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
Paramount Global (PARA): Edgar Bronfman Jr. withdrew from the bidding war for Paramount Global. (Press Release)
Evolent Health (EVH): Health insurer Elevance Health (ELV) initially expressed an interest in bidding for Evolent, but the company dropped out of the process. (Reuters)
B. Riley Financial’s (RILY): Lenders have granted the firm more time to produce an overdue financial report as it looks for ways to ease its debt load of more than $2 billion. (Bloomberg)
Grifols (GRFS): Brookfield Asset Management is in talks with several investment funds to join its bid to acquire Grifols. (Bloomberg)
Rumors
SecureWorks (SCWX): Dell Technologies (DELL) is once again exploring a possible sale of SecureWorks. (Reuters)
Update on Shareholder Activism
Southwest Airlines (LUV): Elliott Investment Management in an open letter told Southwest Airlines’ investors that the company needs new outside leadership and that it wants to engage to shape a "better future" but is also ready to press ahead with a planned proxy fight. (Press Release)
Charles & Colvard (CTHR): Riverstyx said the company stock was undervalued and intends to nominate three Board candidates at the next shareholders' meeting. Riverstyx may consider further actions, including discussions on potential changes to the company’s structure or strategy. (Press Release)
Update on Other Special Situations
TC Energy (TRP): TC Energy announced that South Bow Corporation has closed a notes offering of approximately $7.9 billion Canadian-dollar equivalent in aggregate principal amount related to the spinoff of TC Energy's Liquids Pipeline Business. Spinoff remains on track to close in early Q4 2024. (Press Release)
Lions Gate Entertainment Corp. (LGF-A): Canada Pension Plan Investment Board sued Lions Gate Entertainment Corp. to block the movie and television studio from separating from its struggling Starz cable and streaming service via a blank-check merger. (Bloomberg)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Financials
CrossFirst Bankshares (CFB) / First Busey (BUSE) - $916.8 mm, mid-2025 (Press Release / Merger Agreement)
Industrials
ARC Document Solutions (ARC) / TechPrint Holdings - $202.26 mm, Q4 2024 (Press Release / Merger Agreement)
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