Deals

Two local independent music-media rivals have announced plans to combine their businesses, leveraging off each other’s print and online strengths to create a single print masthead and online portal.

Subiaco-based biotech firm Phylogica has announced plans for a heavily discounted $10 million capital raising to fund development of its cancer treatment programs.

Struggling outdoor clothing and equipment retailer Kathmandu has caught the eye of a New Zealand homewares and sports retailer seeking a takeover.

An investment company chaired by Perth businessman Farooq Khan has made an off-market $8 million cash bid for full ownership of Strike Resources, and may seek opportunities for the business outside the resources sector.

Perth-based explorer Auroch Minerals has sold its Mozambique gold assets to Xtract Resources for a cash and share package worth $US12.5 million ($A16.3million).

DLA Piper has entrenched its positon as one of Western Australia’s top 10 law firms after confirming today it would absorb boutique corporate practice Hardy Bowen, with one notable exception.

Digital agency Titan Digital has absorbed brand agency One Brand, bringing One Brand managing director Martin Purcell in as the director of its new Titan Brand product.

Oil and gas explorer New Standard Energy has freed itself of debt after selling its Cooper Basin and US assets to Sundance Energy in a deal valued at $24 million.

Plans by Emeco Holdings to diversify and accelerate its growth through M&A deals have come to naught, after the mining equipment supplier announced today its agreed takeover of Perth company RentCo and its merger discussions with Queensland competitor Orionstone had both been terminated.

Two of Perth’s prominent business families have shed light on their future plans, after the Bennett family struck a deal to buy a marina operation in Fremantle from the Kailis family.

Bradken has received a merger offer from the Chilean consortium providing a $70 million lifeline to the troubled mining services provider.

Private equity group Auctus Chillagoe’s proposed takeover of Mungana Goldmines looks set to be defeated, with Mungana’s major shareholders announcing their intention not to accept the offer.

Altona Mining has signed a joint venture agreement with a Chinese construction group for its Cloncurry copper-gold project in Queensland, with the partner to contribute $US214.5 million ($A278.1m) towards the project.

More than 94 per cent of Atlas Iron shareholders have voted in favour of the company's proposed $180 million capital raising, which is designed to ensure its longer-term viability.

Programmed Maintenance Services’ six-month pursuit of its larger competitor, Skilled Group, has paid off, with the Melbourne-based company backing a $424 million takeover offer.

Online property rental company rent.com.au has commenced its first day of trading on the ASX, after being acquired by Select Exploration in a backdoor listing.

Phoenix Gold has taken a planned vote on an alliance with Evolution Mining off the agenda of its general meeting, being held today, after Zijin Mining Group made a play to take ownership of the company in a cash deal worth $47 million.

The tussle for control of Phoenix Gold intensified today after Zijin Mining Group struck a pre-sales agreement with one of the miner's largest shareholders, boosting its interest to 17.9 per cent ahead of announcing a cash takeover bid that values the business at $47 million.

Perth-based Programmed Maintenance Services is set to strike a long-awaited takeover deal with labour hire company Skilled Group, with both companies entering into trading halts this morning ahead of a formal announcement.

Rutila Resources and Lemur Resources have both received ticks of approval by independent experts for their respective off-market takeover offers by foreign bidders.

Perth-founded technology business MOKO Social Media has raised $6.8 million through the exercise of share options.

Local miner Western Areas has expanded its operations portfolio with the acquisition of Glencore Xstrata’s mothballed Cosmos nickel project in the Agnew Wiluna belt, for $24.5 million.

The Michael Ruane-led minerals explorer Reward Minerals has received firm commitments for a $5.2 million capital raising to fund ongoing work at its LD potash project in the Little Sandy Desert.

West Perth-based oil and gas explorer Orca Energy has been forced to abandon a $20 million capital raising after concerns were raised by the Australian Securities Exchange.

West Perth-based explorer Monto Minerals has joined the wave of backdoor listings, with the company announcing plans to acquire a US tech company for $13 million.

Nedlands-based sandalwood producer TFS Corporation will buy two US pharmaceutical companies for $US23.4 million ($A30.3 million) in cash and shares.

MGC Global, which is currently the takeover target of Perth-based Erin Resources, has signed a $60 million agreement to sell its cosmetic cannabis product to a European cosmetic production company.

Perth online screening and verification company CVCheck will soon lodge a prospectus on the ASX, detailing plans to raise up to $10 million in an initial public offering.

Fortunis Resources has received positive news about its planned backdoor listing, while Basper and Aziana have had to make amendments to their proposals.

Local minerals explorer Helix Resources has offered a 50.1 per cent stake in its Joshua project in Chile to EPG Exploration Fund, in exchange for drilling services and about $3.9 million.

With the takeovers of iiNet and Amcom Telecommunications heading into the final stretch, the investment bankers and other advisers that worked on these deals will be looking forward to a very handy pay day of more than $40 million.

Local minerals explorer Kasbah Resources has received commitments for a $3 million capital raising, while also announcing a range of cost reductions including cutting executive pay, reducing staff and restructuring its board.