Welcome to the November 2025 edition of It's Public
Your go-to publication and podcast for Australian public M&A.
In this edition
- The Mayne point is, you can’t walk away that easily (or can you?)
- Change is coming: Shareholder approval requirements under ASX Listing Rules
- Brickworks and Soul Patts: Underneath the ‘top-hat’
- Highlights from the 2025 M&A Conference
- Back to the future: the re-emergence of the golden share
- Doing deals in wobbly markets: who bears the risk of time?
- Our ‘market on a page’ gives a ready deals snapshot
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In This Edition
The Mayne point is, you can’t walk away that easily (or can you?)
If you needed a reminder that material adverse change (MAC) clauses are often more bark than bite, the Supreme Court of New South Wales just prescribed one. In the Mayne Pharma Group Limited (Mayne Pharma)/Cosette Pharmaceuticals, Inc. (Cosette) scheme stoush, Black J found that Cosette hasn’t proved that a MAC had occurred - meaning Cosette’s attempt to walk away from the deal flatlined.
11 November 2025
Change is coming: shareholder approval requirements under ASX listing rules
On 20 October 2025, ASX released its public consultation on shareholder approval requirements under the ASX Listing Rules.
11 November 2025
Brickworks and Soul Patts: underneath the ‘top-hat’
In this episode of ‘It’s Public’, host Daniel Natale speaks with M&A specialists David Friedlander, Rob Kelly and Jennifer Cheung about the landmark 2025 merger between Washington H. Soul Pattinson & Co. (Soul Patts) and Brickworks Limited (Brickworks).
11 November 2025
Highlights from the 2025 M&A Conference
Now in its eighth year, the M&A Conference has cemented its position as Australia’s premier forum for top dealmakers.
11 November 2025
Back to the future: the re-emergence of the golden share
And like Marty McFly – golden shares are back conferring on governments rights about strategic matters, including the identity of future owners.
11 November 2025
Doing deals in wobbly markets: who bears the risk of time?
When markets are moving beneath your feet, deal certainty becomes the currency that matters most (well that, and the price!).
11 November 2025
Public M&A market on a page: October 2025
The statistics on this page are for deals announced between 1 January 2025 and 30 September 2025 where the target is or was at the time of the transaction listed on ASX and the deal value is A$50 million or more.
11 November 2025
EXPLORE OUR M&A PUBLICATION SUITE
A reminder, It’s Public supersedes M&A in the City, part of a refreshed suite of KWM M&A and corporate focussed publications, with clear, concise titles designed to help our readers easily identify the subjects which are interesting and important to them - and so you know it comes from KWM. Alongside this publication, you can access:
