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Towards the end of 2023 there was a significant increase in M&A activity in the Australian sharemarket. In IML’s small and mid-cap funds an incredible nine of our holdings received takeover offers in this period, including A2B (ASX: A2B), InvoCare (ASX: IVC), Probiotec (ASX: PBP), Symbo and Adbri (ASX: ABC)..