182 billion dollar companies which have disappeared from ASX

AAPT, (3 years, 1997-2000): floated by its controlling shareholders News Corp and Fairfax in November 1997 and then taken over by Telecom New Zealand in 2000 in what was a disastrous $1.3 billion acquisition.

ABB Grain, (6 years, 2002-2008): bought by Canadian firm Viterra for $1.2 billion in 2009 after the old Australian Barley Board was privatised by the Howard Government and then floated after a $33 million capital raising in 2002.

ABC Learning, (7 years, 2001-2008): the childcare centre giant claimed to have net assets of $2.23 billion in February 2008 but subsequently collapsed. Its market cap peaked at more than $2 billion in 2007 after it initially raised $8 million in a 2001 float priced at $2.

ACI International, 1987: was taken over by Alan Jackson's BTR Nylex in a $1.64 billion deal shortly after the 1987 share market crash. The deal was funded by a $756 million BTR rights issues and BTR had sold off $450 million worth of ACI assets by May 1988, as this AFR story explains.

Aconex, (4 years, 2014-2018): the Melbourne-based construction software company was bought by US giant Oracle for $1.6 billion or $7.80 a share in 2018 after raising $140 million at $1.90 in a late 2014 float.

Adbri, (53 year, 1971-2024): Irish concrete giant CRH teamed up with controlling shareholder Barro Group to lodge a $3.20 a share bid which was supported by the independent directors. The AGM was scheduled for Friday, May 24 but they received an exemption from ASIC to hold it in conjunction with the June 12 scheme meeting at 10.30am in Adelaide with an implementation date of July 1. It's physical meeting with no online voting or questions. The company has around 17,000 retail shareholders but there was no material opposition. The company's roots go back to 1882 but Adelaide Brighton was formed in 1971 when two smaller Adelaide based concrete firms came together.

Adelaide Bank, (13 years, 1994-2007): taken over by Bendigo Bank in an all scrip deal in August 2007 but the equity remains listed. Originally floated in 1994 after the merger of two Adelaide-based building societies. See Wikipedia.

Adelaide Steamship, (27 years, 1964-1991): the corporate raiding vehicle run by John Spalvins which overpaid for rival IEL in 1989 and went bust a couple of years later. Based on this detailed Wikipedia history it looks like it first floated in 1964.

Advance Bank, (11 years, 1985-1996): demutualised and listed in 1985 after being founded as the NSW Permanent Building & Investment Society in 1939. Grew with the acquisition of the old State Bank of South Australia but then St George Bank launched an aggressive bid in 1996 and with a big cheque wasn't too generous on the "social issues" as Advance chairman James Service departed and only CEO John Thame slotted onto the St George board as a non-executive director for almost a decade. St George was later bought by Westpac in 2008, after running into trouble during the GFC.

Afterpay, 2021: Block Inc, the US payments company founded by Twitter founder Jack Dorsey (which used to be called Square), bought Afterpay in 2021 offering 18% of its own expanded share capital, although some analysts value the Afterpay business at zero.

ALE Property Group, (18 years, 2003-2021): spun out of Foster's in conjunction with its ALH pubs business in 2003, the pubs landlord was privatised in December 2021 after a joint bid by Charter Hall and industry fund HostPlus priced at $5.88 a share.

ALH, (1 year, 2003-2004): Woolworths and Bruce Mathieson ditched the entire board along with CEO Geoff Rankin after out-bidding Coles for the pubs and pokies business in 2004, less than a year after it was floated by Foster's.

Alinta Gas (7 years, 2000-2007): US firm Utilicorp (now Aquila) and AMP pay $4.38 a share for a cornerstone shareholding in the WA gas utility before it was floated by the Court government at the knockdown price of $2.25 a share. Was later carved up by Singapore Power and the Babcock group in 2007 after out-bidding Macquarie. Was the biggest factor in Babcock going broke and Macquarie would have struggled if it had prevailed..

Alinta Infrastructure Holdings (2 years, 2005-2007): floated in 2005 after raising $740 million at $3.21 in a partly paid structure than never received more than $2 as it was taken private again by parent company Alinta in February 2007 before the final $1.20 was payable.

Allco Finance Group, 2009: reported a $1.73 billion full-year loss for 2007-08 but this still left it with net assets of $545 million when the administrators were called in. Market cap peaked at more than $2 billion.

Altium (ALU): (25 years, 1999-2024) After floating as Protel International at $2 a share in August 1999 when 38% of the business was sold for $46.5 million, the electronics software maker reached agreement on February 14, 2024 for Japanese company Renesas to acquire the company at $68.50 a share or $9.1 billion in cash.

Alumina (AWC): (22 years, 2002-2024): was demerged out of WMC in late 2002 and then Alcoa of America finally launched its long predicted mop-up bid in February 2024, but were only offering their own shares and no cash. Alcoa will become dual listed on the ASX, a bit like the way Newcrest shareholders could swap into Newmont which is also listed on the ASX. The scheme implementation agreement was announced on March 12 and the scheme meeting was held on July 18.

Ampol Exploration, 1996: bought by Exxon in 1996 in a $1.8 billion deal which saw chairman Campbell Anderson, CEO Peter Power and the other directors all depart.

Anaconda/Minara Nickel: built up by Andrew Forrest in the 1990s, the operator of the $1.4 billion Murrin Murrin nickel project in central WA collapsed into the hands of its US bondholders who were owed $US420 million. Chief backer Glencore also lost almost $1 billion on the project but hung in there until eventually completing a full takeover in 2011 after bidding 87c which valued the whole business $1017m.

ANI, (48 years, 1951-1999): an industrial and manufacturing powerhouse in the 1970s and 80s which came a cropper after it got entangled in the Spedley collapse and then was briefly controlled by Kerry Packer after then ANI director David Gonski encouraged him to take out disaffected institutional investors. Was eventually taken over by Smorgon Steel, which outbid rival Evans Deakin.

APM Human Services (APM): Chicago-based private equity firm and 29% shareholder Madison Dearborn has submitted a privatisation proposal after earlier floating the business at $3.55 a share in a disastrous IPO for public investors. They came back with a firm offer at $1.40 a share which requires key management to stay with the business and roll over into the bid vehicle, a feature which is proposed for other institutional shareholders. See text of 6 questions asked at 2023 AGM. Eventually, the board endorsed an offer at $1.45 per share. The scheme meeting will be a virtual affair at 11am Melbourne time on September 18. A majority of the shares on issue elected to roll into the bid vehicle.

Aquila Resources, (14 years, 2000-2014): floated by Hartley Poynton in 2000 at 20c a share after raising $3 million. Chinese steel giant Baosteel and Aurizon Holdings, the old Queensland Rail, privatised the business for $1.3 billion in 2014 after offering $3.40 a share for the aspiring developer of the West Pilbara iron ore mine and rail project. This investment proved to be a disaster.

Arnotts, (27 years, 1970-1997): after a massive nationalistic PR battle in the early 1990s, US giant Campbell Soup took control of Arnotts and then finally moved to 100% when it was delisted in 1997. KKR later bought the Arnotts business.

Arrow Energy, (10 years, 2000-2010): was floated in 2000 when it raised $5 million at just 20c and then Shell and Petro-China completed a $3.5 billion takeover of the Queensland coal seam gas company.

Arrium/Onesteel, (16 years, 2000-2016): demerged from BHP in October 2000 and went broke as the renamed Arrium in April 2016, almost 16 years later.

Asciano, (9 years, 2007-2016): spun out of Toll Holdings in June 2007 and then, after almost going broke, was bought by a consortium of bidders in August 2016.

Ausenco, (10 years, 2006-2016): the Brisbane-based resource engineering firm once chaired by former Queensland Premier Wayne Goss had a market cap above $1 billion when its shares peaked at $15, but it disappeared in a whimper in 2016, when private equity fund Resource Capital paid just 40c a share or $154 million in an agreed bid. It was floated at $1 a share in 2006 when it initially raised $26 million.

Ausnet Services, (17 years, 2005-2022): originally floated as SP Ausnet by Singapore Power in 2005 when it raised $1.6 billion at $1.38 after aggregating some privatised gas and electricity utilities. Changed its name to Ausnet after the Singaporeans sold a 20% stake to the Chinese Government's State Grid and was then taken private by Brookfield in February 2022 in a deal which valued the business at more than $15 billion, including debt.

Austar, (13 years, 1999-2012): one of the last floats to get away before the tech wreck and then the regional pay-TV operator was finally bought by rival Foxtel for $2 billion in 2012.

Australand, (17 years, 1997-2014): Frasers of Singapore, paid $2.6 billion for the property developer in 2014.

Australian Consolidated Press, (2 years, 1992-1994): floated in 1992 with the Packer family retaining control with a 45% stake. The market cap exceeded $1 billion at the peak and then it later merged with Nine to create PBL and then saw its assets sold to private equity firm CVC in 2006.

Austrim, 1995: Kerry Stokes and Alan Jackson bought control from BTR Nylex in 1995 and went on a dizzying acquisition binge (including National Consolidated Industries) which saw the market capitalisation rise to above $1 billion and Jackson sell around $50m worth of stock near the top. It later crashed badly but Stokes never sold a share.

Automotive Holdings, 2019: AP Eagers took over its rival car dealer with an all scrip offer which valued the equity at about $1.2 billion. Automotive Holdings had 322m shares on issue and the final trades before it delisted were around $3.70.

Aveo, (25 years, 1998-2023): Canadian giant Brookfield plucked the large residential aged care business off the ASX boards in 2019 for a $2 billion enterprise valuation or a $1.3 billion equity value, swooping in with a 28 per cent premium at a time when its target was caving under regulatory scrutiny. It then refinanced a $1.45 billion debt in July 2023. It was previously known as FKP, a Gold Coast-focused property developer which was born in 1998 in the merger of Peter Kurts Properties, founded by the late Peter Kurts in 1964, with Forrester Parker Group, run by Rod Forrester and Phil Parker.

AWB, (9 years, 2001-2010): effectively demutualised and floated in 2001 and then once its constitution was amended ended the farmer gerrymander, Canadian firm Agrium bought the company with a bid worth $1.50 a share in 2010 which valued the business at $1.24 billion.

Axa Asia Pacific Holdings/National Mutual, (16 years, 1995-2011): the old National Mutual demutualised and floated in 1995 when French insurance giant AXA bought 51% for a bargain price. The company was then carved up in 2011 by AXA and AMP in a $14.6 billion deal where both suitors went over the top, despite what Gottie said at the time.

Azure (AZS) (21 years, 2003-2024): floated in December 2003 after raising $15m at 25c, the Perth-based lithium company was bought by Gina Rinehart and Chilean giant SQM in a joint $1.7 billion cash offer priced at $3.70 a share The 292 page scheme book landed on March 4 and the scheme meeting was a physical only affair on April 8 at the Celtic Club in Perth. The deal was approved by 98.4% of voted stock with 87% of voting shareholders in favour although this only amounted to 517 voting yes and 78 voting against, a poor turnout when the last annual report claimed it had 6,681 shareholders. The shares ceased trading on May 2, 2024.

Babcock & Brown, 2009: collapsed in March 2009 but its last audited accounts were released in August 2008 and showed a $150 million half year profit and net assets of $2.63 billion. Market cap peaked at more than $5 billion.

Babcock & Brown Power, (10 years, 2006-2016): floated at $2.50 a share in 2006 and briefly enjoyed a market capitalisation above $1 billion before the GFC struck and it grossly overpaid for some of the Alinta assets. Restructured and changed its name to Alinta Energy in 2009 and then restructured again in 2011 changing its name to Redbank Energy before finally delisting in 2016 with accumulate losses of around $1.6 billion.

Bank of Melbourne, (6 years, 1989-1995): the old RESI Building Society floated in 1989 and Westpac bought the business in 1995, giving long-standing CEO Chris Stewart a seat on the Westpac board.

BBI/Prime Infrastructure, (8 years, 2002-2010): initially floated as Prime Infrastructure Trust in 2002 Canadian firm Brookfield Asset Management took the old Babcock & Brown Infrastructure over in 2010 in what was billed as a $2.8 billion merger at the time. The Dalrymple Bay port assets were later refloated.

Bell Group, (15 years, 1976-1991): the main investment vehicle of Robert Holmes a Court which was brought down by the 1987 share market crash, having paid Fairfax a ridiculous $475m for The AFR and the Macquarie Radio network at the top of the market. More than 1000 people attended its AGM held on December 9, 1987. The official loss was only declared in 2021 after a ridiculous 20 year legal fight between the banking syndicate, the WA Govt and the ATO. See delisted website.

Bell Resources, (6 years, 1984-1990): originally floated by Robert Holmes a Court as Wigmores then changed its name to Bell Resources in 1984 ahead of some frenetic takeover dealings, centred around BHP, until Alan Bond bought control and later stole most of its cash.

Bellamy's, (5 years, 2014-2019): Chinese firm Mengnui bid $13.25 a share in 2019 for the Tasmanian-based powdered milk company, valuing the business at $1.5 billion.

Billabong, (18 years, 2000-2018): taken over by US distressed debt outfit Oaktree in a $380 million bid in 2018 but it's market capitalisation peaked at more than $1 billion shortly after its 2000 float.

Bingo, (4 years, 2017-2021): floated by the founding Tartak family at $1.80 a share in 2017 and then privatised by a Macquarie fund in 2021 which paid $2.3 billion or $3.45 a share.

Blackmores, (38 years, 1985-2023): founded in 1938 by Maurice Blackmore, listed in 1985 and then taken over by Japanese giant Kirin after a $1.9 billion takeover bid in 2023.

Boart Longyear, (18 years, 2007-2024): flipped and floated by Macquarie in 2007 when it took $2.35 billion from investors but still left a business loaded with $US642 million in debt. Was a disaster from the start after the GFC hit and ended up costing investors and lenders more than $5 billion before it was privatised by US private equity firm American Industrial Partners in a deal that valued the company at $543 million. See AFR report and takeover announcement.

Bond Corporation, (24 years, 1969-1993): initially floated by Alan Bond as WA Land in 1969 and then defaulted on its debts during the Keating recession and changed its name to Southern Equities before it delisted in 1993.

Bond Media, (3 years, 1987-1990): created by Alan Bond for his media assets at a float price of $1.55 but later went broke and was bought back by Kerry Packer and renamed PBL in 1990.

Boral (78 years, 1946-2024): Seven Group launched a mop-up bid on February 19, 2024 when it held 71.6% of the stock and then on June 28 it hit 92.9%, so the stock was suspended from trade after close of business on June 6 because the compulsory acquisition notice was issued on May 30. See company history dating back to 1946.

Bradken, (13 years, 2004-2017): Hitachi, the Japanese train systems, power tools and mining equipment giant paid $976 million for ASX-listed Bradken in 2017 but the shares had previously traded higher. It floated at $2.50 a share in 2004 after raising $245 million.

British America Tobacco Australasia, 2001: Nick Greiner was the last chairman when it was privatised by the British parent company in 2001. Was created in 1989 when the separately ASX listed Wills and Rothmans merged after their parents got together globally.

BRL Hardy, (11 years, 1992-2003): the Adelaide-based wine business was floated cheaply in 1992 and then taken over by US giant Constellation Brands in 2003 for $1.9 billion and initially performed well before later struggling.

BTR Nylex, 1995: A UK controlled ASX listed conglomerate which was built up by long time CEO Alan Jackson through 1980s takeovers of businesses such as Nylex in 1984 and ACI in 1988. Jackson did so well he was sent to London in late 1990 to run the global empire and one of his last deals was paying $4.5 billion to mop up the Australian minorities in 1995, as was explained in this Wikipedia profile of BTR PLC which later got merged and taken over.

Burns, Philp: 2006: a famous Australian shipping and trading company which was privatised by New Zealand billionaire Graeme Hart in December 2006 with an offer priced at $1.10 a share. The stock has traded much higher..

Cabcharge (25 years, 1999-2024): founded by Reg Kermode in 1976 and floated in 1999. Relied heavily on government subsidies but the taxi company was eventually smashed by a combination of the ACCC, state governments which reduced its 10% surcharge on all taxi payments and Uber. Was renamed A2B Corporation in 2018 and then taken private by Singaporean company ComfortDelGro in 2024 for the equivalent of $2.30 per share or $182 million, by which time the business had shrunk to a fraction of its former glory. The share price peaked at more than $10 a share before the GFC.

Centennial Coal, 2010: the NSW coal producer was acquired by Thai company Banpu at $6.20 a share in December 2010, valuing the company at $2 billion.

Centro Property Group, 1985-2011: started out as Jennings Properties after a February 1985 float put together by Jennings Group. Later rebranded to Centro Property Group which spun out and managed the separate Centro Retail Trust. Came a cropper during the GFC after over-committing in the US and then the hard assets in Centro Retail became the core of a restructured Federation Centres, which later merged with Novion, so we're calling Centro Retail as the surviving entity with both Novion (the old CFS Retail) and Centro Property Group therefore appearing on this dead companies list. Wikipedia has a good summary of the complicated Centro debt restructure in 2011.

Citadel Resource Group (CGG): pursued a variety of resources projects in Saudi Arabia and was finally taken over in early 2011 by Equinox in a deal valued at $1.25 billion. Its last balance sheet showed accumulated losses of $100.6 million and claimed net equity of $242 million.

Coal & Allied, (51 years, 1960-2011): the Hunter Valley coal miner was originally 50% owned by Howard Smith. CRA pounced in the 1990s and then Rio Tinto and Mitsubishi mopped up the minorities in 2011 before Rio later sold most of the assets to Chinese giant Yancoal.

Coca Cola Amatil, (49 years, 1972-2021): taken over by sister company Coca Cola Enterprises in May 2021 with an offer of $13.50 a share which valued the business at $9.8 billion.

Coates Hire, (11 years, 1996-2007): privatised by private equity firm Carlyle in partnership with Kerry Stokes controlled interests which paid $6.06 a share or $1.65 billion in October 2007. Stokes' Seven Group Holdings later bought Carlyle out so the assets remains publicly listed.

Coles Myer, (80 years, 1927-2007): floated in 1927 as GJ Coles, pulled off a mega merger with Myer in 1985, then sold Myer to private equity firm TPG for $1.4 billion in 2006 before Wesfarmers bought the rest of the empire - Coles, Kmart, Officeworks and Kmart - for $19.3 billion in 2007, mainly paying with their own shares. Wesfarmers later demerged the Coles supermarkets business in 2021.

Colonial, (4 years, 1996-2000): demutualised in 1996 and then taken over by Commonwealth Bank in 2000 with two directors coming across, namely Colin Galbraith and Warwick Kent.

Comalco, 2000: Rio Tinto mopped up the minorities in 2000, ending the role of the only two independent directors, SEK Hulme and David Hoare. Chairman John Morschell was also a Rio Tinto director at the time.

Connect East, (7 years, 2004-2011): floated in 2004 with a $1.12 billion raising at $1 a share and then the owner of Melbourne's 38 km East Link tollroad was privatised by fund manager CP2 and other institutions for $2.17 billion in 2011.

Consolidated Media Holdings, (5 years, 2007-2012): the PBL media rump was spun out of Crown in November 2007 and then taken over by News Corp in October 2012.

Consolidated Minerals, 2008: the Perth-based miner was privatised by a Ukrainian billionaire in March 2008 when he lobbed a bid at $3.20 per share which valued the business at $1.3 billion.

Corporate Express, 2010: originally floated at 55c in a modest $2.5 million raising and then later mopped up by parent company Staples in 2010 with all directors losing their jobs. Fairfax reported at the time that the company was worth about $1 billion.

Costa Group, (9 years, 2015-2024): floated by the Costa family and its private equity partner Paine and then Paine returned to privatise the business with a $1.6 billion bid in July 2023 which was voted on in January 2024.

Crown Casino, (5 years, 1994-1999): PBL bought the Melbourne casino business in 1999 with an all scrip bid and later added Burswood before it sold its media assets, demerged the casino division and then eventually sold Crown to Blackstone for $13 a share in 2022, when it would be worth half that if still listed today given all the regulatory crack-downs.

Crown Resorts/PBL, (30 years, 1992-2022): effectively started with Kerry Packer's 1992 IPO of ACP Magazines which was then merged with Nine, which in turn was the rebranded Bond Media. Privatised by private equity giant Blackstone in June 2022 for about $9 billion.

CSR: (62 years, 1962-2024): French building materials giant Saint Gobain lobbed a $9 a share bid worth $3.4 billion on February 22, 2024, securing due diligence. The $9 deal was agreed on February 26 and the scheme meeting was held on 9am on June 13 in Sydney, with no material opposition. See scheme book. The company had around 51,000 retail shareholders at the end but only about 6,000 voted on the takeover.

David Jones, (29 years, 1995-2014): floated out of the Adsteam debt mess in 1995 and then privatised by South African company Woolworths for $2.1 billion in 2014 before later being sold to Anchorage for an estimated $100m in 2022.

Davnet/UXC, (17 years, 1999-2016): rebranded from a mining company in 1999 and then the CBD focused bandwidth carrier soared to have a market capitalisation of more than $7 billion before the tech wreck struck in 2000, as this AFR piece on founder Stephen Moignard explains. Later changed its name to UXC which was taken over by US IT services giant CSC for $428 million in 2016.

DCA Group, 2006: the radiology and residential aged care giant was taken over by private equity firm CVC for $2.7 billion in late 2006. Started out as an entrepreneurial investment company called Development Capital Australia and was run by Ian Pollard in the 1980s. David Vaux led the transformation into health from 2000 after learning his trade with Chris Corrigan and Peter Scanlon at Lang Corp.

DUET Group, (19 years, 1998-2017): originally floated as United Energy in 1998 and then eventually Hong Kong-based giant CKI offered $3.03 a share or a whopping $7.4 billion in May 2017. See 360 page scheme book.

Dulux, (9 years, 2010-2019): was demerged by Orica in July 2010 and then 9 years later was acquired by Nippon Paint for $4.2 billion.

Dyno Nobel, (2 years, 2006-2008): bought by Incitec in 2008 for $2.6 billion at $3.23 a share after being flipped into the public markets by Macquarie which raised $902.4 million at $2.37 a pop. Will potentially be demerged out again.

ecorp: (4 years, 1999-2003): PBL raised $160 million at $1.20 a share selling 20% of its internet assets in June 1999 but then privatised them for 55c a share in March 2003. The stock peaked at $8.39 in February 2020 at the height of the tech boom, valuing the 669.5 million shares on issue at a staggering $5.6 billion.

Elders Resources, 1990: emerged as a listed powerhouse from the John Elliott empire in the 1980s and was effectively a NZ company after completing a reverse takeover of NZ Forest Products in 1988. Elders IXL sold its 52.7% stake in Elders Resources to Carter Holt Harvey at $NZ2 a share in June 1990, pocketing $NZ800 million in cash to tackle its own debt crisis. As The AFR noted in this column, there was controversy that a full bid wasn't made for the company after the ASX granted an exemption to run with the slacker Kiwi rules. Minorities ended up swapping into Carter Holt Harvey shares in a subsequent lower offer. Elders Resources was run by CEO Geoff Lord who later found himself charged for supposedly lying about a 1987 meeting with Laurie Connell. This AFR feature summarises what happened and Lord's Belgravia empire is now the largest for-profit manager of aquatic facilities in Australia. He's a real survivor, unlike Elders Resources which was taken over by Carter Holt Harvey, although part of the empire survives as CHH subsequently floated off the Simsmetal assets at just $2 a share in 1992. The stock was at $15 in July 2023.

Email Ltd, (68 years, 1934-2002): The company was incorporated in NSW in 1934 as Electricity Meter & Allied Industries Ltd after a merger and adopted the Email name (an acronym) on 20 October 1951. It was a manufacturing powerhouse in its day but was eventually taken over in 2002 in a convoluted deal which saw Smorgon Steel secure its steel distribution business after a battle with BHP. This Wikipedia profile was clearly written by some company partisans.

Energy Developments, 2015: DUET offered $8 a share or $1.92b in cash.

Envestra, (17 years, 1997-2014): floated by Boral in a $910 million IPO and then taken over by Li Ka-Shing's CKI group for $2.37 billion in 2014.

Estia Health (9 years, 2014-2023): originally floated in 2014 when it raised $725 million at $5.25 a share in a Quadrant driven private equity roll-up and flip. After woeful performance, it was then privatised by private equity firm Bain in 2023 in a deal which valued the equity at $3.20 a share or $828 million. Its market cap peaked at $1.4 billion in 2015-16 when the shares topped $7 but then crashed during COVID so this was a dud for public investors who endured the full 9 year public journey.

Excel Coal, (2 years, 2004-2006): the coal miner only floated in 2004, raising $131 million at $2 a share and then US coal giant Peabody bid $9.50 per share in October 2006, valuing the equity at $2.04 billion.

Fairfax Media (36 years, 1992-2018): floated by ANZ Bank out of receivership in 1992 and then taken over by Nine in 2018 in an all shares deal which saw the Fairfax name disappear, but snapped up Rural Press and and the radio assets of Southern Cross Broadcasting along the way, plus NZ internet play, Trade Me, which it later floated.

Felix Resources, (29 years, 1980-2009): former Australian coal mining company which was purchased by China's Yanzhou Coal in 2009 for a whopping $3.5 billion. It started out as Meekatharra Minerals in 1980 and also traded as Aurion Energy before becoming Felix in 2003.

FH Faulding, 2001: the board agreed to an improved $15 a share or $2.5 billion offer from Mayne in July 2001, which subsequently also disappeared. FH Faulding had earlier fended off takeovers from Kiwi International, Glaxo and ICI Australia, partly thanks to Federal and SA State Govt intervention, as this AFR piece explains.

Foodland Associated (FOA), 2005: first it faced a takeover bid from Metcash then Woolworths got involved and paid an excessive $2.5 billion for its NZ super-market business in a carve up with Metcash which took most of the Australian business. Was originally a Kiwi company but its last AGM was held in Sydney. See scheme meeting presentation.

Fosters, 2011: demerged its wine business Treasury Wine Estates in May 2011 and then was taken over by SAB Miller in December 2011.

Galaxy Resources, (15 years, 2006-2021): taken over by lithium rival Orocobre in a $4 billion all scrip deal in 2021 although it was a more a merger of equals with Galaxy shareholders finishing up with 45.8% of the new entity which trades as Allkem. Stock has since soared to a $10.5b market cap with Toyota as the only substantial shareholder with a 6.16% stake. Galaxy Resources was first floated in 2006 after raising $3m at 20c.

GIO, (8 years, 1992-2000): floated by the NSW Government at $2.40 a share in 1992 and then AMP seized control in January 1999 with a $3.3 billion bid priced at $5.35. AMP then launched a mop-up bid at only $2.75 of AMP shares after GIO's reinsurance book imploded later that year.

Gloucestor Coal, 2012: China's state-owned Yanzhou Coal Mining paid $2.2 billion for the business in 2012.

Goodman Fielder, (10 years, 2005-2015): a corporate raider player in the 1980s built by former New Zealand baker Pat Goodman which was privatised by Graham Hart's Rank Group and then refloated at $1.85 a share in 2005, raising $1.72 billion for the equity. It was then taken over by Singapore's Wilmar International for $1.3 billion in 2015.

Greencross (GXL, 12 years, 2007-2019): the pet retailer raised $10 million at $1 when it was floated by Bell Securities in 2007 and was eventually taken over after this 440 page scheme book was lodged in December 2018, detailing the $970m enterprise value which private equity firm TPG paid for the business in February 2019.


Gunns, 2012: the Tasmanian timber giant reported a $904 million loss in 2011-12, led by a $750 million forestry write-down, which reduced net assets to just $24.2 million. Administrators were called in a few weeks later to a business which once had a market capitalisation of almost $2 billion.

Hardman Resources, 2006: Perth-based oil company taken over by Irish rival Tullow Oil which bid $2.02 in late 2006, valuing the business at $1.45 billion.

Healthscope, (5 years, 2014-2019): after being floated by private equity firms TPG and Carlyle in July 2014 raising $2.57 billion at $2.29, the private hospital operator was bought by Canadian giant Brookfield in 2019 for $4.4 billion after winning a takeover bidding war against rival private equity firm BGH which had teamed up with Australian Super.

Herald & Weekly Times, 1986: taken over by News Corp in a complicated $2 billion deal that closed in late 1986.

HIH Insurance, (19 years, 1992-2001): was floated in 1992 and then placed in liquidation on March 15, 2001 when it was still claiming to have net assets of $953 million. Market cap peaked at more than $1.5 billion.

Hills Motorway, (11 years, 1994-2005): the owner of the M2 was floated in a compliance listing at just $1 a share after objections from the ASX listing committee and was eventually bought by Transurban in 2005 for more than $2 billion in stock, delivering a windfall for major shareholders such as former Macquarie CEO Nicholas Moore.

Howard Smith, (143 years, 1858-2001): diversified giant with an amazing history but was taken over by Wesfarmers for $2.7 billion in 2001, creating a near monopoly for Bunnings after absorbing its largest competitor.

Industrial Equity Ltd, 1989: Sir Ron Brierley's corporate raiding vehicle was bought by rival Adelaide Steamship in a crazy 1989 takeover pitched at $2.30 a share which then led to Adsteam's subsequent demise a couple of years later.

Infigen Energy, (15 years, 2005-2020): the old Babcock and Brown Wind was floated in 2005, changed its name to Infigen in 2009 and then bought by Spain's Iberdrola for $841 million in 2020 but it had traded higher.

Investa Property Group, 2007: Morgan Stanley mopped up the property group at $3.08 a share in mid-2007, giving it an enterprise value of $6.5 billion.

Invocare, (20 years, 2003-2023): the death industry giant has just been taken over by US private equity firm TPG. It was floated in 2003 at $1.85 a share raising $186 million for the equity, so the $12.70 a share offer was a good exit for long term investors.

Isignthis, 2019: briefly had a market capitalisation above $1 billion before it was suspended by the ASX in October 2019, never to return.

Jubilee Mines, 2008: the Perth-based nickel miner was taken over by Xstrata in February 2008 after it offered $23 per share or a hefty $3.1 billion.

Jupiters, 2003: the Queensland casino company was taken over by Tabcorp in a $1.7 billion deal.

Leighton-CIMIC, 2022: was controlled by German giant Hochtief for decades as Wal King built it into an Australian giant, then Spanish rival ACS bought control of Hochtief, which later fully privatised the renamed CIMIC in 2022, spending $1.5 billion mopping up the minorities at $22 a share.

Lihir Gold, (15 years, 1995-2010): after a high profile float in 1995 which raised $608 million, it taken over by Newcrest in 2010-11, which in turn was taken over by US giant Newmont in 2023.

Link Group, (9 years, 2015-2024) Japanese giant Mitsubishi agreed to pay $2.16 per share or $2.1 billion in enterprise terms after years of poor performance, much of which was associated with its UK division. The share registry and investor services business was floated at $6.37 per share in October 2015. However, when you add back the performance of PEXA, which was spun off in 2021, the performance wasn't as bad.

Lion Nathan, 2009: floated in Australia after buying the Bond Brewing assets and then Japanese giant Kirin first got control in the late 1990s and then moved to 100% in 2009.

LionOre, 2007: Russian mining giant Norilsk Nickel stumped up $7.6bn to buy the WA nickel producer LionOre in 2007 but the nickel price turned immediately, and the mines it bought were shut within a year or so of the deal closing. The Australian rated it as one of the worst takeovers ever.

M2 Group, (17 years, 1999-2016): the owner of brands such as Dodo and Commander disappeared into the belly of rival Vocus Communications after a $3 billion merger which completed in March 2016.

Macquarie Communications Infrastructure Group, 2008: bought by a Canadian pension fund in 2008 after being earlier floated by Macquarie as one of their externally managed infrastructure plays.

Mantra, (4 years, 2014-2018): the French giant Accor easily became Australia's biggest hotel company after the $1.2 billion takeover of Mantra which was floated at almost half that valuation 4 years earlier.

Mayne Pharma, 2007: the old FH Faulding business was taken over by US company Hospira for $2.6 billion in 2007. Chairman Peter Willcox departed, as did fellow directors Nora Scheinkestel, Rowan Russell, John Sime and Paul Binfield.

Mayne Nickless, 1926-2008: After being found to have been part of a price fixing cartel along with Ansett and TNT in the early 1990s, it disposed of its remaining transport and security interests with Interlink and Ipec being sold to the Toll Group, Interlink Express to La Poste and Armaguard to Linfox In the 1990s, it diversified into healthcare, purchasing hospitals and later pathology and diagnostic businesses. In 2001 pharmaceutical company Faulding Pharmaceuticals was purchased. In 2002, Mayne Nickless changed its name to Mayne Group. In 2000, the container parks and warehousing facilities in Sydney, Melbourne and Brisbane were sold to Lang Corporation, which later become Patrick Corp. In 2003, Mayne's 53 hospitals were foolishly sold to Affinity Health, a consortium of Citigroup, CVC Capital Partners and GIC Private Limited. In November 2005, the company was split into Mayne Pharma and Symbion Health. Mayne Pharma was taken over by Hospira in 2007 and Symbion Health was taken over by Primary Health Care in 2008, which now struggles along as Healius. See questions asked at 2023 AGM

MFS/Octaviar, 2009: plunged to a belated $242 million loss for the half to December 31, 2007 after writing down the MFS Pacific Finance division by $246 million but this still left it claiming to have $1.22 billion in net assets. The market cap peaked at more than $1.5 billion before it collapsed in 2009.

Midwest Corp, 2008: the iron ore wannabe was privatised by Chinese company Sinosteel in September 2008 after it lobbed a $6.38 a share cash offer which valued the company at $1.36 billion. The New York Times noted at the time that this was the first Chinese takeover of an ASX listed company.

Milton, (63 years, 1958-2021): mopped up by Soul Pattinson through an over the top all scrip $4 billion offer in 2021 which took out 29,000 shareholders.

MIM, (79 years, 1924-2003): was briefly Australia's most valuable company in 1980 and then controversially bought by Xstrata in 2003 in a deal opposed by then CEO Vince Gauci, Paul Keating, Robert Gottliebsen and various other players. In hindsight, the Swiss got an absolute steal.

Mincor Resources (1997-2023): listed in 1997 as AfricWest Gold before later pivoting to nickel. Twiggy Forrest privatised the nickel miner in July 2023, paying $1.40 a share or $760 million in cash. However, the 52 week high was $2.22 so the market cap has exceeded $1 billion in the past.

MMA Offshore (MRM), 2024: the board agreed to sell the business for $2.60 a share or $1.03 billion (plus debt) in a deal with Cyan Renewables, a portfolio company of Singapore-based private equity outfit Seraya Partners. The pricing was a skinny 11% premium to the previous close, hence major shareholder Pendal has come out and slammed the board for agreeing to an “absolute steal”. The scheme implementation agreement dropped on March 25 and the physical scheme meeting was in Perth is on July 1, 2024.

Multiplex Group, (4 years, 2003-2007): floated at $3.08 a share raising over $1 billion and then privatised by Brookfield Australia for $5.05 per share in August 2007, which amounted to $4.23 billion for the equity, before considering the $2.4 billion in debt.

MYOB, (4 years, 2015-2019): has been floated and privatised twice, the second time in 2019 when private equity giant KKR paid $2 billion, just 4 years after private equity firm Bain floated 39% of the business at $3.65 a share in 2015, raising $833 million.

National Foods, (14 years, 1991-2005): spun out of the faltering Adsteam empire as the first major float under the new national Corporations Law, it was eventually taken over by Philippines conglomerate San Migel in 2005, which paid $1.9 billion before later on-selling much of the assets to Japanese giant Kirin in 2007.

Navitas, (15 years, 2004-2019): the private education provider was privatised by Melbourne-based private equity firm BGH in a $2.1 billion deal in 2019.

Nearmap, (22 years, 2000-2022): floated in 2000 after raising $10m at 25c and then US private equity firm Thomas Bravo paid $2.10 a share or $1.05 billion, which at the time was nearly double the prevailing share price.

Newcrest Mining, 2023: Australia's biggest gold miner was taken over by US giant Newmont in 2023 in an all scrip offer which valued the company at $26 billion and the shares at around $29 when the deal closed.

Normandy Mining, (36 years, 1966-2002): there is a full history on Wikipedia but Australia's biggest gold miner disappeared in 2002 after a $4.5 billion cash and shares takeover offer from US giant Newmont, which outbid South African rival Anglo Gold.

North Ltd, (112 years, 1888-2000): Rio Tinto beat Anglo in a bidding war in 2000 and all the directors departed, including CEO Malcolm Broomhead. Started out in Broken Hill but diversified with the 1988 takeover of Peko Wallsend.

Novion Property Group, (21 years,1994-2015): originally listed by billionaire John Gandel under the name Gandel Retail Trust' with six retail assets and was was managed by Colonial First State out of Sydney, under the name CFS Retail Property Trust until 2013. CBA bought Colonial in 2000, the name change to Novion occurred in 2013 and then, despite being the bigger entity, it was nominally taken over by Federation Centres (the old Centro group) in 2015, creating today's listed behemoth Vicinity Centres.

Oil Search, 2021: completed a $21 billion all-scrip merger with Santos in 2021 in which Oil Search shareholders finished up with 38.5% of the business. Three Oil Search directors joined the Santos board - Eileen Doyle, Musje Werror and Michael Utsler - whilst Susan Cunningham, Fiona Harris, Bakheet Al Katheeri, Kostas Constantinou and chairman Rick Lee all departed.

One-tel, (4 years, 1997-2001): collapsed in 2001 with audited net assets of $945 million despite never declaring a profit. Market cap peaked at more than $2 billion on irrational exuberance after the Murdoch and Packer families backed the company.

OZ Minerals, (15 years, 2008-2023): was created from the 2007 merger of Oxiana Resources and Zinifex but then almost collapsed after the GFC when most of its assets were sold to CCP-controlled entities. Was left with the fabulous Prominent Hill copper gold mine which BHP bought for almost $10 billion when it paid $28.50 a share for the company in 2023.

Pacific Brands, (12 years, 2004-2016): raised $1.3 billion at $2.50 a share in a 2004 IPO and was bought by US clothing company Hanes Brands when it offered $1.1 billion or $1.15 a share in 2016.

PMP/Ovato, (31 years, 1991-2022): the magazine and printing business and was floated by News Corp in November 1991 and briefly had a market cap above $1 billion before eventually changing its name to Ovato and collapsing in July 2022.

Pasminco, (12 years, 1988-2000): declared a $23 million net profit for 1999-00 and then collapsed shortly after, still claiming to have net assets of $1.5 billion. Market cap peaked at more than $2 billion.

Patrick Corp, 2006: the entire board, including CEO Chris Corrigan, walked when Toll bought the business in 2006.

Pendal, (16 years, 2007-2023): initially partially floated by Westpac as BT Investment Management in 2007, then after the bank fully exited it changed its name and was taken over by rival Perpetual in a $2.4 billion deal after a lengthy battle which finally settled in January 2023.

Pioneer International, 2000: a power-house for many years which was eventually bought by UK giant Hanson PLC, which in turn was later bought by German concrete giant Heidelberg.

Promina, (3 years, 2003-2006): floated by exiting UK outfit Royal & Sun Alliance and then takeover by Suncorp in late 2006 with a combined cash and scrip offer, so the investors remain exposed to the assets.

PSC Insurance (PSI) (9 years, 2015-2024): raised $43m at $1 in 2015 IPO which capitalised the company at $224 million and was then taken over by UK firm Ardonagh, a joint venture between two private equity firms, in a agreed deal pitched at $6.13 a share or $2.3 billion in enterprise terms.

Queensland Gas, (8 years, 2000-2008): went public through a 20c IPO in 2000 and then Britain's BG Group offered $5.75 per share in cash valuing the business at $5.6 billion in September 2008.

Recall, (3 years, 2013-2016): demerged out of Brambles in December 2013 and then received an initial takeover offer from US firm Iron Mountain in December 2014 but the final $3.4 billion deal wasn't completed until mid-2016.

Resource Pacific, 2007: the coal miner was takeover by Xstrata in late 2007 after it bid $3.20 per share, valuing the business at $1.09 billion. See SMH coverage.

Rinker Group, 2007: spun out of CSR and then taken over by Mexican company Cemex at $19.50 per share in 2007, one of the biggest cash takeovers in Australian history valued at $27.5 billion.

Riversdale Mining, 2011: famously acquired by Rio Tinto in 2011 for $3.9 billion which then proceeded to pretty much lose the lot and sack then CEO Tom Albanese over the embarrassing losses.

Rural Press, (19 years, 1988-2007): formed when Warwick Fairfax sold some regional titles to his cousin John B Fairfax after privatisation the family empire. Fairfax Media was then floated by the banks in 1992 and after 19 years of steady expansion, Fairfax then merged with Rural Press in 2007, creating a $12 billion empire which subsequently shrunk. Fairfax then merged with Nine Entertainment in 2019, which sold most of the rural and regional papers to Anthony Catalano and Alex Waislitz.

SFE Corp, (4 years, 2002-2006): demutualised and floated in 2002 and then merged with ASX after it offered more than $2 billion worth of its shares in 2006. SFE chair Rick Holliday-Smith and fellow director Peter Warne got the nod to join the ASX board whilst the remaining directors lost their jobs. These included former ASIC chairman Alan Cameron, Ian Payne, Stephen Grenville, Ken Borda, Peter St George.

Silver Lake Resources (SLR) (17 years, 2007-2024): raised $30 million in a 2007 float priced at 30c and was acquired by fellow goldminer Red 5 in an all-scrip "merger of equals" in early 2024 which valued the 934m shares on issue at $1.12 billion the day after it was announced. Market cap peaked at $2.1 billion in May 2020 when the stock hit $2.42.

Slater and Gordon, (16 years, 2007-2023): never officially collapsed as was rescued in a scheme of arrangement but the final full year result was a $546.8 million loss in 2016-17 and this followed a $1.017 billion loss in 2015-16. Did a massive debt for equity swap to stay listed before Allegro privatised it in 2023 at just 55c a share. The final results showed it carried $1.25 billion in accumulated losses.

Smorgon Steel, (8 years, 1999-2007): floated in the mid-1990s when the family imploded and then taken over by One Steel in 2007 in a deal valued at $1.16 billion. Name was later changed to Arrium, which went broke.

Solution 6, 2004: was capitalised at more than $1 billion when the tech darling saw its shares peak at around $17 before the 2000 tech crash, but Dick Pratt was one of the only winners selling his stake for profit of more than $100 million. Later merged with Sausage Software and then was swallowed by MYOB for $233m or 92c a share in 2004.

Southcorp, 2005: Foster's bought the business in 2005 after originally snapped up 20% from billionaire Bob Oatley and when it moved to 100% all the directors departed including chairman Brian Finn, CEO John Ballard and regular directors Margaret Jackson, Ern Pope, Stephen Gerlach, John Murphy and Helen Lynch. Previously traded as SA Brewing.

Southern Cross Broadcasting, 2007: founded by former HWT chairman John Dahlsen shortly after the News Corp takeover in 1986, the entire board decamped after the over-priced $1.3 billion Fairfax-Macquarie takeover in 2007.

Spark Infrastructure, (16 years, 2005-2021): floated in 2005 when the Chinese purchasers of privatisated state utility asset raised $1.81 billion at $2 a share. Was then privatised in December 2021 by private equity firm KKR and the Ontario Teachers fund with an offer pitched at $2.95 a share.

Spotless, (3 years, 2014-2017): after being floated by private equity firm PEP in 2014 in a $1 billion float priced at $1.60, the bottom end of the range, it taken over by services rival Downer EDI in a $1.3 billion deal in 2017.

St George Bank, (15 years, 1992-2007): taken out by Westpac in late 2008, although it was a scrip bid and Westpac remains listed so the equity exposure remains.

Sydney Airport, (20 years, 2002-2022): floated by Macquarie in the early 2000s as Macquarie Airports then sold off everything except Sydney Airport which was privatised by a group of industry funds and international investors for more than $20 billion with an $8.75 a share bid in 2022.

Sydney Roads, (1 year, 2006-07): had barely been spun out of Macquarie Infrastructure Group in 2006 when Transurban launched a bid which saw Bob Morris, Michael Easson, Arlene Tansey and Julian Beaumont lose their jobs in 2007.

Symbion Health, 2008: demerged out of Mayne Group and then takeover over by Primary Healthcare with a $4.10 a share offer in 2008 which valued the business at $2.65 billion.

TAB Ltd, (6 years, 1998-2004): floated by the Carr Government in late 1990s and then Tabcorp bought the business in 2004 and none of the directors got a gig. The takeover valuation was $4.77, equivalent to an equity value of $2.1 billion but Tabcorp shares subsequently tumbled.

Tassal, (18 years, 2003-2021): floated at 50c a share in 2003 when it raised $31 million and eventually bought by Canadian fish giant Cooke Inc which paid $1.1 billon for the Tasmanian-based salmon giant in 2021.

Ten Network Holdings, (19 years,1998-2017): Canadian firm Canwest lead a consortium that bought it out of liquidation in 1992 and then after much fighting with Canberra over foreign ownership, it floated in 1998 with a $374 million offer priced at $2.15. It declared a final $231 million loss for the half year to March 30, 2017, and then administrators were appointed in June 2017 when it was still claiming to have net assets of $152 million. Market cap peaked at more than $2 billion.

Toll Holdings, (31 years, 1986-2015): privatised by Japan Post which went over the top in May 2015 paying $9.04 per share, eventually losing billions. See 162 page scheme book.

TNT, (29 years, 1967-1996): created through the 1967 merger of Alltrans, run by Peter Abeles, and Thomas Nationwide Transport. Was eventually taken over in a $2 billion deal by Dutch giant KPN in 1996.

Tower Australia, 2011: Japanese giant Dai-ichi bought the financial services company in a deal valued at $1.2 billion in early 2011.

Trade Me, (8 years, 2011-2019): the ebay of New Zealand was floated off by Fairfax in December 2011 at $NZ2.70 a share and then acquired by Apax Partners for $NZ6.45 a share in early 2019.

Transfield Services, (13 years, 2001-2014): floated in 2001 after family disputes and debt issues associated with sponsoring Transurban. Spanish giant Ferrovial offered $1.95 a share in 2014 which valued the business at $999 million, a far cry from its pre-GFC highs.

Tubemakers, 1996: BHP mopped up its steel and pipe distribution subsidiary with a $1.2 billion bid in 1996 which took out 8,000 retail shareholders as this AFR piece explains.

Uecomm, (4 years, 2000-2004) (UEC): the fibre infrastructure play floated in September 2000 just before the 2001 tech wreck when it raised $363m at $2.20 a share with United Energy retaining a 67% stake, as Brett Clegg explained in this AFR piece at the time. Then, Singtel Optus privatised the business with a 40c per share bid in 2004 which valued the equity at $226 million. The final balance sheet showed $168m of accumulated losses and claimed net assets of $124m, which doesn't quite add up given the float price.


Unitab, (7 years, 1999-2006): the old TAB Queensland floated in 1999 with 132,000 shareholders who each paid $2 against $2.10 for the institutions. TAB secured a 'merger of equals' with Tatts in late 2006 which valued the Unitab equity at about $2 billion with each company having four directors but it was the Tatts name which prevailed, hence Unitab is on this list. The exit price of $14.51 meant it got the better of the takeover plays. The maximum cash paid in the deal was $532m.

United Malt, (3 years, 2020-2023): was spun out of Graincorp in 2020 but then snapped up by Soufflet Group, a private French company controlled by the Soufflet family when it offered $5 a share or $1.5 billion in July 2023.

Uniti Group, (3 years, 2019-2022): only floated in 2019 with an $18m raising at 25c, then undertook a blizzard of takeovers and the broadband networks owner fell to a consortium led by New Zealand's Morrison & Co and Canada's Brookfield Asset Management after they offered $3.6 billion or $5 a share in 2022.

Veda Group, (3 years, 2013-2016): was floated by private equity firm PEP in an IPO priced at $1.25 which raised $341 million and then US giant Equifax bought Australia's biggest credit agency business for $2.5 billion in 2016 after agreeing to pay $2.825 a share, so a good result for public investors. Last reported annual revenue was $338 million in 2014-15.

Village Roadshow, 2020: privatised by private equity firm BGH in 2020 after previously trading at much higher prices.

Virgin Australia, (18 years, 2002-2020): initially floated by Richard Branson as Virgin Blue after the 2001 Ansett collapse and its final result for the half year to December 31, 2019, was a net loss of $104.8 million which left the business with negative net assets of $1.6 billion. The market cap peaked at more than $1 billion when it was making more than $200 million a year. Private equity firm bought it out of administration in 2020-21 and is looking to refloat the business in 2023-24.

Vocus Communications, (22 years, 1999-2021): raised $20m at $1 a share when it listed in 1999 and then the telco was privatised by Macquarie and Aware Super after they lobbed an offer priced at $5.50 a share in 2021 which valued the business at $3.5 billion.

Western Areas, (22 years, 2000-2022): floated at 20c in 2000 after $5m raising and was eventually taken over by nickel-lithium outfit IGO after protracted negotiations in a deal that valued the company at $1.3 billion. Was recently blasted by The AFR's Chanticleer columnist for writing the investment down by $700m.

Westfield, 2017: traded under various names and entities over the years but the international assets finished up in Westfield Corporation which in 2017 was taken over by French rival Unibail-Rodamco in a deal worth $33 billion. The Australian assets remain listed through Scentre Group. Unibail shares have struggled ever since it overpaid for the offshore assets.

WMC Resources, 1933-2004: taken over by BHP-Billiton in 2004 after Xstrata initially made a bid and all directors, including CEO Andrew Michelmore, lost their jobs. This Wikipedia profile charts its history back to 1933.

Wotif, (8 years, 2006-2014): floated at $2 a share when it raised $172 million in a 2006 float and then US giant Expedia ended up buying the business for $703 million in 2014 but the stock had traded much higher than the $3.30 offer price in previous years.

Zinifex, (3 years, 2004-2007): the reborn Pasminco floated in 2004 then merges with Oxiana in 2007 to be rebranded as OZ Minerals, which was taken over by BHP for $9.6 billion in 2023, although the Zinifex assets had earlier been sold off to a Chinese Government controlled entity after the GFC sent the company into a debt crisis.

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