capital via scheme of arrangement at A$5.25 cash per stapled security…

LGI Limited: LGI has entered into a binding agreement to acquire 100% of the shares in Maryrorough Solar Pty Ltd and Chinchilla Solar Pty Ltd from IIG Solar Assets Pty Ltd ATF The IIG Solar Asset Trust.

Critical Metals Corp is pursuing an all-stock merger with European Lithium Ltd (EUR.AX) via a scheme of arrangement.

ASIC granted Carnaby an extension of time to hold its 2026 AGM from 30 November 2026 to 26 February 2027 under section 250P of the Corporations Act.

Gold Mountain secured a 12-month exclusive right to acquire Mining Application 848.365/2011, a mine right covering approximately 857.53 hectares over the Malhada do Angico tungsten mine in Brazil.

Lynas will exchange 0.0207 of its own shares for each Meteoric share, implying a price of A$0.286 per share and a 68.4% premium over Meteoric's last closing price of A$0.170.

Austral Resources Australia Ltd seeks to acquire 100% of Hammer Metals Limited (HMX.AX) through a scheme of arrangement.

Alakazam Holdings Bidco Limited proposed to acquire 100% of OFX Group (OFX.AX) for $1 cash per share, valuing equity at $247 million via a scheme of arrangement.

Energy One Limited (EOL.AX) will acquire 100% of Gas Management Services Limited by issuing 7.1 million shares to Fluxys UK Limited.

Brookfield will acquire all shares of Reliance Worldwide Corporation Ltd (RWC.AX) for cash under a scheme implementation deed.

I Squared Capital proposes to acquire oOh!media Limited (OML.AX) by scheme of arrangement for A$1.68 in cash per share.

The review Panel affirmed the initial Panel's declaration and orders in Zenith Minerals Limited 01 & 02 after accepting undertakings from Forrestania and Zenith.

Peet Limited (PPC.AX) confirmed its acquisition by Ingenia Communities Group is progressing according to the announced timetable despite a revised non-binding indicative proposal for Ingenia from Warburg Pincus LLC. The…

Ampol is buying Evie's national electric vehicle charging network for A$225 million.

Transurban Group (TCL.AX) agreed to acquire Canada Pension Plan Investment Board's 25% interest in NorthWestern Roads Group, which owns Westlink M7 and NorthConnex, and its 10.5% interest in Sydney Transport Partners…

Zhejiang Huayou Cobalt received FIRB approval to acquire Atlantic Lithium Ltd (A11.AX) via a scheme of arrangement. This clearance removes a primary condition of the deal, shifting the focus to the shareholder vote and court processes. The scheme booklet is expected to be dispatched to shareholders next month. Management indicates the deal remains on track for implementation around the end of the year, subject to court and shareholder approval. The upcoming booklet will include the independent expert's assessment of whether the offer is fair and reasonable.

AIC Mines has secured binding agreements to acquire Mt Cuthbert. Consideration comprises $100 million in AIC Mines shares and $20 million in cash. AIC Mines will acquire 100% interest in Materra Metals, which owns Mt Cuthbert. A $70 million placement with Hawke's Point Resource Finance will fund the cash component and exploration. Mt Cuthbert contains 18.7 million tonnes grading 1.3% copper, representing 246,000 tonnes of contained copper. Completion is expected in early November 2026, subject to shareholder approval.

Alakazam Holdings Bidco Limited (Equals) is progressing a proposed all-cash acquisition of OFX Group Limited (OFX) for $247 million ($1.00 cash per share, adjustable by up to $0.04/share based on OFX's cash balance) through a scheme of arrangement, per a Transaction Process Deed announced 23 July 2026. As of the 24 September 2026 update, Equals has substantively completed confirmatory due diligence and is progressing debt financing, but the Scheme Implementation Deed (SID) has not yet been signed. Equals' exclusivity period to finalize financing and the SID has been extended to 30 October 2026 - an exclusivity deadline, not a signing date. OFX separately flagged that FY27 trading conditions have been more challenging than anticipated.

ACCC has determined the Scheme may be put into effect under the Competition and Consumer Act 2010 (Cth). The Scheme is for the proposed acquisition of oOh!media by OOH BidCo Pty. Ltd., controlled by I Squared Capital funds. FIRB and NZ Overseas Investment Office approvals are continuing to progress. Scheme Booklet expected to be dispatched to oOh! shareholders in early October 2026. Shareholder meeting to consider the Scheme expected to be held. oOh! Board continues to unanimously recommend shareholders vote in favour, subject to independent expert conclusion and no Superior Proposal. David Ferrarin abstained from the recommendation due to a potential conflict of interest from an entity that advised I Squared.

OceanaGold Corporation is acquiring Ausgold Limited (AUC.AX) via a Court-approved scheme of arrangement. The ASX granted a waiver of Listing Rule 6.23.2, allowing the cancellation of 6 million vested unlisted warrants without shareholder approval if the scheme becomes effective. Subject to the scheme's effectiveness, these warrants will be cancelled in exchange for Ausgold shares that participate in the acquisition on the same basis as all other shares. The scheme booklet is expected to be despatched to shareholders in late October 2026. This waiver removes a shareholder-approval friction point for cleaning up the warrant overhang ahead of the scheme record date.

Global Lithium Resources Limited has a binding Share Purchase Agreement to acquire 100% of the issued share capital in IGO Nova Pty Ltd, owner of the Nova Operation, from IGO Nova Holdings Pty Ltd, a wholly owned subsidiary of IGO Limited. The ACCC has granted a notification waiver determining that the Nova Acquisition is not required to be notified. The ACCC notification waiver satisfies the condition precedent to completion under the Agreement and the Nova Acquisition is now unconditional. Completion is expected to occur within 10 business days of the earlier of the cessation of IGO's mining and processing operations at Nova and departure of the final product shipment from the Port of Esperance, 30 November 2026 (extendable by IGO Nova Holdings to 15 December 2026), or such other date as agreed by the parties.

Insurance Australia Group (IAG.AX) is appealing a decision by the Australian Competition and Consumer Commission to block its acquisition of Royal Automobile Club of Western Australia on competition grounds. CEO Nick Hawkins argues the deal is in the public interest. The appeal outcome will determine whether the transaction proceeds or is abandoned, leaving the deal in regulatory limbo.

Telix Pharmaceuticals Limited (TLX) will acquire ITM Isotope Technologies Munich SE for US$1.65 billion upfront. ITM shareholders will receive approximately US$1.25 billion in TLX shares at US$11.841 per share, resulting in ITM holders owning 23.7% of TLX shares at close, subject to escrow restrictions of up to 15 months. The transaction vertically integrates Telix's radiopharmaceutical business with ITM's isotope manufacturing platform and is expected to be EBITDA positive from FY 2027 onward.

Ingenia Communities (INA.AX) board rejected a second non-binding indicative takeover proposal from Warburg Pincus for $5.05 per share. The offer values the company at about $2.06 billion, representing a 14% premium. The proposal is conditional on due diligence, regulatory approvals, unanimous board support, and Ingenia abandoning its planned acquisition of Peet. The rejection maintains the current valuation spread over the $1.8 billion market capitalization.

Manda Resources Limited completed the acquisition of Broken Hill Gold's North Queensland assets and 100% of Territory Minerals Ltd. Emerald Resources NL (EMR.AX) holds a 19.8% stake in Manda and contributed $6.4 million toward Manda's $9 million pre-IPO capital raising. The acquisitions provide Manda with a combined global JORC mineral resource of 1.33Moz of gold. Manda appointed Tara French as CEO on 22 September 2026. Manda proposes to list on the ASX late in calendar year 2026, at which point Emerald intends to maintain a cornerstone interest of approximately 19.9%. This stake provides Emerald with an actionable IPO catalyst.

European Lithium Limited (EUR) dispatched the Scheme Booklet for its proposed merger with NASDAQ-listed Critical Metals Corp. (CRML) on 22 September 2026. Proxy forms must be lodged by 10:00am (AWST) on Tuesday, 20 October 2026 for the General Meeting, with staggered deadlines for the Scheme Meetings. The Effective Date, when the Court order is lodged with ASIC and the Schemes take effect, is Tuesday, 27 October 2026.

GSS to acquire 100% of Microba Life Sciences by scheme of arrangement, funded entirely in GSS scrip. Consideration is 0.654 new GSS shares for each Microba share, with no cash, no new debt and no financing condition. Approximately 469 million new GSS shares will be issued. Microba shareholders will hold approximately 67% and GSS shareholders approximately 33% of the merged group. Exchange ratio determined by prior one-month VWAP of 5.48 cents per Microba share and 8.38 cents per Genetic Signatures share as at 18 September 2026. Both boards unanimously recommend, subject to a superior proposal, the Independent Expert's conclusion and finalisation and execution of the Scheme Implementation Deed.

Narryer Metals Limited (NYM.AX) will acquire 100% of Redhill Magallanes SpA, owner of the Redhill Copper Project, for 20 million new Narryer shares subject to a 12-month escrow and a conditional A$1.0 million milestone payment upon delineation of a 12Mt JORC Resource at 2% CuEq. Separately, 29Metals (ASX:29M) will subscribe for approximately A$1.0 million of Narryer shares at A$0.10 per share, also subject to a 12-month escrow. Dean Hildebrand of the Mimaro Group is expected to join the board as a non-executive director following completion.

Carnaby Resources Limited refers to its announcement on 18 September 2026 regarding the proposed acquisition by Evolution Mining Limited of all Carnaby shares Evolution does not already hold via a scheme of arrangement. The Scheme Booklet was registered with ASIC on 21 September 2026. The Supreme Court of Western Australia ordered Carnaby to convene and hold a Scheme Meeting and approved distribution of the Scheme Booklet. The Scheme Meeting is scheduled for 11:00am AWST on Monday, 26 October 2026 at Steinepreis Paganin, Level 14, QV1 Building, 250 St Georges Terrace, Perth. Proxy forms must be received by 11:00am AWST on Saturday, 24 October 2026. Carnaby Directors unanimously recommend shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to the Independent Expert continuing to conclude the Scheme is in the best interests of Carnaby Shareholders.

Metals X is targeting 50-51% ownership of GreenTech, a delisted Hong Kong entity whose subsidiary holds an approximately 41% economic interest in Renison Bell through the joint-venture structure. Metals X already directly owns 50% of the Renison joint venture; acquiring GreenTech would add exposure to the other side of the structure, not the entire remaining 50%. GreenTech's listing was cancelled effective 24 August 2026 after its shares were suspended in September 2024 over unresolved audit disputes. Metals X has cited approximately $374 million of cash and no corporate debt as funding capacity for the potential acquisition.

Perpetual Limited (PPT.AX) agreed in March 2026 to sell its Wealth Management division to Bain Capital for about A$500 million upfront cash plus an earnout of up to A$50 million; completion is targeted by the end of…

Capstone Copper announced a definitive agreement to sell its Cozamin copper-silver-zinc-lead mine in Zacatecas, Mexico, to Luca Mining Corp. Total consideration is up to US$385 million, comprising $275 million upfront…

Wildcat Infrastructure has submitted a non-binding indication of interest to buy Austal USA from Austal Limited (ASB.AX) at an indicative valuation higher than a previous proposal from Hanwha Defense USA.

Comms Group completed settlement of the divestment of its IT managed services division onPlatinum to Thinkex Holdings Pty Ltd trading as efex on 1 September 2026.

Lendlease and an investment group sponsored by Bizzi & Partners S.p.A extended the deadline to satisfy conditions precedent for the sale of Lendlease's ownership interest in the development rights to Milano Santa Giulia…

Australian Vintage Ltd (AVG.AX) signed binding agreements to sell its Adelaide Hills cellar door site and vineyard to Woodthall Pty Ltd and Adelaide Wine Co Pty Ltd (Tomich Wines) for A$5 million in cash.

SkyCity is launching a formal sale process for SkyCity Adelaide after a strategic review produced inquiries from credible interested parties.

Fitzroy River Corporation Ltd completed the sale of its Bowdens Silver Royalty interest for total consideration of A$17.5 million (~$12M).

Garda Property Group (GDF.AX) entered a conditional contract to sell its Pinkenba industrial property to 2MB Co Pty Ltd for A$33.25 million.

Healius Limited agreed to sell wholly owned subsidiary Agilex Biolabs to a Novotech Health Holdings unit for an enterprise value of A$160 million (~$112M).

Healius (HLS.AX) signed a binding agreement on September 25, 2026 to sell its wholly owned clinical research unit Agilex Biolabs to a subsidiary of TPG-backed Novotech for an enterprise value of A$160 million (~$112M), or 19.8x Agilex's FY2026 EBITDA. Healius expects cash proceeds of about A$155 million (~$109M) after costs and no tax on the sale, which would leave it in a net cash position. Completion needs FIRB and ACCC approval and is expected in the second half of FY2027.

Range International Limited (RAN.AX) is raising A$1.7 million (~$1.2M) through a 1-for-1 non-renounceable entitlement offer at $0.09 per share.

Surefire Resources (SRN.AX) offers up to 90,593,381 options at A$0.001 each through a non-renounceable entitlement offer, raising up to approximately A$90,593 before costs.

Barys Resources (BRY.AX) is conducting a renounceable entitlement offer to issue up to 264.0 million new shares at AUD $0.01 per share.

Prodigy Gold NL (PRX.AX) is launching a non-renounceable entitlement offer of up to 168.5 million shares at A$0.047 per share to raise A$7.9 million (~$5.5M).

L1 Global Long Short Fund Limited (GLS.AX) completed institutional entitlement and shortfall bookbuilds raising approximately A$100.9 million at A$1.76 per share, comprising A$30.8 million of entitlements and A$70.1…

Flynn Gold Limited (FG1.AX) is raising $3.0 million through a one-for-three renounceable rights issue at 1.5 cents per share.

Cynata Therapeutics Limited (CYP.AX) launched a three-for-eight renounceable entitlement offer to raise about $0.9 million (renounceable entitlement offer).

Enova Mining launched a one-for-four non-renounceable rights issue at $0.001 per share.

Neurizon Therapeutics Limited (NUZ.AX) is preparing for possible commercial pathways for NUZ-001, including independent development, partnering, licensing and a potential M&A transaction, depending on clinical results.

Executive chair Raleigh Finlayson said Genesis was conducting a strategic review and considering multiple structures, including outright mine sales and a separately listed vehicle.

EVT Limited (EVT.AX) began a strategic review on September 17, 2026, and has identified AUD 800 million (~$559M) of non-core property for possible divestment.

Elixir Energy Limited (EXR.AX) is continuing its strategic review, with discussions involving Beach Energy Limited and multiple other parties.

Etherstack's Board completed its initial strategic and capital management review announced 13 July 2026.

Northern Star Resources (NST.AX) is preparing to sell non-core assets as a defensive measure against takeover attempts from Gold Fields.

Managing director Dr Mike Jones stepped down for health reasons, effective 25 September, after 20 years with Impact Minerals.

Bravura Solutions announced on 12 August 2026 a final ordinary dividend of A$0.0831 per share and a special dividend of A$0.0669 per share.

Boom Logistics Limited (BOL.AX) announced a share repurchase program for up to 3.6 million shares.

Ai-Media Technologies Limited (AIM.AX) will buy back 20.8 million shares.

Tissue Repair Ltd announced an equity buyback of 7.7 million shares for AUD 1 million (~$697.9K).

Pengana International Equities Limited (PIA) is undertaking an off-market equal-access buy-back of up to 100% of its shares.

Otto Energy proposes to return approximately A$20 million from existing cash reserves, equivalent to A$0.417 per post-consolidation share, following a 100:1 share consolidation.

IDP Education (IEL.AX) rejected an unsolicited, non-binding A$700 million (~$494M) cash takeover proposal from Blackstone Singapore Pte Ltd. The improved offer of A$2.50 per share via a scheme of arrangement, received in early September 2026, followed an earlier undisclosed bid of A$2.30 per share. IDP's board rejected the proposal as highly opportunistic, and upon public disclosure of the rejection around September 22-23, 2026, Blackstone formally cancelled its acquisition plans. The failed bid removes a A$2.50 per share exit premium, leaving holders to evaluate the company on standalone fundamentals at A$1.91, with student placement volumes down 25 percent in key markets.

A2MP Investments' takeover offer for Canyon Resources lapsed on September 21, 2026 after failing to reach the required 75% threshold. A2MP launched its cash offer on July 29 at A$0.05 per Canyon share when it and associates held 55.56%. On September 11 A2MP reported 56.63% relevant interest, still 18.37 percentage points short of the 75% minimum. AFG Bank Cameroon has suspended disbursements under the CFA82 billion facility for Camalco, Canyon's Cameroon subsidiary. Canyon has withdrawn its fourth-quarter 2026 target for first bauxite shipment from Minim-Martap. The offer closed at 7.00pm Sydney time on 21 September 2026, rendering all acceptances void. Canyon announced the lapse under ASX Listing Rule 3.4.2 on 23 September 2026.

Simba admitted using spectrum beyond IMDA's permitted limits, attributed to hardware and software issues. The S$1.4 billion (~$1.1B) Simba-M1 deal collapsed in May after IMDA said Simba may have used unassigned radio frequency bands. IMDA has not yet advised Simba on consequences, which may include financial penalties, licence modifications or termination. Tuas full-year net profit rose 277% to about S$26 million (~$20M) for the year ended Jul 31, from S$6.9 million (~$5.4M). Tuas raised S$322 million (~$252M) via placement and S$42.5 million (~$33M) via share-purchase plan for the M1 deal; board has not decided use of proceeds. Tuas shares closed 23.4% lower at A$1.785 on Wednesday; year-to-date down 74.8% from A$7.08.

Ares Management Asia (Singapore) Pte, Ltd withdrew its non-binding, conditional proposal to acquire 100% of MaxiPARTS Limited (MXI.AX) via a scheme of arrangement at A$2.50 per share. An Exclusivity Deed granting Ares data-room access had been executed on September 3, 2026; Ares subsequently advised it would not proceed. The withdrawal removes the A$2.50 per share take-private premium, leaving the stock to trade on standalone fundamentals.

Perpetual rejected Windflower's final bid of AUD 22.50 (~$16) per share, totaling approximately $2.6 billion. Perpetual's board believes the bid undervalues the company and cites conditions it deems unacceptable risks for deal completion. The proposal was stated as EQT's best and final offer, and Perpetual considers discussions closed. EQT's prior bids: AUD 21.64 (~$15) in July, raised to AUD 22.07 (~$16) and then AUD 22.50 (~$16).

Perpetual (PPT.AX) rejected a final A$22.50-per-share takeover proposal from EQT-controlled Windflower, valuing the company at approximately A$2.6 billion. The failed buyout removes a take-private catalyst, leaving Perpetual listed with the bidder out of the picture.

Sandon Capital, which owns nearly 1% of Orora, plans to oppose the executive remuneration package at the October 14 annual meeting over CEO Brian Lowe’s bonus plan.

Sandon Capital is seeking to remove Marina Go as a director of Southern Cross Media Group Ltd (SXL.AX) at the November 5 annual general meeting.

Elliott Investment Management now owns 6.24% of Northern Star Resources (NST.AX) and has secured two board seats.

Stephen Mayne has nominated himself for election as a director of Southern Cross Media Group Limited (SXL.AX).

Shareholders forced Goodman Group (GMG) to table a resolution for its November annual general meeting regarding environmental and community risks from its data centre business. The resolution was prompted by a petition from shareholders representing 0.0017% of securities on issue. The resolution asks the board to disclose how it assesses risks to the environment and its social licence.

Iris Cairns Property Pty Ltd offers A$4.67 cash per unit for all Reef Casino Trust units it does not already own.

Crimson Consulting Australia Pty Ltd increased its voting power in Kip McGrath Education Centres (KME.AX) to 32.35% after acquiring 572,005 shares via its off-market takeover offer.

Warburg Pincus has made a cash bid of A$5.25 per security for Ingenia Communities.

Iris Cairns Property Pty Ltd launched an unconditional cash offer to acquire all remaining units of Reef Casino Trust (RCT.AX) at $4.67 per unit. The buyer already owns 85.77% of the trust. The Bidder's Statement was lodged with ASIC and served on the target after the close of trading on 24 September 2026. An independent expert report within the upcoming Target's Statement is the key document for minority unitholders to assess the offer.

CZR Resources Ltd extended its off-market takeover bid for all ordinary shares of Zuleika Gold Limited (ZAG.AX) by 30 days (Supplementary Bidder's Statement). The offer period now ends at 5:00pm (AWST) on 6 November 2026. As of 22 September 2026, none of the conditions in the Bidder's Statement have been freed or fulfilled. The next milestone is the notice on the status of conditions due 30 October 2026. The extension indicates that defeating conditions remain unsatisfied, leaving the offer conditional.

EQT Infrastructure is negotiating a binding scheme implementation deed to take Cleanaway Waste Management (CWY.AX) private under its non-binding indicative proposal of A$3.13 cash per share, less any dividends paid…

Arrovest Pty Ltd is seeking to acquire all shares of Noumi Limited (NOU) it does not already own through a scheme of arrangement.

EQT Infrastructure proposed to acquire 100% of Cleanaway Waste Management (CWY.AX) via a scheme of arrangement.

Titan Australia Mining Pty Ltd will acquire 100% of Global Lithium Resources Limited (GL1.AX) for A$1.15 per share in cash via a scheme of arrangement, taking the company private. The offer represents a 73 percent premium to the A$0.665 closing price on 18 September 2026. A scheme booklet is expected in late November 2026, alongside the independent expert report. The transaction requires approval from the court, FIRB, and ACCC, as well as 75 percent of votes cast and a majority by number of shareholders, with a shareholder vote expected in late December 2026.

Goodstart Early Learning signed a conditional agreement to acquire 31 childcare centers operated by Edge Early Learning, including 20 of the 27 properties owned by Arena REIT No.

Voluntary administrators from FTI Consulting were appointed to Paradigm Biopharmaceuticals on 29 September 2026.

Paradigm Biopharmaceuticals Limited (PAR.AX) entered voluntary administration on September 29, 2026, after interim efficacy in Phase 3 trial PARA_OA_012 fell below the continuation threshold.

Paradigm Biopharmaceuticals (PAR.AX) entered voluntary administration, as reported on September 30, 2026, following an interim result that halted its Phase 3 trial.

Ramsay Health Care Ltd (RHC.AX) proposes to distribute its entire 52.79% holding in Ramsay Santé, an existing Euronext-listed European hospital operator, pro rata to shareholders through an in-specie distribution under…

Ramsay Health Care Limited (RHC.AX) plans to distribute shares of its European healthcare subsidiary, Ramsay Santé, to shareholders via an in-specie demerger.

The Australian Takeovers Panel issued a declaration of unacceptable circumstances regarding DGR Global Limited.

Sunrise Energy Metals executed a Scheme Implementation Deed with newly incorporated U.S. entity Sunrise Energy Metals, Inc. to shift parent-company domicile from Australia to the United States.