The Special Situation Report #20: 6/5 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
Update on Developing M&A
Strategic Alternatives & Ongoing Situations
Dexcom (DXCM) denied it was in active takeover talks with Insulet (PODD) (Press Release)
Kohl’s (KSS) reportedly received bids from Sycamore Partners and Franchise Group (FRG) (WSJ)
Spark Networks (LOV) announced exploration of strategic alternatives (Press Release)
Toshiba (TOSYY) received ten initial proposals, including eight takeover offers (Press Release)
Rumors
Dropbox (DBX) gained on a report the company was approached about a takeover (Seeking Alpha)
N-Able (NABL) may be the next takeover target in software, according to RBC (CRN)
NFI Group (TSE: NFI) could be a takeover target after its stock plunged (BNN Bloomberg)
Q2 Holdings (QTWO) reportedly put sale process on hold because bids were too low (Barron’s)
Talkspace (TALK) gained as Citi said takeover is more likely than initially thought (Seeking Alpha)
Update on Shareholder Activism
Afya (AFYA) 40% shareholder Bertelsmann SE disclosed in 13D that it plans to purchase $129mm additional shares (Filing)
Amarin (AMRN) 6% shareholder Sarissa Capital engaged with management regarding disappointing results (13D Filing)
American Vanguard (AVD) activist Cruiser Capital won three seats on board (Reuters)
Figs (FIGS) controlling shareholders flipped to 13D filings (Filing)
MiMedx Group (MDXG) responded to Prescience Point Capital’s presentation (Filing)
Overstock.com (OSTK) investor Simcoe Capital disclosed a 6% stake in 13D filing (Filing)
Rocky Mountain Chocolate Factory (RMCF) 7% shareholder AB Value Partners nominated candidates to the board (13D Filing)
SpartanNash (SPTN) activist Macellum received support from ISS but not Glass Lewis (Filing)
Tabula Rasa HealthCare (TRHC) investor Indaba Capital disclosed a 20% stake and intention to engage with management in 13D filing (Filing)
Unilever (UL) announced Nelson Peltz will join its board (Reuters)
UpHealth (UPH) majority shareholders expressed displeasure with decline in stock price (13D Filing)
WisdomTree (WETF) entered into a cooperation agreement with Lion Point and ETFS Capital (CNBC)
Update on Other Special Situations
Spin-Offs
Pfizer (PFE) will exit Haleon joint venture with GSK (GSK) after its July 18th spin-off (Reuters)
XPO Logistics (XPO) filed a Form 10 registration statement for the planned spin-off of its brokered transportation platform (Press Release)
Other
Carnival (CCL) reportedly in talks to sell Seabourn to Saudi fund (CNBC)
Credit Suisse (CS) reportedly considering asset sales to strengthen its capital base (Reuters)
Frontier (ULCC) added reverse termination fee to Spirit Airways (SAVE) deal (CNBC)
Qualcomm (QCOM) reportedly interested in acquiring a stake in Softbank’s Arm (Financial Times)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Energy & Natural Resources
Sprague Resources (SRLP) / Hartree Partners – $880 million (Press Release)
Yamana Gold (AUY) / Gold Fields Limited (GFI) – $6.7bn (Press Release, Presentation)
Gaming, Gambling, Lodging & Real Estate
CatchMark Timber Trust (CTT) / PotlatchDeltic Corp. (PCH) – $940mm (Press Release, Presentation)
Financials
UB Bancorp (UBNC) / FNB Corporation (FNB) – $117mm (Press Release)
Healthcare
TherapeuticsMD (TXMD) / EW Healthcare Partners – $177mm (Press Release)
Turning Point Therapeutics (TPTX) / Bristol Myers Squibb (BMY) – $4.1 billion (Press Release)
Industrials
Majority stake in Roper’s (ROP) industrial business / CD&R – $5.1bn (Press Release, Presentation)
If you enjoyed reading this Report, please do me the huge favor of simply pressing the “Like” button.
Just reply to this email to get in touch, or follow me on Twitter.