The Special Situation Report #101: 3/3 Roundup
The Special Situation Report #101: 3/3 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
Everbridge (EVBG) buyer Thoma Bravo agreed to boost its acquisition price for the company by $6.40 / share (Press Release)
R1 RCM (RCM) shareholder New Mountain offered to buy the company for $13.75 / share (Filing)
Spirit AeroSystems (SPR) is in preliminary discussions to be acquired by Boeing (BA) (Press Release)
Terran Orbital (LLAP) received a $1 / share buyout proposal from Lockheed Martin (LMT) (Filing)
Vista Outdoor (VSTO) received an unsolicited takeover proposal from MNC Capital Partners (Press Release)
Rumors
Altice USA (ATUS) gained amid a report that Charter Communications (CHTR) is evaluating a potential takeover of the company (Bloomberg)
Shift4 Payments (FOUR) report that Fiserv (FI) and Amadeus IT Group are competing to purchase the company (Reuters); Amadeus denies interest in the deal (Seeking Alpha)
Update on Shareholder Activism
Elanco (ELAN) activist Ancora Holdings nominated four board members and is calling for the exit of the CEO (Press Release)
R1 RCM (RCM) activist Coliseum Capital Management issued an open letter stating that it believes the takeover offer by New Mountain significantly undervalues the company (Press Release)
Update on Other Special Situations
Spin-Offs
General Electric (GE) formally approved the spin-off of its power and renewable-energy business GE Vernova, now slated for April 2 (Press Release)
International Game Technology (IGT) to separate its Global Gaming and PlayDigital businesses by way of a taxable spin-off to IGT shareholders; will immediately combine the businesses with Everi Holdings (EVRI) (Press Release, Presentation)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Healthcare
Agiliti (AGTI) / Thomas H. Lee Partners – $2.5bn (Press Release)
NGM Bio (NGM) / The Column Group – $130mm (Press Release)
Societal CDMO (SCTL) / CoreRx – $145mm (Press Release)
Industrials
Sterling Check (STER) / First Advantage (FA) – $2.2bn (Press Release)
Technology, Media & Telecommunications
TDCX Inc. (TDCX) / Transformative Investments – $1bn (Press Release)
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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.