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Welcome to the 18th edition of Herbert Smith Freehills Kramer’s Australian Public M&A Report.
This edition examines the 57 control transactions involving ASX-listed targets undertaken by takeover bid or scheme of arrangement in FY26.
FY26 saw a steady stream of successful control transactions despite geopolitical tensions and shifting monetary policy settings. Mega deals returned to levels in line with the five-year average, private equity bidding increased, and total deal value rose.
With the energy and resources and industrials sectors leading the way, FY26 highlighted a market that continues to find opportunity amid uncertainty, as momentum builds into what we expect to be a dynamic FY27.
Top 10 observations
A curated snapshot of the most compelling developments and deal dynamics shaping this year’s public M&A market, as captured in our latest report.
1. Holding firm through volatility
Control transactions in FY26 held firm despite global uncertainty, with public-to-private activity in line with the five-year average.
2. Raising the (pre-bid) stakes
Pre-bid stakes continued to shape dealmaking in FY26, with bidders increasingly securing ownership positions or shareholder support ahead of announcement.
3. Takeovers retain the speed advantage
Takeovers again proved a faster path to control in FY26, reaching compulsory acquisition in an average of 82 days compared with 141 days for the implementation of schemes following announcement.
4. A new era of merger regulation
FY26 marked a shift in regulatory oversight, with the ACCC more actively involved in transactions following the commencement of the mandatory merger control regime.
5. PE appetite for take private grows
PE bidders strengthened their presence in FY26, featuring in more transactions, securing most mega deals and maintaining a high success rate.
6. Energy and resources and industrials lead the way
Energy and resources and industrials remained the dominant sectors in FY26, with energy and resources continuing to drive deal volume and industrials leading transaction value.
7. A return to pricing discipline
Bidder pricing became more measured in FY26, with high-premium offers reverting to long-term averages as competitive deal activity eased.
8. Takeover bids on the rise
Takeover bids continued to increase in popularity, rising from FY25 and comfortably exceeding the five year average.
9. Building support early
Voting intention statements became a more prominent feature of dealmaking in FY26, helping bidders secure early backing and increase transaction certainty.
10. Scrip under the spotlight
Scrip consideration was both a focus of regulatory debate and an increasingly popular deal structure in FY26, featuring in a growing share of transactions.
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