Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A
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Update on Developing M&A
23andMe (ME): CEO Anne Wojcicki indicated that she is open to considering outside takeover bids for the company. (13D Filing)
Bitfarms (BITF): Rescheduled the Special Meeting of shareholders from October 29, 2024, to November 6, 2024. (Press Release)
B. Riley Financial (RILY): Takes strategic and financing initiatives by accelerating debt repayment. (Press Release)
BurgerFi International (BFI): Filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. (Press Release)
Smartsheet (SMAR): Vista Equity Partners and Blackstone (BX) are asking private credit lenders for a $3.2 billion debt package to support their proposed acquisition of Smartsheet. (Bloomberg)
Vista Outdoor (VSTO): CSG has agreed to purchase shares representing 7.5% of standalone Revelyst for $150 million at a price of about $31 per Revelyst share, valuing Revelyst at $2.0 billion. (Press Release)
Rumors
Singular Genomics (OMIC): Received a non-binding proposal from Deerfield to acquire all of the company’s outstanding shares of common stock for $10.00 per share in cash. (Press Release)
Update on Shareholder Activism
News Corp (NWS): Starboard has submitted a non-binding proposal to collapse the dual-share structure, through which the Murdoch family controls about 41% of the vote at News Corp. (Letter)
Southwest Airlines (LUV): Chairman Gary Kelly is stepping down along with six directors after the airline faced calls for a strategic overhaul from activist investor Elliott Investment Management. (Press Release)
Update on Other Special Situations
Liberty Global (LBTYA): Liberty Global will spin off its Swiss telecoms operator Sunrise to shareholders in the fourth quarter of 2024. (Reuters)
Liberty Media (LSXMA): Liberty Media and Sirius XM Holdings completed the split-off of Liberty Sirius XM Holdings on September 9, 2024. (Press Release)
SITE Centers (SITC): SITE Centers has announced that the record date for the spin-off of its convenience retail properties into Curbline Properties is set for September 23, 2024, with the distribution of Curbline common stock scheduled for October 1, 2024. (Press Release)
TC Energy (TRP): TC Energy announced the distribution record date of September 25, 2024 for the spinoff of its Liquids Pipelines business into South Bow Corporation. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Financials
Evans Bancorp (EVBN) / NBT Bancorp - $236 mm, Q2 2025 (Press Release, Merger Agreement)
Industrials
Manitex International, Inc. (MNTX) / Tadano - $223 mm, Q1 2025 (Press Release, Merger Agreement)
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