Company Interview / A high RPM deal

Key points:

RPMGlobal (ASX:RUL) acquisition by Caterpillar in due diligence phase, last mining software business on ASX if delistedAbacus Storage King (ASX:ABK) faces ongoing bid complications due to National Storage stakeAinsworth Game Technology (ASX:AGI) sees family shareholder tension and recent major exitPointsBet (ASX:PBH) takeover saga continues, with Mixi in control and Betr competing

Nic Sproats from Harvest Lane Asset Management expresses keen interest in the ongoing mergers and acquisitions activity, particularly highlighting the mining software and property sectors. Sproats points out RPMGlobal (ASX:RUL), with Caterpillar granting exclusive due diligence, signalling possible competitive tension ahead. Sproats underlines that if acquired, RPMGlobal will be the last mining software firm remaining on the ASX, making the sector highly attractive to private capital. The recent acquisition of Micromine further illustrates private capital’s appetite for such businesses.

Turning to Abacus Storage King (ASX:ABK), Sproats outlines ongoing challenges as National Storage’s stake acts as a perceived ‘blocking’ mechanism. Differences on price between bidders and the board have led to withdrawn bids, with shares retreating but not hitting pre-bid levels, which Sproats suggests is typical for property stocks due to their easily valued hard assets. Alpha in Ainsworth Game Technology (ASX:AGI) remains elusive for Sproats, pointing to internal family dynamics and Alan Gray’s exit amid risks associated with a dominant shareholder.

Sproats also addresses activity in Austal (ASX:ASB), noting recent speculation on foreign investment approval and leadership change, while touching on active copper-gold sector takeovers including Xanadu Mines (ASX:XAM), New World Resources (ASX:NWC), and Mallee Resources. PointsBet (ASX:PBH) remains a battleground, with Mixi holding majority control while Betr contests, making it one of the year’s most engaging takeover battles.