More M&A activity this morning with Pacific Smiles board confirming they have received an offer from Genesis Capital, who have built an 18.75% position in the company.

The board described it as "opportunistically timed", which is something less than outright rejection.

The market seems to think a higher bid is likely given it's trading slightly above the offer price.

I kind of think M&A might be a theme throughout 2024. It's just about who is going to have the balance sheet to be able to take advantage of trading conditions.

[Not held]