The Special Situation Report #129: 9/29 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
Powered by InsideArbitrage.
Update on Developing M&A
Intel (INTC): Apollo Global Management (APO) offered to make a multibillion-dollar investment in Intel. (Bloomberg)
Bitfarms (BITF): Entered into a settlement agreement with Riot (RIOT) in advance of the Special Meeting of Bitfarms Shareholders scheduled for November 6, 2024. (Press Release)
Smartsheet (SMAR): Vista Equity Partners and Blackstone (BX) have made several concessions to a group of private lenders backing their proposed acquisition of Smartsheet. (Bloomberg)
Target Hospitality (TH): The Board decided to disband the Special Committee, which was established to consider and evaluate the unsolicited non-binding offer from Arrow Holdings for $10.80 per share in cash. (Press Release)
Intel (INTC): Arm Holdings (ARM) approached Intel about potentially buying the chipmaker’s product division, only to be told that the business isn’t for sale. (Bloomberg)
Rumors
Liberty Broadband (LBRDA): Offered a counterproposal to the Special Committee of Charter Communications (CHTR) in response to an initial merger proposal sent by the Charter. (Press Release)
Lifeway Foods (LWAY): Danone North America PBC offered to buy Lifeway Foods for $25 per share, in all cash. (Letter)
Aramark (ARMK): French food catering firm Sodexo SA is exploring a potential acquisition of U.S. rival Aramark as it seeks growth overseas. (Bloomberg)
Lightspeed Commerce (LSPD): Working with a financial adviser to explore options including a potential sale. (Reuters)
Update on Shareholder Activism
Southwest Airlines (LUV): Activist investor Elliott Investment Management plans to call a special shareholder meeting in the coming weeks to allow investors to vote on a slate of 10 potential directors it previously proposed. (Letter)
Rapid7 (RPD): Activist Investor Jana Partners increased its stake to 13%. (13D Filing)
Update on Other Special Situations
Jacobs (J): Jacobs completed the spin-off of its Critical Mission Solutions and Cyber & Intelligence government services businesses and merger with Amentum Parent Holdings, forming an independent, publicly traded company called Amentum Holdings. (Press Release)
TC Energy (TRP): S&P Dow Jones Indices announced that TC Energy will spin off its liquids pipelines business into South Bow on October 2, 2024, with shareholders receiving 0.2 South Bow shares per TC Energy share. Both companies will have a Canadian domicile and no GICS change. (Press Release)
Sanofi (SNY): Clayton Dubilier & Rice and PAI Partners have submitted binding bids for Sanofi’s consumer health division, valued at €15B ($16.7B). If the bids aren't compelling, Sanofi may opt for a spinoff of the unit. (Bloomberg)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Information Technology
Smartsheet Inc. (SMAR) / Blackstone (BX) and Vista Equity Partners, $8.4 bn, January 2025 (Press Release, Merger Agreement)
Financials
Village Bank and Trust Financial (VBFC) / TowneBank, $120 mm, H1 2025 (Press Release, Merger Agreement)
Industrials
Markforged (MKFG) / Nano Dimension (NNDM), $115 mm, Q1 2025 (Press Release, Merger Agreement)
If you enjoyed reading this Report, please do me the huge favor of pressing the “Like” button or sharing it with other investors interested in special situations.
The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.