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The Special Situation Report #113: 6/2 Roundup
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The Special Situation Report #113: 6/2 Roundup

Summary of the Week in Special Situations

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David Paolella
Jun 02, 2024
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The Special Situation Report
The Special Situation Report #113: 6/2 Roundup
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Table of Contents:

  1. Update on Developing M&A

  2. Update on Shareholder Activism

  3. Update on Other Special Situations

  4. 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.


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By Asif · Launched 3 years ago
A weekly report on special situations in US public equities.
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The Special Situation Report #59: 3/19 Roundup
Summary of the Week in Special Situations
Mar 19, 2023 • 
David Paolella
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David Paolella
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The Special Situation Report
The Special Situation Report
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The Special Situation Report #114: 6/9 Roundup
Summary of the Week in Special Situations
Jun 9, 2024 • 
David Paolella
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The Special Situation Report #114: 6/9 Roundup

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