Green hues spiral design used in the Ashurst Perkins Coie M and A Briefing series

Business Insight

Ahead of the Deal

Australian M&A Briefing

Welcome to Ahead of the Deal

We explore the latest news and developments in M&A to help you stay Ahead of the Deal. We cover trends in M&A activity, topical deal issues and changes in the regulatory landscape.

Visit our Mergers and Acquisitions page for more information about how we can help.

Latest episode

Episode 8 - Reverse Takeover Changes

In this episode, Tony Damian and Amelia Morgan talk about the reverse takeover changes coming into effect from October 2026.

The changes include a 25% cap on new shares that large listed companies can issue pursuant to a takeover or scheme. That's significantly lower than the previous 100% cap – meaning more scrip deals will require shareholder approval.

They talk about the genesis of these changes in the context of the James Hardie / AZEK deal from last year and related ASX consultation process.

Video series

Episode 7 - Taxing Times

In this episode, Tony Damian and Amelia Morgan chat with Sanjay Wavde from the Ashurst Perkins Coie Tax team on a range of topical taxation issues.

Sanjay talks us through some of the recent Federal Budget proposals and their expected impact on M&A transactions and activity.

He also covers the proposed TARP reforms and the recent release of draft legislation which includes an expanded definition of real property and controversial retrospectivity provisions.

Episode 6 - Bid Tactics

In this episode, Tony Damian and Amelia Morgan discuss some of tactics bidders use to put pressure on target boards, create momentum and garner shareholder support.

They look at tactics seen on recent transactions including best and final offers, conditional price increases, bear hugs and disclosure obligation triggers.

They also reminisce about some of the more exotic and audacious manoeuvres from times gone by.

Episode 5 - Emma Rapaport, Street Talk

In this episode, Tony Damian and Amelia Morgan are joined by special guest Emma Rapaport, Co-Editor of the Australian Financial Review's famed (and feared) Street Talk column.

Emma reflects on Street Talk's reputation and influence in the Australian market, the unique role it plays, and the responsibility that comes with it.

She unpacks a day in the life of a Street Talk journalist - including how sources and stories are managed on a daily basis.

Finally, Emma offers some observations on where the market is at, some brights spots to keep an eye on and the importance of sentiment in driving market activity more generally.

Episode 4 - Boards and Takeovers

In this episode, Tony Damian and Amelia Morgan talk with John O'Sullivan, a well-known M&A practitioner, chairman and company director with decades of deal experience.

JO'S shares his insights on takeover approaches: how to navigate those critical first steps and the importance of good preparation.

He also reflects on the influence of institutional shareholders, offers some do's and don'ts for potential bidders, and, as an unabashed fan, provides his thoughts on the role of the Takeovers Panel.

Episode 3 - Pre-bid exclusivity

In this episode, Tony Damian and Amelia Morgan discuss pre-bid exclusivity and what target boards should be thinking about when granting exclusivity to a prospective bidder at the pre-bid stage.

They discuss the differences between 'hard' and 'soft' exclusivity, look at the current Takeovers Panel guidance and its background, and cover some recent examples in the market. View the video to learn more.

Episode 2 - The new ACCC merger regime

In this episode, Tony Damian and Amelia Morgan meet with Alyssa Phillips, Partner in the Ashurst Competition Team, to discuss how the new Australian merger clearance regime is functioning in practice.

What's been catching people out, how is the ACCC managing the volume of applications, and what changes might we expect to see in the future? View the video to learn more.

Episode 1 - The M&A Deal Report 2026

In the first episode of our new series, Tony Damian and Amelia Morgan unpack the key findings from Ashurst's recently released M&A Deal Report 2026.

Tony and Amelia take a close look at deal flows, shifting deal structures and the role of private capital. View the video to learn more.