The Special Situation Report

Share this post

The Special Situation Report #4: 2/13 Roundup

www.thespecialsituationreport.com

The Special Situation Report #4: 2/13 Roundup

The latest in M&A, the takeover rumor mill and shareholder activism

David Paolella
Feb 14, 2022
3
Share this post

The Special Situation Report #4: 2/13 Roundup

www.thespecialsituationreport.com

Welcome to The Special Situation Report! A free weekly newsletter covering the latest in mergers and acquisitions, activist campaigns and the takeover rumor mill.

If you like what you find, please share with others and encourage them to sign up. Feedback is welcome in the comments, or on Twitter @InvestedComms.


Overview of Announced M&A Transactions

Consumer / Retail

  • Cars.com (CARS) announced the acquisition of Accu-Trade for $65mm of cash and a $63mm earn-out [Press Release]

Energy & Natural Resources

  • Cummins (CMI) announced the acquisition of the remaining shares in the former Cummins Westport JV from Westport Fuel Systems (WPRT) [Press Release]

  • Cummins (CMI) announced the acquisition of Jacobs Vehicle Systems for $325mm [Press Release]

  • Newmont (NEM) announced the purchase of Buenaventura’s (BVN) interest in the Yanacocha mine for $400mm [Press Release]

Financials

  • Fiserv (FISV) announced the acquisition of Finxact for $650mm [Press Release]

Healthcare

  • CooperCompanies (COO) announced the acquisition of Cook Medical’s Reproductive Health Business for $875mm [Press Release, Investor Presentation, Conference Call]

  • Signify Health announced the acquisition of Caravan Health for $250mm [Press Release, Conference Call]

  • Doximity (DOCS) announced the acquisition of Amion for $83mm [Press Release]

  • Second Sight Medical Products (EYES) announced an all-stock merger with Nano Precision Medical [Press Release, Investor Presentation]

Industrials

  • Frontier Airlines (ULCC) and Spirit (SAVE) announced $6.6bn merger [Press Release, Investor Presentation, Conference Call Transcript]

  • Republic Services (RSG) announced the acquisition of US Ecology (ECOL) for $2.3bn [Press Release]

  • Maersk (AMKBY) announced the acquisition of Pilot Freight Services for $1.7bn [Press Release]

  • Resideo Technologies (REZI) announced the acquisition of First Alert from Newell Brands (NWL) for $593mm [Press Release]

Real Estate

  • Walker & Dunlop (WD) announced the acquisition of GeoPhy for $85mm with a $205mm earn-out [Press Release]

Technology, Media & Telecommunications

  • Innovid (CTV) announced the acquisition of TVSquared in a cash and stock transaction valued at $160mm [Press Release]


Developments in Shareholder Activism

  • Republic First Bancorp (FRBK) comments on recent 13D filings; retains investment bank to evaluate proposals to maximize shareholder value [Filing]

  • Bradley Radoff disclosed a 5.5% stake in Newpark Resources (NR) and intends to engage the Board on enhancing shareholder value and improving corporate governance [Filing]

  • Aerojet Rocketdyne (AJRD) issues statement critical of Steel Partners Holdings in context of terminated merger with Lockheed Martin (LMT) [Filing]

  • Harbert Fund and 325 Master Fund nominated two independent directors to the Board of Transact Technologies (TACT) [Filing]

  • Eyenovia (EYEN) reached a settlement agreement with shareholder Stuart Grant [Filing]


The Takeover Rumor Mill

  • Preferred Apartment Communities (APTS) explores strategic options, including a sale [Bloomberg]

  • LXP Industrial Trust (LXP) initiated a review of strategic alternatives [Filing]

  • PFS (PFSW) continues to review strategic alternatives with Raymond James [Filing]

  • NCR Corporation (NCR) announces strategic review of alternatives to enhance shareholder value [Filing]

  • Shell Midstream Partners (SHLX) received a proposal from Shell Pipeline Company (SHEL) to acquire the remaining units; Board of Directors is reviewing and negotiating the proposal [Press Release]

  • New Peloton (PTON) chief dismisses suggestions company will be sold [Financial Times]

  • Microsoft (MSFT) is said to pursue deal for Mandiant (MNDT) [Bloomberg]


Elsewhere in Special Situations

  • Toshiba (TYO: 6502) sets March 24 for preliminary vote on break-up plan [Reuters]

  • ArcelorMittal (MT) joins race to buy Sprng Energy in green steel push [Economic Times India]

  • Stanley Black & Decker (SWK) weighs sale of Access Technologies unit [Bloomberg]

  • Global Payments (GPN) announced strategic review of its Netspend prepaid debit card unit [Barron’s]

  • Reckitt Benckiser (LN: RKT) mulls sale of baby-food business [Reuters]


That’s all for this week - the next edition will arrive the evening of Monday, February 21. As mentioned from the jump, please sign up. Feedback is welcome in the comments, or on Twitter @InvestedComms.

Share this post

The Special Situation Report #4: 2/13 Roundup

www.thespecialsituationreport.com
Comments
TopNewCommunity

No posts

Ready for more?

© 2023 The Special Situation Report
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great writing