The Special Situation Report #110: 5/12 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
AdTheorent (ADTH) received a bid for $3.35 per share in its "go-shop" period after agreeing to a sale to Cadent last month (Press Release)
James River (JRVR) potential buyer Global Indemnity Group (GBLI) said buyout talks with the company have paused (Seeking Alpha)
R1 RCM (RCM) granted a waiver to holder TCP-ASC so that it can join with New Mountain Capital in its potential takeover bid (Filing)
Tripadvisor (TRIP) shares fell after it disclosed that it would not be pursuing any transaction with a third party (Filing)
Vanda Pharmaceuticals (VNDA) suitor Future Pak amended its acquisition offer to include contingent value rights (Filing)
Rumors
BigCommerce (BIGC) reportedly exploring a sale with an advisor amid takeover interest (Reuters)
HubSpot (HUBS) reportedly in ongoing sale discussions with Alphabet (GOOGL) (Bloomberg)
International Paper (IP) reportedly received an all-cash takeover offer from Brazilian pulp and paper company Suzano (SUZ) (Reuters)
Mytheresa (MYTE) reportedly working with advisors to explore its options including a take-private transaction or acquiring Net-a-porter (WWD)
Peloton Interactive (PTON) reportedly held talks with private equity regarding a potential buyout (CNBC)
PowerSchool (PWSC) reportedly in talks with Bain Capital to take the company private (WSJ)
US Cellular (USM) reportedly in discussions with telecom majors T-Mobile US (TMUS) and Verizon (VZ) for separate transactions that would split up the company (WSJ)
Update on Shareholder Activism
Norfolk Southern (NSC) shareholders backed its CEO Shaw but gave activist Ancora Investors three board seats (Press Release)
Sensata Technologies (ST) entered into cooperation and information sharing agreements with Elliott Investment Management (Press Release)
Update on Other Special Situations
Braskem (BAK) shares fell after disclosing that Abu Dhabi National Oil Company terminated discussions to purchase a stake in the company (Filing)
Inhibrx (INBX) announced an updated when-issued trading date for its anticipated spin-off (Filing)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Consumer & Retail
PlayAGS (AGS) / Brightstar Capital Partners – $1.1bn (Press Release)
Energy & Natural Resources
Allete (ALE) / Canada Pension Plan Investment Board & Global Infrastructure Partners – $6.2bn (Press Release)
Technology, Media & Telecommunications
Perficient (PRFT) / EQT AB – $3bn (Press Release)
If you enjoyed reading this Report, please do me the huge favor of simply pressing the “Like” button.
The content herein is informational and should not be relied upon as fact. Do your own diligence before making any investment decisions.