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Speaker 1: Good morning, Happy Tuesday, and welcome to today's edition of

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Speaker 1: The Daily Odds. I am Zara's sidelight, and as always,

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Speaker 1: I'm joined by co founder of the Daly Ods, Sam Kozlowski.

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Speaker 2: Hey everyone, how are you feeling today?

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Speaker 1: Sam?

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Speaker 3: Things are good.

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Speaker 2: We have another massive day of Olympic action. I think

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Speaker 2: we've tipped over now the halfway mark. We are in

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Speaker 2: to the back end. You can expect things like a marathon.

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Speaker 2: You can expect the back end of the track and

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Speaker 2: field and some really exciting team sports finals.

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Speaker 1: I did see a tweet that said Sydney siders are

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Speaker 1: so desperate for the Olympics to continue that it would

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Speaker 1: be rude not to just play the two thousand Olympics

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Speaker 1: straight afterwards, broadcast by Channel seven.

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Speaker 3: What are your thoughts on that.

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Speaker 2: It's either we play the entire two thousand Olympics in

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Speaker 2: fool for the next two weeks after the Olympics, or

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Speaker 2: we get started on inventing new sports. I'm in favor

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Speaker 2: of the ten meters sprint. I think that would really

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Speaker 2: separate the true competitors from the week ones.

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Speaker 1: Well, before we jump into the day's Olympic news, we

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Speaker 1: do have to do the honorary COVID numbers, so straight

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Speaker 1: into it. New South Wales yesterday recorded two hundred and

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Speaker 1: seven locally acquired cases and fifty one of those were

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Speaker 1: infectious in the community. Again, the big number here is

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Speaker 1: that the isolation status of forty six cases still remains

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Speaker 1: under investigation, so it is likely that that number could

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Speaker 1: be a lot higher. There wasn't much better news out

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Speaker 1: of Queensland, where the state recorded thirteen new locally acquired

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Speaker 1: cases yesterday and unfortunately eleven LGAs in Southeast Queensland got

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Speaker 1: this news.

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Speaker 4: So it's starting to become clear that the initial three

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Speaker 4: day lockdown will be insufficient to deal with this outbreak,

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Speaker 4: and so we're advising Southeast Queenslanders today in those eleven

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Speaker 4: LGAs that the lockdown will be extended until four pm

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Speaker 4: one Sunday. That will make it an eight day lockdown.

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Speaker 2: The trial for the defamation case brought on by war

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Speaker 2: veteran Ben Roberts Smith, which we've talked about a number

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Speaker 2: of times on this podcast, has been adjourned to the

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Speaker 2: three months due to Sydney's COVID nineteen outbreak. So the

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Speaker 2: case now has been adjourned until November one. As the

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Speaker 2: majority of the remaining witnesses are outside New South Wales

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Speaker 2: so can't travel in to be cross examined. Robert Smith

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Speaker 2: is suing The Sydney Morning Herald, The Age and The

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Speaker 2: Canberra Times over stories that reported serious allegations of war crimes,

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Speaker 2: bullying and domestic violence. Robert Smith has denied all of

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Speaker 2: the allegations.

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Speaker 1: Belarusian sprinter and Olympic athlete Kristina siman Yuskaya has alleged

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Speaker 1: she was forced to pack for being taken to the

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Speaker 1: airport in Tokyo by team officials against her will. The

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Speaker 1: athlete says that she was put under pressure to return

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Speaker 1: home after criticizing the Belarus team officials on social media.

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Speaker 1: The IOC later confirmed that it had spoken to the athlete,

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Speaker 1: saying that she had told us she feels safe.

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Speaker 3: She's now in police protection.

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Speaker 2: And in today's good news. To be honest with you,

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Speaker 2: it was my moment of the Olympics. Olympic high jumpers

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Speaker 2: Italy jin Marco Tamberi and Mutaz Bashim of Qatar agree

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Speaker 2: read to tie first in the men's high jump event

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Speaker 2: and share the gold medal on Sunday night, after both

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Speaker 2: athletes executed each of their first six jumps, they couldn't

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Speaker 2: be split. They both jumped two point three nine meters

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Speaker 2: and they elected not to compete for the gold outright,

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Speaker 2: but rather to share it. The two athletes literally asked

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Speaker 2: the official, can we have two golds? And the official agreed.

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Speaker 2: Yesterday we found out some pretty market moving news. There

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Speaker 2: was an announcement that after Pay, the leading Australian by

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Speaker 2: now pay later service, is being bought by Square, which

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Speaker 2: is a US tech payments giant. For more on this story,

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Speaker 2: it's one of the biggest transactions in Australian corporate history.

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Speaker 2: We're being joined by Bryce and Alec from Equity Mates.

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Speaker 2: Equity Mates is Australia's leading financial podcast and it's a

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Speaker 2: pleasure to have them on the Daily Ods today. Bryce

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Speaker 2: and Aleck, can you tell me a little bit about

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Speaker 2: what actually happened yesterday with after pay and Square?

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Speaker 5: Massive day For after Yesterday, Square, a massive payments company

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Speaker 5: over in America, announced plans to acquire after Pay in

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Speaker 5: an all stock deal which surprised the market, valuing after

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Speaker 5: Pay at thirty nine billion Australian dollars, which is pretty

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Speaker 5: phenomenal giving that after Pay has only been listed now

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Speaker 5: for six years and.

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Speaker 2: Did we see this move coming? Was this predicted?

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Speaker 6: No, I definitely wasn't predicted. Thirty nine billion dollars makes

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Speaker 6: it the largest merger or acquisition in Australian stock market history.

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Speaker 6: So many would have thought after pay was too big

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Speaker 6: to be acquired, But when you're talking about the scale

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Speaker 6: of some of these big US tech companies, they're just

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Speaker 6: another size bigger again.

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Speaker 2: And so for those who aren't well versed in this

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Speaker 2: whole world of mergers and acquisitions, what do you think

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Speaker 2: kind of happened here? Would Square have approached after pay?

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Speaker 2: Would they have slid in and said, guys, we're just

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Speaker 2: in doing business with you?

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Speaker 3: Yeah, a lot of DM Yeah.

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Speaker 2: Jack Dawsey getting hit up by Nick Molna on the

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Speaker 2: d What do you think happened? Was this an after

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Speaker 2: pay approach?

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Speaker 6: Do you think what's being reported is Square and after

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Speaker 6: Pay are both going after merchants.

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Speaker 3: In the US.

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Speaker 6: A lot of Square merchants were asking Square to put

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Speaker 6: after pay functionality in their point of sale system and

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Speaker 6: that was the first time Square heard of after pay,

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Speaker 6: This Australian company trying to acquire customers over in the US.

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Speaker 6: They started doing their due diligence on after pay after

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Speaker 6: getting these requests from their merchants took six months and

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Speaker 6: then they announced it today. So that's the best word

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Speaker 6: of mouth you can have, really, people begging for other

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Speaker 6: companies to integrate your services.

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Speaker 2: I guess that's how you really know that you've made

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Speaker 2: something that has a real place in the market is

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Speaker 2: when it's good organic kind of desire. So let's talk

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Speaker 2: to the daily oos listener who's got after pay stocks?

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Speaker 2: And I have a feeling there are quite a few.

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Speaker 2: Let's say you've got, you know, three thousand dollars of

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Speaker 2: after pay stocks. Is anything you need to be doing

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Speaker 2: right now? Are you going to be getting a check

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Speaker 2: in the mail? Like what happens from here?

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Speaker 3: Nothing you need to be doing.

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Speaker 5: I mean, yesterday you would have been pretty happy that

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Speaker 5: the stock jumped from ninety six close to the one

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Speaker 5: hundred and twenty six dollar per share price that Square

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Speaker 5: are going to be paying. Really, the way that this

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Speaker 5: deal is constructed is that for after pay shareholders, they

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Speaker 5: will be essentially transferred across into Square shares. So for

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Speaker 5: every after pay share that you might own, you will

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Speaker 5: get zero point three seven five shares in Square Quare

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Speaker 5: is listed in the States, but they're looking to list

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Speaker 5: here in Australia as well, so that Australian shareholders will

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Speaker 5: be able to trade the stock.

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Speaker 3: But there's really nothing you have to do. The deal

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Speaker 3: is not looking to be.

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Speaker 5: Completed until early next year, so it's not going to

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Speaker 5: be something that's happening overnight. But you will essentially be

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Speaker 5: given the opportunity to cash out. Once your Square stock

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Speaker 5: comes in, you can sell otherwise you're going to have

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Speaker 5: Square shares.

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Speaker 2: It's the first time in a little while that I

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Speaker 2: can remember where such a popular stock has had this

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Speaker 2: major acquisition episode, So it's going to be really interesting

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Speaker 2: to see all the messaging and how shareholders actually react

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Speaker 2: to suddenly having a new company in their portfolio.

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Speaker 6: Yeah, it will be I mean, there's been some famous

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Speaker 6: ones in history, probably Westfield was the most recent really

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Speaker 6: big company to get acquired. But after Pay is just

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Speaker 6: so in the culture. I guess everyone is talking about it,

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Speaker 6: everyone's using it, so it's a big one to see

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Speaker 6: what will happen.

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Speaker 2: And last question for me guys before we get going

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Speaker 2: with our days, is this the start of a trend?

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Speaker 2: Do you think of these awesome Australian startups and tech

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Speaker 2: companies being acquired by overseas markets or do you think

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Speaker 2: this is the irregularity in the market.

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Speaker 6: I think we have to say that the Australian tech

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Speaker 6: scene is having a moment. Obviously Alassian was out in

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Speaker 6: front and there now listed in the US. Canva is

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Speaker 6: just going from strength to strength after pay getting acquired zero,

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Speaker 6: going strong entering new markets. Although they're from New Zealand.

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Speaker 6: It's pretty cool to see these Australian tech companies take

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Speaker 6: on the world. What I think this is indicating is

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Speaker 6: just how hot by Now pay Later is. Obviously we've

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Speaker 6: seen it in Australia for a while and Australia has

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Speaker 6: really been out in front with buy now, Pay Later,

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Speaker 6: but it is taking on the world. It's really taking

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Speaker 6: market share away from credit cards and other forms of

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Speaker 6: payment in the US. It's getting bigger everywhere. So last

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Speaker 6: week we had PayPal turn on paying for Apple announced

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Speaker 6: that they were going to partner with Goldman Sachs to

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Speaker 6: do buy now, Pay Later. I wouldn't expect this to

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Speaker 6: be the last deal in this space. Overall, across the world,

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Speaker 6: buy now pay Later is less than two percent of

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Speaker 6: all transactions, so the market's going to keep growing. More

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Speaker 6: and more people are going to get interested in the space,

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Speaker 6: and it won't be the last deal.

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Speaker 3: Probably no guarantees.

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Speaker 2: We'll have to circle back in a few months and

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Speaker 2: see what Equity makes in the daily OZ sales for overseas.

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Speaker 2: Until then, Bryce and Aleck have a fantastic Tuesday. Thanks

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Speaker 2: so much for joining us. You can listen to Equity

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Speaker 2: Mates wherever you get your podcast and follow them on Instagram.

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Speaker 2: They've got a fantastic Instagram here at the Daily os Web.

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Speaker 2: Big fans, bryceon Alec, Thank you so much.

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Speaker 3: Thanks Sam, appreciate you having us on. Thank you