The Special Situation Report #131: 10/13 Roundup

Summary of the Week in Special Situations

Table of Contents:

1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

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Update on Developing M&A

• Arcadium Lithium (ALTM): Rio Tinto (RIO) confirmed that it had approached Arcadium Lithium regarding a potential acquisition. (Press Release)

• Forward Air (FWRD): Alta Fox asked the Board for a strategic review and to execute a formal sales process that maximizes value for all shareholders. (Letter)

• Whitestone REIT (WSR): MCB Real Estate has sweetened its offer to acquire Whitestone REIT to $1.45 billion including debt. The new offer from MCB would give shareholders of Whitestone $15 per share in cash. (Press Release)

• 23andMe (ME): Announced the 1-for-20 reverse stock split of the company’s Class A and Class B common stock will become effective on October 16, 2024. (Press Release)

Rumors

• GXO Logistics Inc. (GXO): The supply-chain services provider that spun off from trucking company XPO Inc. (XPO) in 2021, is exploring a sale. (Bloomberg)

• Triumph Group (TGI): Exploring options including a sale of the company. (Bloomberg)

• JFrog (FROG): Has attracted preliminary takeover interest from potential suitors. (Bloomberg)

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Update on Shareholder Activism

• Pfizer Inc. (PFE): Activist investor Starboard Value has taken a roughly $1 billion stake in Pfizer and wants the struggling drugmaker to make changes to turn around its performance. (WSJ)

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Update on Other Special Situations

• Honeywell (HON): Honeywell announced plans to spin off its Advanced Materials business. The transaction is expected to be completed by late 2025 or early 2026. Honeywell shared details of this move in its Portfolio Update Presentation. (Press Release) 

• Sanofi (SNY): Sanofi announces that the company has entered into negotiations with CD&R for the potential sale of a 50% controlling stake in Opella, its consumer healthcare business. (Press Release)

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Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Industrials

• Barnes Group Inc. (B) / Apollo Funds (APO), $3.6 bn, Q1 2025 (Press Release, Merger Agreement)

Consumer Staples

• The Duckhorn Portfolio, Inc. (NAPA) / Butterfly Equity, $1.95 bn, Q4 2024 (Press Release, Merger Agreement)

Materials

• Arcadium Lithium plc (ALTM) / Rio Tinto Group (RIO), $6.7 bn, Mid-2025 (Press Release, Merger Agreement)

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