The Special Situation Report #138: 12/1 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
C-suite Sudden Departures
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Update on Developing M&A
Lifeway Foods (LWAY): The Board found Danone’s $27 per share significantly undervalues the company. The Board is however not opposed to a sale. (Press Release)
Intel (INTC): Qualcomm’s (QCOM) interest in pursuing an acquisition of Intel has cooled. (Bloomberg)
Grifols (GRFS): The Grifols family won’t support a new bid by a third party to take its namesake drug maker private amid indications that Brookfield Asset Management (BAM) may scrap plans to acquire the company. (Bloomberg)
Rumors
None this week
Update on Shareholder Activism
Vertical Aerospace (EVTL): Stephen Fitzpatrick secured governance changes, appointed an independent director, and negotiated a funding arrangement granting him investment options while relinquishing veto rights. (13D Filing)
Helmerich & Payne (HP): Starboard Value bought a 5.9% stake in the company saying that the shares were "undervalued and represented an attractive investment opportunity". (13D Filing)
Autodesk (ADSK): CEO Andrew Anagnost said the company is focused on cutting costs in its sales and marketing teams, a move that comes following pressure from activist investor Starboard Value. (Bloomberg)
Update on Other Special Situations
Select Medical (SEM): Select Medical Holdings completes the spinoff of Concentra Group Holdings (CON). (Press Release)
VivoPower (VVPR): VivoPower announced it would host a presentation on December 5, 2024, in relation to its annual results and key strategic developments including Caret Digital's Dogecoin mining spin-off, the Tembo merger, and other significant updates. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Energy
EnLink Midstream (ENLC) / ONEOK (OKE) - $13.5 bn, Q1 2025 (Press Release, Merger Agreement)
Materials
Summit Materials (SUM) / Quikrete Holdings - $11.5 bn, H1 2025 (Press Release, Merger Agreement)
Information Technology
Brightcove (BCOV) / Bending Spoons - $233 mn, H1 2025 (Press Release, Merger Agreement)
Health Care
Poseida Therapeutics (PSTX) / Roche Holdings - $1.5 bn, Q1 2025 (Press Release, Merger Agreement)
Sudden Departures
“Sudden Departures” highlight executive exits announced with short notice, where the executive is expected to leave within 30 days of announcement.
Abercrombie & Fitch (ANF): Chief Financial Officer Scott Lipesky resigns effective November 20, 2024. (Filing)
Abpro (ABP): Chief Financial Officer Shahraab Ahmad resigns effective November 22, 2024. (Filing)
Dana (DAN): Chief Executive Officer James K. Kamsickas resigns effective November 25, 2024. (Filing)
Data io (DAIO): Terminates Chief Technology Officer Rajeev Gulati resigns effective December 1, 2024. (Filing)
Eyenovia (EYEN): Chief Financial Officer Andrew D. Jones resigns effective November 22, 2024. (Filing)
Jack In The Box (JACK): Chief Operating Officer Tony Darden resigns effective November 26, 2024. (Filing)
Kronos Bio (KRON): President and Chief Executive Officer Norbert Bischofberger resigns effective December 3, 2024. (Filing)
Louisiana-Pacific (LPX): Chief Accounting Officer Derek Doyle resigns effective November 25, 2024. (Filing)
Workday (WDAY): Co-President Doug Robinson resigns effective December 2, 2024. (Filing)
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