The Special Situation Report #122: 8/11 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
Dun & Bradstreet (DNB) confirmed that it has received inbound interest and has retained Bank of America to assist with those inquiries (Press Release)
Howard Hughes Holdings (HHH) formed a special committee to evaluate a potential take-private proposal from Pershing Square after the investor indicated it was considering an offer (Press Release)
Millicom’s (TIGO) independent board committee believes that Atlas Luxco's latest offer "significantly" undervalues the company (Press Release)
Rumors
Kellanova (K) reportedly in advanced talks to sell to Mars Inc. (WSJ)
Update on Shareholder Activism
Agco (AGCO) 16% shareholder TAFE wants the company to separate its chairman and CEO roles and refresh its board of directors (Filing)
Five9 (FIVN) activist Anson Funds may have spotted a huge opportunity for value (CNBC)
Southwest Airlines (LUV) activist Elliott Management disclosed its ownership position in the company (Filing)
Starbucks (SBUX) attracts a second activist as Starboard Value reportedly takes a stake in the company (WSJ)
Update on Other Special Situations
Continental (CTTAY) will evaluate a potential spin-off of its automotive business (Press Release)
Glencore (GLNCY) abandoned its plan to spin-off its coal business after its shareholders objected (Press Release)
Seaport Entertainment Group (SEG) completed its separation from Howard Hughes (HHH) (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Consumer & Retail
PetIQ (PETQ) / Bansk Group – $1.5bn (Press Release)
Healthcare
Exscientia (EXAI) / Recursion Pharmaceuticals (RXRX) – (Press Release, Presentation)
G1 Therapeutics (GTHX) / Pharmacosmos Group – $390mm (Press Release)
Technology, Media & Telecommunications
Thoughtworks (TWKS) / Apax Partners – $1.75bn (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.