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
23andMe Holding (ME) CEO and Chair considering making a proposal for shares she does not own (Press Release)
Blackbaud (BLKB) confirmed receipt of an unsolicited, non-binding takeover proposal from 18% shareholder Clearlake Capital Group (Press Release)
Ducommun (DCO) rejected an unsolicited, non-binding bid from private investment firm Albion River (Press Release)
Nordstrom (JWN) formed a special committee of independent directors after two members of the founding family expressed interest in a possible take private (Press Release)
Vanda Pharmaceuticals (VNDA) confirmed its rejection of unsolicited takeover proposals received from Future Pak, LLC (Press Release)
Rumors
Bentley Systems (BSY) reportedly exploring a sale amid takeover interest (Reuters); Schneider Electric (SU.PA) confirmed it is in preliminary talks with the company (Press Release)
Envestnet (ENV) reportedly exploring its options including a sale after receiving takeover interest (Reuters)
MP Materials (MP) merger talks with Lynas Rare Earths (LYC.AX) may be revived amid Rinehart ownership stake (AFR)
Paramount Global (PARA) gained on a report that Sony (SONY) is in talks with Apollo (APO) to join its bid to acquire the company (NYTimes)
Zuora (ZUO) reportedly exploring its options including a sale after receiving takeover interest (Reuters)
Update on Shareholder Activism
Norfolk Southern (NSC) activist Ancora Holdings released a report outlining shortcomings at the company and proposing new management and directors (Presentation, Response)
Novavax (NVAX) 7% shareholder and activist investor Shah Capital claims the company is mismanaged as it tries to install two new members to the board (Press Release)
SilverBow Resources (SBOW) 13% shareholder Kimmeridge withdraws proposal to combine with Kimmeridge Texas Gas, instead focusing on electing three new members to the board (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Financials
Macatawa Bank Corporation (MCBC) / Wintrust Financial Corporation (WTFC) – $510mm (Press Release, Presentation)
Industrials
Encore Wire (WIRE) / Prysmian (PRY.MI) – $4bn (Press Release, Presentation)
Technology, Media & Telecommunications
Snap One Holdings (SNPO) / Resideo Technologies (REZI) – $1.4bn (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.