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
Bally's (B) formed a special committee of independent directors to evaluate a $15 / share takeover offer from shareholder Standard General (Press Release)
Choice Hotels (CHH) ended its hostile attempt of Wyndham Hotels (WH) (Press Release)
R1 RCM (RCM) formed a special committee of independent directors to evaluate strategic alternatives in response to the takeover offer by New Mountain Capital (Press Release)
Rumors
HashiCorp (HCP) is reportedly evaluating its options, including a potential sale (Bloomberg)
James River (JRVR) reportedly received a $15 / share takeover offer from Global Indemnity (GBLI) (Seeking Alpha)
Nuvei (NVEI) is reportedly in advanced discussions with Advent International regarding a potential sale (WSJ)
Paramount Global (PARA) gained after a report that private equity firm Apollo Global (APO) recently contacted the company about a possible takeover (Axios)
Repay Holdings (RPAY) reportedly hired an advisor to explore a potential sale of all or parts of the company (Fortune)
Update on Shareholder Activism
BJ's Restaurants (BJRI) activist investor PW Partners nominated two directors for the board and wants the company to buy back shares and reduce its cost structure (Filing)
Equity Commonwealth (EQC) activist investor Land & Buildings Investment Management is pushing the company to sell its properties and return capital to shareholders (WSJ)
Xperi (XPER) activist investor Rubric Capital Management formally nominated two directors for the company's board (Filing)
Update on Other Special Situations
Spin-Offs
Lennar (LEN) proposed a $4bn spin-off of its land holdings (Bloomberg)
MDU Resources Group (MDU) provided an update on the spin-off of its construction services business (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Energy & Natural Resources
Equitrans Midstream (ETRN) / EQT (EQT) – $13bn (Press Release, Presentation)
Industrials
The L.S. Starrett (SCX) / MiddleGround Capital – $120mm (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.