Good evening,

Street Talk’s caught a whiff of some more M&A, coming from the direction of beaten-down listed technology names.

We hear Megaport has taken pitches from investment bankers in recent weeks. And sources reckon it’s a defence adviser that it’s after.

With the company’s shares down from $20 a pop late last year to $5.80 at Tuesday’s closing bell, a bid wouldn’t be surprising - just look at Infomedia, Appen, Altium, Pushpay that have all been down that path recently.

But Megaport’s knight in shining armour (and his/her bankers) would be thinking hard on how to price any potential bid. Appen’s shown an approach at a premium as high as 48 per cent means nothing if the target’s tumbled way more over a longer time horizon.

Elsewhere, superannuation bigwig Aware Super had a $2.2 billion debt deal, and Link’s shareholders were urging its board to prod Dye & Durham to go up from its freshly shaved bid.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood

Street Talk Editors