The Special Situation Report #100: 2/25 Roundup
Summary of the Week in Special Situations
Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A
Update on Developing M&A
Strategic Alternatives & Ongoing Situations
Stratus Properties (STRS) rejected an unsolicited, non-binding acquisition proposal from NXSTEP Opportunity Partners (Press Release)
Rumors
Western Digital (WDC) and Japanese chipmaker Kioxia are reportedly set to resume merger talks in late April (Seeking Alpha)
Western Midstream Partners’ (WES) 49% owner Occidental Petroleum (OXY) is reportedly exploring a sale of the company (Reuters)
Vodafone (VOD) reportedly draws takeover interest (Seeking Alpha)
Update on Shareholder Activism
Criteo (CRTO) activist fund Petrus Advisers urged the company to begin a review of strategic alternatives and revamp its board (Letter)
Grifols (GRFS) activist investor Sparta Capital Management has reportedly been increasing its stake in the company (Bloomberg)
Macy's (M) announced receipt of Director nominations from Arkhouse Management (Press Release)
Norfolk Southern (NSC) activist investor Ancora Holdings is calling for the ouster of the company’s CEO and nominated eight candidates to the board (Filing)
QuidelOrtho (QDEL) is reportedly a takeover target or candidate for an activist investor as the company terminated its CEO (Seeking Alpha)
Update on Other Special Situations
Spin-Offs
3M (MMM) announced the filing of the Form 10 Registration Statement for its planned spin-off of its Health Care business as Solventum (Press Release)
Other
BuzzFeed (BZFD) announced the sale of Complex to NTWRK for $109mm (Press Release)
Hanesbrands’ (HBI) Champion brand reportedly received multiple bids in a sales process (Women’s Wear Daily)
Sanofi’s (SNY) Consumer Health unit reportedly draws interest from large buyout firms (Bloomberg)
Uniti (UNIT) is reportedly in discussions to merge with telecommunications provider Windstream (Bloomberg)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Consumer & Retail
VIZIO (VZIO) / Walmart (WMT) – $2bn (Press Release)
Energy & Natural Resources
Enerplus (ERF) / Chord Energy (CHRD) – $3.9bn (Press Release, Presentation)
Financial
Discover Financial Services (DFS) / Capital One Financial (COF) – $35bn (Press Release, Presentation)
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The content herein is informational and should not be relied upon as fact. Do your own diligence before making any investment decisions.