The Special Situation Report #112: 5/26 Roundup

Summary of the Week in Special Situations

Table of Contents:

1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

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Update on Developing M&A

• Martin Midstream Partners (MMLP) received a buyout offer from Martin Resource Management for all the units it does not already own (Press Release)

• Millicom International Cellular (TIGO) shareholder Atlas Investments SASU submitted a preliminary non-binding proposal to acquire the company (Filing)

• Sprout Social (SPT) denied a report regarding a process to take the company private (Filing)

• Vanda Pharmaceuticals (VNDA) rejected a takeover offer from Future Pak that "substantially undervalues" the company (Press Release)

Rumors

• Envestnet (ENV) reportedly draws takeover interest from buyout funds including Advent International and GTCR (Bloomberg)

• Instructure Holdings (INST) 83% owner is Thoma Bravo is reportedly exploring a sale of the company and retained an adviser to solicit interest from potential buyers (Reuters)

• International Paper (IP) suitor Suzano (SUZ) is considering raising its $15 billion takeover offer for the company (Reuters)

• PowerSchool Holdings (PWSC) reportedly has formed a special committee to evaluate a potential takeover by private equity firms (Bloomberg)

• Stericycle (SRCL) reportedly working with an adviser as it considers its options including a potential sale (Bloomberg)

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Update on Shareholder Activism

• Johnson Controls (JCI) activist Elliott Investment Management has accumulated a $1bn+ stake in the company (Bloomberg)

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Update on Other Special Situations

Spin-Offs

• DuPont (DD) announced a plan to separate into three distinct publicly traded companies (Press Release, Presentation)

Other

• V.F. Corp (VFC) reportedly receives buyer interest for its individual brands as well as a potential sale of the entire company (Seeking Alpha)

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Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value

Energy & Natural Resources

• Overseas Shipholding Group (OSG) / Saltchuk Resources – $950mm (Press Release)

Financials

• Independent Bank Group (IBTX) / SouthState Corp. (SSB) – $2bn (Press Release, Presentation)

• 1st Capital Bancorp (FISB) / West Coast Community Bancorp (SCZC) – $63mm (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.