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
B. Riley Financial (RILY) Co-founder and largest shareholder of the company Bryant Riley proposed buying the remaining shares of the company that he does not own for $7 per share in cash (Letter to Board)
Bitfarms (BITF) Riot (RIOT) announced the acquisition of 1 million common shares of Bitfarms (BITF). This purchase increases Riot's total ownership to roughly 18.90% (Press Release)
Rumors
Maravai LifeSciences (MRVI) Drug manufacturing equipment company Repligen (RGEN) has approached vaccine capping reagent vendor Maravai LifeSciences (MRVI) with an acquisition offer (Reuters)
Update on Shareholder Activism
Aurinia Pharmaceuticals (AUPH) activist shareholder Lucien Selce called for the resignation of three directors (Press Release)
Portillo's (PTLO) shares gained on a report that activist Engaged Capital acquired a stake in the company (CNBC)
Southwest Airlines (LUV) activist Elliott Investment Management is preparing to start a proxy fight for ten board seats (Statement)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Consumer & Retail
Kellanova (K) / Mars, Inc. – $35.9bn, First Half 2025 (Press Release, Merger Agreement)
Forza X1 (FRZA) / Twin Vee PowerCats Co. (VEEE) - $5.33mm, Q4 2024 (Press Release, Merger Agreement)
Healthcare
Revance Therapeutics (RVNC) / Crown Laboratories, Inc. – $924mm, Q4 2024 (Press Release, Merger Agreement)
Aerospace & Defense
Terran Orbital (LLAP) / Lockheed Martin Corp. (LMT) - $450mm, Q4 2024 (Press Release, Merger Agreement)
Technology, Media & Telecommunications
PropertyGuru Group (PGRU) / EQT Private Capital Asia - $1.1bn, Q1 2025 (Press Release, Merger Agreement)
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