The Special Situation Report #3: 2/6 Roundup
Including: The Buyout Blowout Continues; Canadian Cannabis Tie-Up
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Overview of Announced M&A Transactions
Consumer / Retail
Spectrum Brands (SPB) announced the acquisition of the home appliances and cookware categories of Tristar for up to $450mm [Press Release, Investor Presentation]
Verano Holdings (CSE: VRNO) announced all-stock acquisition of Goodness Growth Holdings (CSE: GDNS) for $413mm [Press Release, Investor Presentation]
Farfetch (FTCH) announced the acquisition of Violet Grey [Press Release]
Camping World (CWH) announced the acquisition of Big Daddy RV’s [Press Release]
Energy & Natural Resources
Innergex Renewable Energy announced the acquisition of Aela for $686mm [Press Release, Video]
Civitas Resources (CIVI) announced the acquisition of Bison Oil & Gas for $346mm [Press Release]
Financials
Moody’s (MCO) announced the acquisition of Global Credit Rating Company [Press Release]
BNP Paribas (BNPQY) announced the acquisition of Cofiloisirs [Press Release]
Peak Bancorp (IDFB) to be acquired by BAWAG Group (VIE: BG) for $65mm [Press Release]
OceanFirst Financial (OCFC) announced the acquisition of Trident Abstract Title Agency [Press Release]
Healthcare
SOC Telemed (TLMD) to be acquired by Patient Square Capital for $386mm (Press Release)
Extendicare (TSX: EXE) announced the divestiture of its retirement living operations to Sienna Senior Living (TSX: SIA) and SABRA Healthcare REIT (SBRA) for $243mm [Press Release]
Amedisys (AMED) announced the acquisition of Evolution Health [Press Release]
Dr. Reddy’s (RDY) announced the acquisition of Nimbus Health [Press Release]
Industrials
SIG (SWX: SIGN) announced the acquisition of Scholle IPN for $1.6bn [Press Release]
Alpek (BMV: ALPEKA) announced the acquisition of OCTAL for $620mm [Press Release]
Hardwoods Distribution (TSX: HDI) announced the acquisition of Mid-Am Building Supply for $270mm [Press Release]
Infinity Logistics announced the acquisition of Access World from Glencore (GLNCY) for $177mm [Reuters]
Clariant (SWX: CLN) announced the sale of their stake in Scientific Design Company to SABIC for $130mm [Press Release]
Technology, Media & Telecommunications
Citrix (CTXS) to be acquired by Vista Equity Partners and Elliott Investment Management for $16.5bn; Citrix and TIBCO to merge [Press Release] | Sector: Software
Salesforce (CRM) announced the acquisition of Atonit [Press Release]
Equifax (EFX) announced the acquisition of Efficient Hire [Press Release]
Check Point (CHKP) announced the acquisition of Spectral [Press Release]
Tenable (TENB) announced the acquisition of Cymptom [Press Release]
Vincit (HEL: VINCIT) and Bilot Group (HEL: BILOT) announced merger [Investor Presentation]
Developments in Shareholder Activism
Harley-Davidson (HOG) announced a cooperation agreement with H Partners, appointing one of representatives to the Board [Press Release]
Janus Henderson (JHG) appointed Nelson Peltz and Ed Garden of Trian to the Board [Press Release] (Related: Trian and Peltz Fixed Invesco. Janus is Next [Barron’s]
Alden releases press release calling for a new strategy and leadership at Lee Enterprises (LEE) [Press Release]
Starboard releases letter criticizing Board of Huntsman (HUN) and nominating their own directors [Press Release]
Jana Partners releases presentation regarding Zendesk’s (ZEN) ‘flawed’ acquisition of Momentive (MNTV) [Press Release]
Driver Management issued a statement regarding its decision to nominate 3 candidates to Codorus Valley Bancorp’s Board [Press Release]
Steel Partners Holdings nominated a slate of directors at Aerojet Rocketdyne (AJRD) [Press Release]
Resource Capital Fund urged an operational turnaround at IAMGOLD (TSX: IAG) [Press Release]
Carl Icahn nominated 3 candidates to the Board of Delek (DK) [Filing]
Driver Management calls for radical change at Republic First Bancorp (FRBK) [Letter]
Adding to positions:
Scopia Capital Management increased their stake in Verra Mobility (VRRM) by 1% to 5% [Reuters]
Biotechnology Value increased their stake in Kymera Therapeutics (KYMR) by 1% to 7% [Filing]
Edenbrook Capital increased their stake in Hemisphere Media (HMTV) by 2% to 7% [Filing]
The Takeover Rumor Mill
Kohl’s (KSS) adopts poison pill, says buyout offers undervalue it [Company Press Release, Macellum Response, Reuters]
Tegna (TGNA) is in talks to sell to Standard General and Apollo (APO) for $24 / share (Reuters)
Cedar Fair (FUN) to review unsolicited proposal from SeaWorld (SEAS) [Press Release]
Peloton (PTON) reportedly draws interest from Amazon (AMZN) and Nike (NKE) [Reuters]
ManTech (MANT) explores sale with Goldman Sachs [Nasdaq]
Blackstone (BX) and Carlyle (CG) may team up to acquire Novartis’ (NVS) generics unit [Bloomberg]
Peugeot Frères Industrie (STLA) announced intention to acquire Tivoly Group (EPA: ALTIV) [Press Release]
Entasis Therapeutics (ETTX) received an acquisition proposal from Innoviva (INVA) [Press Release]
CPI Property Group (XTRA: O5G) increases stake in Immofinanz (VIE: IIA) to 48% as further consolidation may be in the cards [Bloomberg, Press Release]
Perseus Mining (ASX/TSX: PRU) announced the purchase of 15% of Orca Gold (TSXV: ORG) [Press Release]
Perseus has engaged in exclusive discussions with Orca with respect to a possible change of control transaction whereby Perseus would acquire all the outstanding securities of Orca. Orca potentially provides Perseus with exposure to two highly prospective assets with significant resource bases and is consistent with Perseus’ strategy of building a platform of long life, highly profitable African gold assets.
Takeover target FAR announced 19% shareholder Meridian Capital rejected the takeover offer from Samuel Terry Asset Management (Press Release)
That’s all for this week - the next edition will arrive the evening of Monday, February 14. As mentioned from the jump, please sign up. Feedback is welcome in the comments, or on Twitter @InvestedComms.