Lists

Tracking the ASX takeover deluge since 2019


October 3, 2024

The ASX is thinning out noticeably with the biggest drought of IPOs in a decade and one of the biggest runs of takeovers we've ever seen. See this list tracking 17 consecutive monthly drops of total listed entities and below is the full list of 60+ takeovers of current or former ASX300 companies, plus anything capitalised at more than $200m since 2019. There were 6 major deals in 2019, just 4 in 2020, 8 in 2021, 7 in 2022, 9 in 2023 and then an absolute deluge in 2024 as is detailed below.

2024 - 27 completed deals which saw delistings roll out on a monthly basis as follows

January: no delistings

February: 1 delisting

1. Costa Group: CGC (9 years, 2015-2024): floated by the Costa family and its private equity partner Paine in 2015 and then Paine returned to privatise the business with a $1.6 billion bid in July 2023, supported by Driscoll and one other player. The scheme meeting approving the deal was held on January 30, 2024. The proxies were disclosed early with formal addresses and trading was suspended on February 8 and shareholders were paid on February 26 before it was delisted the next day on February 27.

March: no delistings

April: 2 delistings

2. A2B Corp: (A2B) (25 years, 1999-2024): the old Cabcharge was founded by Reg Kermode in 1976 and floated in 1999. Was renamed A2B Corporation in 2018 and then taken private by Singaporean company ComfortDelGro in 2024 for the equivalent of $2.30 per share or $182 million, by which time the business had shrunk to a fraction of its former glory. The 245 page scheme book was released on February 21 and the scheme meeting comfortably approved the deal on March 25 in Sydney at The Mint. The proxies were disclosed early with the formal addresses. The shares stopped trading on April 2, with settlement on April 11, the day the scheme became legally effective, and it was delisted the next day on April 12.

3. Boart Longyear: BLY (2007-2024): The scheme meeting to approve a $543 million US private equity takeover took place on February 21 at 10am. The shares were suspended on April 5 with shareholders paid on April 10 before it was delisted the next day on April 11. The proxies were disclosed early with the formal addresses.

May: 5 delistings

4. Orecorp (ORR): after a bidding war against SilverCorp, Perseus Mining secured the Africa-focused miner with a cash and scrip bid valuing the equity at around $280 million or 57.5c. It was a conventional bid, not a scheme. The compulsory acquisition notice was sent out on April 19 when Orecorp had 95% of Perseus and it was removed from the official list on May 2.

5. Azure (AZS): (2003-2024) initially floated in November 2003 when it raised $15 million at 25c. The Perth-based lithium company was then bought by Gina Rinehart and Chilean giant SQM in a joint $1.7 billion cash offer priced at $3.70 a share. The 292 page scheme book landed on March 4 and the scheme meeting was a physical only affair on April 8 at the Celtic Club in Perth. Pathetic. The deal was approved by 98.4% of voted stock with 87% of voting shareholders in favour although this only amounted to 517 voting yes and 78 voting against, a poor turnout when the last annual report claimed it had 6,681 shareholders. The shares stopped trading on May 2 and shareholders were paid on May 9 but it wasn't delisted until May 21. The proxies were disclosed early with the formal addresses.

6. Volpara Health Technologies (VHT): an agreed takeover of the Wellington-based company by a South Korea predator Lunit Inc which valued the equity at $296m. See scheme book. Hybrid scheme meeting was held on April 12 . See text of 3 questions asked. Kiwi law requires schemes to be approved by more than 75% of voted stock and 50% of total stock and the respective results were 97% and 68%. The stock was suspended on May 3 and shareholders were paid on May 21, the day before it was delisted on May 22.

7. Link Group, (9 years, 2015-2024) Japanese giant Mitsubishi agreed to pay $2.16 per share or $2.1 billion in enterprise terms after years of poor performance, much of which was associated with its UK division. The share registry and investor services business was floated at $6.37 per share in October 2015. However, when you add back the performance of PEXA, which was spun off in 2021, the performance wasn't as bad. The hybrid scheme meeting was held at 3pm on April 24 in Sydney at the Four Seasons and was approved by 99% of voted stock and 85% of voting shareholders. Shareholders were paid on May 16 and the stock was delisted on May 17 after being suspended on May 1. The proxies were disclosed early with the formal addresses.

8. Newmark Property REIT (NPR): the Bunnings focused BWP Trust successfully bid $250 million for fellow Bunnings landlord Newmark and reached 90% on April 24 before the offer closed on May 17, after compulsory acquisition had been started. Was suspended from trade on May 21 and removed from the official list on May 23.

June: 3 delistings

9. Tietto Minerals (TIE): floated in 2017 when it raised $7.5m at 20c then successfully developed its Sierra Leone gold project and was taken over in 2024 in a deal which valued the company at $774m on AGM day on May 24, 2024. The Chinese predator Zhoujin Mining, first emerged with 7% when it offered 58c a share in October 2023. This was increased to 68c on April 24, 2024 and they moved to compulsory acquisition on May 24 having reached 90.7% when the offer closed on May 14. The stock was suspended on May 31 and it was removed from the official list on June 6.

10. Silver Lake Resources (SLR) (17 years, 2007-2024): raised $30 million in a 2007 float priced at 30c and was set to be acquired by fellow goldminer Red 5 in an all-scrip "merger of equals" in early 2024 which valued the 934m shares on issue at $1.12 billion the day after it was announced. The merger implementation agreement dropped with the announcement on February 5. Scheme meeting was held on May 31 in Perth. Shares were suspended on June 7 when the scheme became effective. It was approved by 97% of voted stock and 79% of voting shareholders. The proxies were disclosed early with the formal addresses. It was delisted on June 20, the day after the scheme was implemented and shares transferred on June 19.

11. Probiotec (PBP): Owns 6 pharmaceutical manufacturing plants in Australia and has agreed to a takeover by Indonesian company PT Pyridam Farma Tbk which values the business at around $260 million. Grant Thornton valued the business at between $2.78 and $3.29, which fell within the $3 per share bid price. See scheme implementation agreement. Hybrid scheme meeting took place in Melbourne at 10am on May 29. Was comfortably approved and suspended from trade on June 5. Shareholders were paid on June 18 and it was delisted the next day on June 19. The proxies were disclosed early with the formal addresses.

July: 6 delistings

12. Boral (BLD): Seven Group launched a mop-up bid on February 19 comprising $1.50 in cash and total value of $6.25 a share, based on the value of Seven Group shares at the time of the bid. It was said to be a final bid and there were heavy handed de-listing threats. The independent directors recommended against, with the backing of an independent experts report from Grant Samuel which valued Boral shares at between $6.50 and $7.13 when the implied value of Seven's mop up offer was only $6.07. The offer was then sweetened on April 12, winning board endorsement. Shareholders were guaranteed a minimum $1.70 in cash, a 26c fully franked dividend was paid on April 26, costing $286m and they also announced a buyback of up 55 million shares to try and get to the 90% compulsory acquisition threshold. It worked. Seven Group started with 71.6%, the buyback topped $100 million and at one point finished up with 95.22% before later dropping back due to some exchangeable note conversions. On May 31, Seven extended the closing date until June 28 as it hit 92.9%, so the stock was suspended from trade after close of business on June 6 because the compulsory acquisition notice was issued on May 30. The final compulsory acquisition occurred on July 4, diluting Kerry Stokes down to 50.93% of Seven Group. Boral was delisted on July 5.

13. Adbri (ABC): Irish concrete giant CRH teamed up with controlling shareholder Barro Group to lodge a $3.20 a share bid which was supported by the independent directors. The AGM was scheduled for Friday, May 24 but they received an exemption from ASIC to hold it in conjunction with the June 12 scheme meeting at 10.30am in Adelaide with an implementation date of July 1. It was a physical meeting with no online voting or questions. The company has around 17,000 retail shareholders but there was no material opposition. The stock was suspended from trade on June 17, shareholders were paid on July 1 and Adbri was removed from the official list on July 2. The proxies were disclosed early with the formal addresses.

14. CSR: French building materials giant Saint Gobain lobbed a $9 a share bid worth $4.3 billion on February 22, securing due diligence. The stock rocketed 17% to $7.95 after a leak before trade was halted. Embarrassing. The $9 deal was agreed on February 26 and the scheme meeting was held on 9am on June 13 in Sydney, with no material opposition. See scheme book. The company has around 51,000 retail shareholders but only about 6,000 voted on the takeover. The stock was suspended on June 19, shareholders were paid on July 9 and the stock was delisted on July 10. Puzzled why there was a 20 day wait for payment after the suspension. The proxies were not disclosed early with the formal addresses.

15. QV Equities (QVE): WAM Leaders secured agreement for a $215 million scrip or cash takeover. The hybrid scheme meeting in Sydney started at 10am on June 28. See text of 6 questions lodged. See scheme book. Was approved by around 92% on both metrics. The stock was suspended on July 4, shareholders got paid on July 8 and it was delisted on July 16. The proxies were disclosed early with the formal addresses.

16. TASK (TSK): the restaurant technology company only shifted its HQ and primary listing to Australia last year and now it is being taken over by NYSE listed rival PAR Technology in a $310 million deal announced with a full scheme implementation agreement on March 11. See our 10 questions at last year's final New Zealand AGM. The scheme book dropped on May 28 and the virtual scheme meeting was scheduled to start at 11am on June 28 Sydney time, but was then adjourned on the day. Ended up being comfortably approved. Trading was suspended on July 10 and shareholders got paid on July 19. It was delisted on July 22. The proxies were disclosed early with the formal addresses.

17. MMA Offshore (MRM): the board agreed to sell the business for $2.60 a share or $1.03 billion (plus debt) in a deal with Cyan Renewables, a portfolio company of Singapore-based private equity outfit Seraya Partners. The pricing was a skinny 11% premium to the previous close, hence major shareholder Pendal has come out and slammed the board for agreeing to an “absolute steal”, which may have contributed to the 10c increase to $2.70 per share announced on June 20. The scheme implementation agreement dropped on March 25 and the physical scheme meeting in Perth is on July 1. Have added them to shame file offering physical only shareholder meetings. The independent expert valued the business at between $2.03 and $2.83 a share. The final votes were 92% support from voted stock and 65% support from the voting shareholders. Trading was suspended on July 11 and shareholders were paid on July 25. The stock was delisted on July 26. The proxies were disclosed early with the formal addresses.

August: 4 delistings

18. Altium (ALU): (25 years, 1999-2024) After floating as Protel International at $2 a share in August 1999 when 38% of the business was sold for $46.5 million, the electronics software maker reached agreement on February 14, 2024 for Japanese company Renesas to acquire the company at $68.50 a share or $9.1 billion in cash. The scheme meeting was a physical affair at 9am in Sydney at 9am on July 12 and deal was approved with support from 99.8% of voted stock and 96.7% of voting shareholders after 2,023 voted in favour and just 114 voted against. See scheme implementation agreement. Shareholders were paid on August 1 and the scheme become effective on July 19, when the stock ceased trading. The proxies were disclosed early with the formal addresses and it was delisted on August 2.

19. Genex (GNX): Japanese firm JPower offered 27.5c which the board accepted on April 12. See sale agreement. Current market cap $380m. The scheme meeting is a genuine hybrid via Lumi at 10am on July 16. See full scheme document. The proxies were disclosed early and showed an 8.6% against vote. The final poll showed 94.9% support by voted shares and 76.44% by the shareholder metric with 850 in favour and 262 against. Shareholders were paid on July 31, the stock stopped trading on July 22 and it was removed from the official list on August 1.

20. Alumina (AWC): (22 years, 2002-2024): was demerged out of WMC in late 2002 and then Alcoa of America finally launched its long predicted mop-up bid in February 2024, but were only offering their own shares and no cash. Alcoa will become dual listed on the ASX, a bit like the way Newcrest shareholders could swap into Newmont which is also listed on the ASX. The scheme implementation agreement was announced on March 12 and the scheme meeting is scheduled for July 18. Announced this amendment on May 21 which would limit Chinese giant CITIC to 4.5% of Alcoa's voting stock in order not to breach US laws which limit investors in US banks from owning more than 5% of US public companies. Failed to disclose the proxies early with the formal addresses and only secured CITIC's public support on the day, which ended up delivering a solid mandate with 99.77% of voted stock in favour and 87.5% of the voting shareholders (1,598 for and 227 against out of circa 52,000). See text of 6 online questions asked at 45 minute scheme meeting. Alumina shareholders received their Alcoa CDI on August 1 and the stock was delisted on August 2.

21. QANTM Intellectual Property Limited (QIP): floated on the ASX in 2016 when it raised $31.7m at $2.22. Joined the ASX exodus on July 31, 2024 when shareholders voted in favour of a bid from Adamantem Capital valuing the equity in the business at $255m or $1.817 per share. A maximum of 24% of shares on issue were made available for those wishing to roll into the bid vehicle and remain exposed to the intellectual property business. Shareholders were paid on August 19.

September: 1

22. Ansarada Group: the Brisbane-based software as a service provider wracked up $54m in accumulated losses over the journey as a public company but was privatised in August 2024 in a deal which valued the equity at around $250 million with fund manager CapVest buying most of the business and CEO carving out Samuel Riley taking part of it. Claimed to have net assets of $48 million at the time of the deal so created more than $200m in value for shareholders. The 337 page scheme book was released on April 14, shareholders voted overwhelmingly in favour on August 21, shares were suspended on August 28 and shareholders were paid on September 6.

October: 5

23. Virgin Money (VUK): includes the old NAB UK business and received a $5.7b cash offer from Britain's largest building society, Nationwide, priced at £2.20 a share, a 38% premium to the previous close. The business is two thirds owned by Australian shareholders courtesy of being demerged by NAB in 2016. It later merged with Virgin Money in 2018. The agreed deal required approval from both sets of shareholders and shareholders can elect to be paid in pounds, Australian dollars or NZ dollars. The scheme meeting vote was held at 1.15pm on May 22 in London and was approved by 89.3% of voted stock even though only 433 shareholders bothered to vote. As can be seen on page 13 of this ASX announcement, the timetable for UK schemes can be quite drawn out and the long stop date is set down for January 31, 2025. After competition approval was received on July 22, they predicted a December quarter close on the deal and were booted from the ASX200 on September 26. The shares stopped trading on September 30 and the scheme became effective on October 1.

24. Base Resources (BSE): the Australian-based and Africa-focused critical minerals company has agreed to a $375 million largely scrip takeover offer from US company Energy Fuels. The stock was last traded at 10.5c and shareholders will receive a 6.5c dividend and then Energy Fuels shares which they claim lift the total consideration to 30.2c per share, or a premium of 188%. Yes, but that depends on where the Energy Fuels share price goes. The 452 page scheme book landed on August 2 and the virtual scheme meeting was held on September 5, generating negligible against votes. The implementation date is October 2.

25. APM Human Services (APM): Chicago-based private equity firm and 29% shareholder Madison Dearborn has submitted a privatisation proposal after earlier floating the business at $3.55 a share in a disastrous IPO for public investors. They came back with a firm offer at $1.40 a share which requires key management to stay with the business and roll over into the bid vehicle, a feature which is proposed for other institutional shareholders. See text of 6 questions asked at 2023 AGM. Eventually, the board endorsed an offer at $1.45 per share. The scheme meeting will be a virtual affair at 11am Melbourne time on September 18. A majority of the shares on issue elected to roll into the bid vehicle. The stock was suspended on September 25 and the scheme implemented on October 10.

26. PSC Insurance (PSI): announced an agreed takeover by Ardonagh Group on May 8 which values the business at $2.43 billion after it agreed to pay $6.19 in cash per share, a 32.7% premium to the previous close of $4.50. See scheme implementation agreement.The Manningham-based business only floated in 2015 after raising $43m at $1 a share so well done to all involved. The scheme book was only 240 pages and the hybrid scheme meeting was held at 9.30am on September 26 in Melbourne with no material protest votes. The stock was suspended after trading closed on October 2 and the scheme was implemented on October 11.

27. Rex Minerals (RXM): floated in 2007 when it raised $7m at 25c and 17 years later the Adelaide-based company has agreed to sell itself to MACH Metals, which is controlled by Indonesian billionaire Anthoni Salim. The offer was pitched at 47c a share which values the equity at $393m. The key asset is the Hillside copper-gold mine in South Australia which is expected to cost almost $900m to develop. MACH is already the largest shareholder with a 15.8% stake. See 75 page sale agreement. The 256 page scheme book landed on September 4 and the physical only scheme meeting is in Melbourne at 10am on October 10.

2024 - 11 more potential deals in train, ranked in order of likely chronological completion date

Capitol Health (CAJ): the Andrew Demetriou chaired imaging diagnostics company agreed to a merger proposal from Integral Diagnostics (IDL) which will see 2 CAJ directors join the expanded board and the CAJ CEO secure a 2 year extension of his contract. The combined company will have a market cap of around $850 million. See merger implementation agreement. This update on September 2 explained that the ACCC is having a look and the 280 page scheme book landed on September 24. The second court appearance is scheduled for November 1 after which we'll get a scheme meeting date.

Latin Resources (LRS): Pilbara Minerals has agreed to issue about $530m worth of its stock to buy Latin Resources which had a market cap of $308m on August 14, before the agreed takeover was announced. Pilbara is a rare profitable lithium operator with a market cap of $8.57b going into the deal and Latin has a good lithium project in Brazil, amongst other prospects, which it is effectively selling in exchange for 6.4% of Pilbara's stock. Latin Resources first floated in 2010 when it raised $6m at 20c. The stock jumped 50% to 18c when trading resumed after the deal was announced, whilst Pilbara shares dipped 3.5% suggesting it was overpaying.

Auswide Bank (ABA): the Bundaberg-based former building society has agreed to merge with Tasmanian small bank rival Mystate in an all scrip deal that will see Auswide emerge with 34% of the combined operation which will be capitalised at around $600 million. Will require Auswide shareholder approval and they're aiming for a pre-Christmas completion.

Hotel Property Investments (HPI): Charter Hall and Hostplus bid $3.65 per unit for the hotels landlord in September 2024 but were initially rebuffed with their offer which valued the equity at $711 million. The AFR's Chanticleer column pointed out it was pitched at a 10% discount to net assets.

Platinum Asset Management (PTM): Regal Partners launched a hostile scrip takeover bid on September 17.

Pact Group (PGH): after raising $648 million from public investors at $3.80 a share in 2013, the billionaire founder Raphael Geminder is privatising it with an 84c a share offer that will cost him about $145 million. Was up to 87% by March 5 but was then slowed down by a Takeover's Panel application which saw it temporarily barred from processing acceptances. Latest filing had him at 87.63% but annoying how the notice doesn't include the percentage. There are 344.29m shares on issue if you want to work it out. The offer closed on June 7 and eventually fell short so the stock remains listed and was at 82c on August 16.

Orora (ORA): the Amcor spin-off received a takeover bid from private equity firm Lone Star which it rejected on August 13, 2024. The $2.55 per share offer valued the company at $3.3 billion and was viewed as opportunistic after the stock recently hit a 10 year low of $1.87. The AFR's Street Talk column also reported that rival private equity firm Apollo was running the numbers on making a bid.

Pacific Smiles (PSQ): dueling private equity bids which value the equity at around $300m - see Chanticleer column. The action heated up on December 18 last year when Genesis Capital lobbed a $1.40 per share bid and disclosed it had acquired an 18.8% stake. Its two founders originally hailed from Crescent Capital which then entered the fray eventually driving up the price to more than $2. Co-founder Alex Abrahams was the kingmaker in the buyout battle, refusing to disclose how he would vote his 12.6% stake. The original scheme meeting was scheduled for August 1 but then delayed until 11.30am on August 8 as the rival bids kept coming, finishing at $2.05 per share from Crescent on August 1, which Genesis still didn't accept without saying it would go higher again. The proposal was comfortably defeated with 36.7% of voted stock opposing it, meaning Genesis wasn't alone. Genesis then returned to the play with a $1.90 takeover bid on September 17 which included the option for shareholders to roll into a bid vehicle, but this was rebuffed by the board.

Bapcor (BAP): US private equity firm Bain lobbed an opportunistic $1.83 billion non-binding offer at $5.30 a share on June 11 after a raft of board and executive upheavals, profit downgrades and bad headlines destabilised the company. Yet to see if an agreement will be struck as Bapcor initially recommended against. Stock was at $4.95 on August 16.

Southern Cross Media (SXL): rival radio operator ARN Media lodged a revised bid and its allies lodged a removal resolution for disagreeable SXL chair Rob Murray, who brought forward his departure, seemingly clearing the last major board obstacle for a deal to be done. The EGM request by Spheria Asset Management was withdrawn on March 28 and the ARN Media offer was withdrawn on May 11 after Anchorage withdrew from the bidding consortium. ARN is still talking about merging but SXL is clearly unimpressed so a deal looks unlikely, although Antony Catalano has now entered the play with a merger proposal with Southern Cross through his ACM outfit. The AFR's Street Talk column had this brutal update on SXL in August 2024. Stock had tumbled to 60c by August 16.

Austal (ASZ): received a non-binding offer from South Korean firm Hanwha at $2.825 on April 2 which is unlikely to succeed for sovereign security reasons. Has been little further to the ASX since. Stock was at $2.38 on August 16.

2023 - 9 completed

Blackmores, (38 years, 1985-2023): founded in 1938 by Maurice Blackmore, listed in 1985 and then taken over by Japanese giant Kirin after a $1.9 billion takeover bid which completed in July 2023.

Estia Health (9 years, 2014-2023): originally floated in 2014 when it raised $725 million at $5.25 a share in a Quadrant driven private equity roll-up and flip. After woeful performance, it was then privatised by private equity firm Bain on December 15 2023 in a deal which valued the equity at $3.20 a share or $828 million. Its market cap peaked at $1.4 billion in 2015-16 when the shares topped $7 but then crashed during COVID so this was a dud for public investors who endured the full 9 year public journey.

Invocare, (20 years, 2003-2023): the death industry giant has agreed to a takeover by private equity firm TPG with a shareholder vote due later this year. It was floated in 2003 at $1.85 a share raising $186 million for the equity.

Mincor Resources (1997-2023): listed in 1997 as AfricWest Gold before later pivoting to nickel. Twiggy Forrest privatised the nickel miner in July 2023, paying $1.40 a share or $760 million in cash.

Newcrest Mining: The last big gold miner standing and recently agreed to be taken over by Denver-based US giant Newmont in an all-scrip offer valued at $29 billion which completed on November 6, 2023.

OZ Minerals, (15 years, 2008-2023): was created from the 2007 merger of Oxiana Resources and Zinifex but then almost collapsed after the GFC when most of its assets were sold to CCP-controlled entities. Was left with the fabulous Prominent Hill copper gold mine which BHP bought for almost $10 billion when it paid $28.50 a share for the company in 2023.

Pendal, (16 years, 2007-2023): initially partially floated by Westpac as BT Investment Management in 2007, then after the bank fully exited it changed its name and was taken over by rival Perpetual in a $2.4 billion deal after a lengthy battle which finally settled in January 2023.

Slater and Gordon, (16 years, 2007-2023): never officially collapsed as was rescued in a scheme of arrangement but the final full year result was a $546.8 million loss in 2016-17 and this followed a $1.017 billion loss in 2015-16. Did a massive debt for equity swap to stay listed before Allegro privatised it in 2023.

United Malt, (3 years, 2020-2023): was spun out of Graincorp in 2020 but then snapped up by Soufflet Group, a private French company controlled by the Soufflet family when it offered $5 a share or $1.5 billion in July 2023.

2022 - 7

Ausnet Services, (17 years, 2005-2022): originally floated as SP Ausnet by Singapore Power in 2005 when it raised $1.6 billion at $1.38 after aggregating some privatised gas and electricity utilities. Changed its name to Ausnet after the Singaporeans sold a 20% stake to the Chinese Government's State Grid and was then taken private by Brookfield in February 2022 in a deal which valued the business at more than $15 billion, including debt.

Coca Cola Amatil, (49 years, 1972-2021): taken over by sister company Coca Cola Enterprises in May 2021 with an offer of $13.50 a share which valued the business at $9.8 billion.

Crown Resorts/PBL, (30 years, 1992-2022): effectively started with Kerry Packer's 1992 IPO of ACP Magazines which was then merged with Nine, which in turn was the rebranded Bond Media. Privatised by private equity giant Blackstone in June 2022 for about $9 billion.

Leighton-CIMIC, 2022: was controlled by German giant Hochtief for decades as Wal King built it into an Australian giant, then Spanish rival ACS bought Hochtief and later fully privatised the renamed CIMIC in 2022.

Sydney Airport, (20 years, 2002-2022): floated by Macquarie in the early 2000s as Macquarie Airports then sold off everything except Sydney Airport which was privatised by a group of industry funds and international investors for more than $20 billion with an $8.75 a share bid in 2022.

Uniti Group, (3 years, 2019-2022): only floated in 2019 with an $18m raising at 25, the undertook a blizzard of takeovers the broadband networks owner fell to a consortium led by New Zealand's Morrison & Co and Canada's Brookfield Asset Management after they offered $3.6 billion or $5 a share in 2022.

Western Areas, (22 years, 2000-2022: floated at 20c in 2000 after $5m raising and was eventually taken over by nickel-lithium outfit IGO after protracted negotiations in a deal that valued the company at $1.3 billion. Just been blasted by The AFR's Chanticleer for writing the investment down by $700m.

2021 - 8

Afterpay, 2021: Block Inc, the US payments company founded by Twitter founder Jack Dorsey (which used to be called Square), bought Afterpay in 2021 offering 18% of its own expanded share capital, although some analysts value the Afterpay business at zero.

ALE Property Group, 2021: the pubs landlord was privatised in December 2021 after a joint bid by Charter Hall and industry fund HostPlus priced at $5.88 a share.

Bingo, (4 years, 2017-2021): floated by the founding Tartak family at $1.80 a share in 2017 and then privatised by a Macquarie fund in 2021 which paid $2.3 billion or $3.45 a share.

Galaxy Resources, (15 years, 2006-2021): taken over by lithium rival Orocobre in a $4 billion all scrip deal in 2021 although it was a more a merger of equals with Galaxy shareholders finishing up with 45.8% of the new entity which trades as Allkem. Stock has since soared to a $10.5b market cap with Toyota as the only substantial shareholder with a 6.16% stake. Galaxy Resources was first floated in 2006 after raising $3m at 20c.

Milton, (63 years, 1958-2021): mopped up by Soul Pattinson through an over the top all scrip $4 billion offer in 2021 which took out 29,000 shareholders.

Spark Infrastructure, (16 years, 2005-2021): floated in 2005 when the Chinese purchasers of privatisated state utility asset raised $1.81 billion at $2 a share. Was then privatised in December 2021 by private equity firm KKR and the Ontario Teachers fund with an offer pitched at $2.95 a share.

Tassal, (18 years, 2003-2021): floated at 50c a share in 2003 when it raised $31 million and eventually bought by Canadian fish giant Cooke Inc which paid $1.1 billon for Tasmanian-based salmon giant in 2021.

Vocus Communications, (22 years, 1999-2021): raised $20m at $1 a share when it listed in 1999 and then the telco was privatised by Macquarie and Aware Super after they lobbed an offer priced at $5.50 a share in 2021 which valued the business at $3.5 billion.

2020 - 4

Infigen Energy, (15 years, 2005-2020): the old Babcock and Brown Wind was floated in 2005, changed its name to Infigen in 2009 and then bought by Spain's Iberdrola for $841 million in 2020 but it had traded higher.

Nearmap, (22 years, 2000-2022): floated in 2000 after raising $10m at 25c and then US private equity firm Thomas Bravo paid $2.10 a share or $1.05 billion, which at the time was nearly double the prevailing share price.

Oil Search, 2021: completed a $21 billion all-scrip merger with Santos in 2021 in which Oil Search shareholders finished up with 38.5% of the business. Three Oil Search directors joined the Santos board - Eileen Doyle, Musje Werror and Michael Utsler - whilst Susan Cunningham, Fiona Harris, Bakheet Al Katheeri, Kostas Constantinou and chairman Rick Lee all departed.

Village Roadshow, 2020: privatised by private equity firm BGH in 2020 after previously trading at much higher prices.

2019 - 6

Aveo, (25 years, 1998-2019): Canadian giant Brookfield plucked the large residential aged care business off the ASX boards in 2019 for a $2 billion enterprise valuation or a $1.3 billion equity value, swooping in with a 28 per cent premium at a time when its target was caving under regulatory scrutiny. It then refinanced a $1.45 billion debt in July 2023. It was previously known as FKP, a Gold Coast-focused property developer which was born in 1998 in the merger of Peter Kurts Properties, founded by the late Peter Kurts in 1964, with Forrester Parker Group, run by Rod Forrester and Phil Parker.

Bellamy's, (5 years, 2014-2019): Chinese firm Mengnui bid $13.25 a share in 2019 for the Tasmanian-based powdered milk company, valuing the business at $1.5 billion.

Dulux, (9 years, 2010-2019): was demerged by Orica in July 2010 and then 9 years later was acquired by Nippon Paint for $4.2 billion.

Healthscope, (5 years, 2014-2019): after being floated by private equity firms TPG and Carlyle in July 2014 raising $2.57 billion at $2.29, the private hospital operator was bought by Canadian giant Brookfield in 2019 for $4.4 billion after winning a takeover bidding war against rival private equity firm BGH which had teamed up with Australian Super.

MYOB, (4 years, 2015-2019): has been floated and privatised twice, the second time in 2019 when private equity giant KKR paid $2 billion, just 4 years after private equity firm Bain floated 39% of the business at $3.65 a share in 2015, raising $833 million.

Navitas, (15 years, 2004-2019): the private education provider was privatised by Melbourne-based private equity firm BGH in a $2.1 billion deal in 2019.

Trade Me, (8 years, 2011-2019): the ebay of New Zealand was floated off by Fairfax in December 2011 at $NZ2.70 a share and then acquired by Apax Partners for $NZ6.45 a share in early 2019.