The Special Situation Report #114: 6/9 Roundup
The Special Situation Report #114: 6/9 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
Core Scientific (CORZ) rejected an unsolicited, non-binding proposal from CoreWeave to acquire the company for $5.75 per share in cash (Press Release)
Cytokinetics (CYTK) confirmed that it engaged in sale discussions last year before the potential acquirer eventually walked away (Filing)
SPAR Group (SGRP) entered into a non-binding letter of intent to be taken private by Highwire Capital for $2.50 per share in cash (Press Release)
Vanda Pharmaceuticals (VNDA) received an unsolicited takeover proposal from Cycle Pharmaceuticals for $8.00 per share (Press Release)
Vista Outdoor (VSTO) received an increased all-cash takeover proposal from MNC Capital Partners (Press Release)
Rumors
Bakkt Holdings (BKKT) reportedly working with a financial advisor to consider alternatives, including a potential sale (Bloomberg)
Indie Semiconductor (INDI) reportedly working with an adviser to explore its options, including a sale (Bloomberg)
International Paper (IP) potential suitor Suzano (SUZ) reportedly considering a new bid for the company (Bloomberg)
MarineMax (HZO) reportedly in talks to sell to rival OneWater Marine (ONEW) (Bloomberg)
Yext (YEXT) reportedly exploring a sale amid takeover interest (Reuters)
Update on Other Special Situations
Spin-Offs
Illumina’s (ILMN) board approved the spin-off of GRAIL; declares spin-off dividend of GRAIL shares (Press Release)
TC Energy (TRP) shareholders voted in favor of spinning off the company's liquids pipeline business (Press Release)
Other
Ambac Financial (AMBC) announced the sale of its legacy financial guarantee business for $420mm (Press Release)
GFL Environmental (GFL) reportedly exploring a sale of its environmental services business, among other options (Seeking Alpha)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Healthcare
Asensus Surgical (ASXC) / Karl Storz – $90mm (Press Release)
Industrials
Stericycle (SRCL) / Waste Management (WM) – $7.2bn (Press Release)
Technology, Media & Telecommunications
PowerSchool (PWSC) / Bain Capital – $5.6bn (Press Release)
WalkMe (WKME) / SAP SE (SAP) – $1.2bn (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.