The Special Situation Report #113: 6/2 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
Bitfarms (BITF) rejected an unsolicited takeover proposal from 9% shareholder Riot Platforms (RIOT) and announced a strategic alternatives process (Press Release)
BurgerFi (BFI) to consider strategic alternatives amid liquidity challenges (Press Release)
Calliditas Therapeutics (CALT) received a public cash tender takeover offer from Asahi Kasei (Press Release)
Rumors
Boston Beer (SAM) potential suitor Suntory Holdings denied that it was in discussions to purchase the company (Seeking Alpha)
HubSpot (HUBS) shares gained on talks of a potential sale to Alphabet (GOOG) (CNBC)
N-able (NABL) reportedly exploring a sale after receiving takeover interest from Barracuda Networks (Reuters)
Update on Shareholder Activism
Penn Entertainment (PENN) shares gained after The Donerail Group issued an open letter calling for the company to explore a sale (Letter)
Texas Instruments (TXN) shareholder Elliott Investment Management wrote an open letter to the board urging the company to improve its free cash flow (Letter)
Update on Other Special Situations
Energy Transfer (ET) agreed to acquire WTG Midstream Holdings from affiliates of Diamondback Energy (FANG), Stonepeak, and the Davis Estate for $3.3bn (Press Release)
Paramount Global (PARA) reportedly nearing a a deal as Skydance Media submitted a sweetened offer for the company (WSJ)
UScellular (USM) will sell substantially all of its wireless operation to T-Mobile (TMUS) for approximately $4.4bn (Press Release)
Vista Outdoor (VSTO) again rejected MNC Capital’s $37.50 acquisition offer and received an increased proposal from Czechoslovak Group for The Kinetic Group (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Energy & Natural Resources
Atlantica Sustainable Infrastructure (AY) / Energy Capital Partners – $3bn (Press Release)
Marathon Oil (MRO) / ConocoPhillips (COP) – $23bn (Press Release, Presentation)
Healthcare
Atrion (ATRI) / Nordson (NDSN) – $800mm (Press Release, Presentation)
Surmodics (SRDX) / GTCR – $615mm (Press Release)
Financials
Affinity Bancshares (AFBI) / Atlanta Postal Credit Union – $144mm (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.
