Background: Bondi Sands is one of the most famous DIY tanning companies in the country. And contrary to the name, this crew actually started in Melbourne back in 2012. Now, it's the top-selling self-tanning brand in Oz.

What happened: Bondi Sands have a whopping 60% of the self-tanning market in Australia, and around 65% of it in NZ. And they're growing at around 50% year-on-year, so it's not surprising they started fielding acquisition offers.

What else: There was talk the deal could be around the $500 million-mark, but now it's been revealed they only received offers of around $320 million. And with a massive 18-month expansion plan on the cards, Bondi Sand's co-founders reckon the company's better off with them in the driver's seat.

So what's the key learning?

💡When companies want to engage in a merger or acquisition, they conduct an investigation or an audit - called due diligence - before they make a move.

💡Due diligence can involve looking through a company's records, balance sheets, stockholder info or history of litigation (aka if they've been in any law suits).

💡Just like how you and your mates go on a social media deep dive of a potential partner before you meet up, due diligence is a company's way of doing its homework. In this case, nobody needs to bother 'cos Bondi Sands is staying put.