Who said summer slowdown?

Last week was one of the busiest weeks of the year for public company M&A, with seven announced transactions of $1bn or higher.

There’s no such thing as a summer slowdown at The Special Situation Report, either.

Although it’s been about a month since my last report (on PacBio here), I’m tracking more ideas than ever. Truth be told, the market's recent bull run has dried up the glut of cheap securities that were available a few months ago. And new business endeavors have limited my time dedicated to write-ups. But I expect new articles should continue in the fall.

That being said, I have decided to open the Report to outside contributions. If you have an interesting idea or perspective to share within the special situations space, please consider being a guest author on the blog.

I think it’s a great opportunity to flex your writing muscles and connect with a sophisticated readership. I try to keep articles to 1,500 words or less to provide concise value in our world of unending distractions.

The only thing it will cost you is the time it takes to put together a thoughtful piece of writing. I do retain the right to provide feedback on spelling and grammar, and correct blatant misrepresentations of facts. If you are interested, please reach out to david@thespecialsituationreport.com (or, just reply to this email).

Table of Contents:

1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

Update on Developing M&A

Strategic Alternatives & Ongoing Situations

• Atlas (ATCO) received a takeover offer from its majority shareholder Fairfax Financial (Filing)

• Center Coast Brookfield MLP & Energy Infrastructure Fund (CEN) considers strategic options (Press Release)

• Ceragon (CRNT) confirmed receipt of a revised proposal from Aviat Networks (AVNW) (Filing)

• Lifeway Foods (LWAY) to conduct a strategic review (Filing)

• Southwest Gas (SWX) concluded its review of strategic alternatives (Press Release)

Rumors

• Athenex (ATNX) reportedly running a sale process (Economic Times)

• Brigham Minerals (MNRL) exploring a potential sale or merger (Reuters)

• Global Blood Therapeutics (GBT) reportedly working with an advisor to evaluate takeover interest (Bloomberg); Pfizer in advanced talks to buy the company (WSJ)

• Montauk Renewables (MNTK) explores options including a sale (Bloomberg)

• Signify Health (SGFY) said to be working with bankers to explore strategic alternatives including a sale (WSJ)

Update on Shareholder Activism

• Catalyst Biosciences (CBIO) announced an agreement with JEC Capital Partners (Press Release)

• Monro’s (MNRO) board members face opposition from advisory firm ISS in proxy battle (Reuters)

Update on Other Special Situations

Spin-Offs

• Fortress Transportation and Infrastructure Investors (FTAI) completed the spin-off of FTAI Infrastructure (FIP) (Press Release)

• MDU Resources (MDU) announced the spin-off to shareholders of its construction materials business (Filing)

Other

• Altice USA (ATUS) confirmed it’s exploring a sale of Suddenlink business (Bloomberg)

• Celsius Holdings (CELH) announced a distribution agreement and investment from PepsiCo (PEP) (Presentation)

• Consolidated Communications (CNSL) sold its interests in 5 wireless partnerships to Verizon (Press Release)

• Duke Energy (DUK) announced a strategic review of its commercial renewables business (Filing)

• Lions Gate (LGF.A) nearing a deal to spin off or sell a piece of its Starz cable network and studio (Bloomberg)

• PerkinElmer (PKI) divested three business units in $2.5bn deal (Press Release)

• Ubisoft (UBSFY) shareholder Tencent reportedly seeks a bigger stake (Reuters)

• Valvoline (VVV) agreed to sell its global products business to Saudi Aramco for $2.7bn (Press Release)

Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer / Retail

• iRobot (IRBT) / Amazon (AMZN) – $1.7bn (Press Release)

Financials

• Cowen (COWN) / TD Bank Group (TD) – $1.3bn (Press Release, Presentation)

• EVO Payments (EVOP) / Global Payments (GPN) – $4bn (Press Release)

Healthcare

• ChemoCentryx (CCXI) / Amgen (AMGN) – $3.7bn (Press Release)

Industrials

• Atlas Air (AAWW) / Apollo – $5.2bn (Press Release)

• Romeo Power (RMO) / Nikola Motor (NKLA) – $144mm (Press Release, Presentation)

Technology, Media & Telecommunications

• Ping Identity (PING) / Thoma Bravo – $2.8bn (Press Release)

• Sierra Wireless (SWIR) / Semtech (SMTC) – $1.2bn (Press Release, Presentation)

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