The Special Situation Report #124: 8/25 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
Grifols (GRFS): Brookfield Asset Management is asking banks to line up about $10.6 billion of debt for its potential take-private deal for Spanish pharmaceutical producer Grifols. (Bloomberg)
Paramount Global (PARA): Skydance Media is accusing Paramount’s special committee of directors of breaching the terms of its deal by extending the period when it can engage with other bidders liked Edgar Bronfman for the company. (WSJ)
Surgery Partners (SGRY): TPG Inc. (TPG), and UnitedHealth Group Inc. (UNH) are among the suitors seeking to buy Surgery Partners. (Bloomberg)
Millicom International Cellular S.A. (TIGO): Atlas Luxco completed its public offers to Millicom shareholders, increasing its ownership in the company to 40.42% of Millicom’s shares and voting rights. (Press Release)
Rumors
Evolent Health (EVH): Evolent is in talks with private equity firms and healthcare services providers for a potential sale, in a process that kicked off after it received takeover interest. (Reuters)
Update on Shareholder Activism
Forward Air (FWRD): Activist investor Ancora Holdings is urging Forward Air to launch a strategic review and consider a sale. It warned that a board challenge might follow if investors' calls for action are ignored. (Reuters)
Autodesk (ADSK): Starboard Value urged Autodesk’s board to evaluate whether CEO Andrew Anagnost is the right person to lead the company following reports of senior executives intentionally misleading shareholders. (Press Release)
Update on Other Special Situations
Liberty Media (LSXMA): Split-Off of Liberty Sirius XM Holdings (SIRI) approved at Liberty Media’s special meeting of stockholders (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Consumer Staples
Vector Group (VGR) / JT Group - $2.4 bn, Q4 2024 (Press Release, Merger Agreement)
Materials
Arch Resources (ARCH) / Consol Energy Inc. (CEIX) - $5.2 bn, Q1 2025 (Press Release, Merger Agreement)
Health Care
Cyclo Therapeutics (CYTH) / Rafael Holdings, Inc. (RFL) - $28.67 mm, Q4 2024 (Press Release, Merger Agreement)
Information Technology
Stronghold Digital Mining (SDIG) / Bitfarms Ltd. (BITF) - $175 mm, Q1 2025 (Press Release, Merger Agreement)
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