The Special Situation Report

Share this post
The Special Situation Report #21: 6/12 Roundup
www.thespecialsituationreport.com

The Special Situation Report #21: 6/12 Roundup

Summary of the Week in Special Situations

David Paolella
Jun 12
22
2
Share this post
The Special Situation Report #21: 6/12 Roundup
www.thespecialsituationreport.com

Last week was as slow as it gets for public company M&A, with zero take-private transactions announced.

The initial public offering market is fairing little better, as volume is down nearly 80% year to date. 2021 was a record year for IPOs, with over 1,000 new listings (~60% of which were SPACs). The previous high water mark was set only a year earlier (~480 IPOs).

And the record before that? In the year 2000, when 400 IPOs hit the market amid the dot-com bubble.

Table of Contents:

  1. Update on Developing M&A

  2. Update on Shareholder Activism

  3. Update on Other Special Situations


Update on Developing M&A

Strategic Alternatives & Ongoing Situations

  • Kohl’s (KSS) entered exclusive negotiations with Franchise Group (FRG) (Press Release)

  • State Street (STT) denied interest in buying Credit Suisse (CS) (Reuters)

  • Western Digital (WDC) announced review of strategic alternatives after Elliott's push to split (Press Release)

  • Zendesk (ZEN) completed its strategic review without a sale (Press Release)

  • Zymeworks (ZYME) adopted shareholder rights plan after All Blue Falcons’ proposal (Press Release)

Rumors

  • Axalta Coating (AXTA) reportedly subject of takeover interest from PPG Industries (PPG) (Seeking Alpha)

  • Dell (DELL) on the path to going private? (Seeking Alpha)

  • NCR (NCR) potential takeover seems still to be moving along (Seeking Alpha)

  • NXP Semiconductors (NXPI) gained on a report of a potential Samsung (SSNLF) takeover (Asian Tech Press)

  • Roku (ROKU) subject to speculation regarding an acquisition by Netflix (NFLX) (Business Insider)


Update on Shareholder Activism

  • Aerojet Rocketdyne (AJRD) feuding CEO and Chairman filed opposing shareholder presentations (Presentation: one, two)

  • Atento (ATTO) announced a cooperation agreement with Kyma Capital (Filing)

  • Cracker Barrell (CBRL) 9% owner Biglari Capital sent a letter to the board calling for a new CEO (Letter)

  • Hasbro (HAS) activist Alta Fox lost battle for board seats (Filing)

  • Hemisphere Media (HMTV) shareholder Edenbrook Capital says takeover price dramatically undervalues company (Filing)

  • New Relic (NEWR) activist JANA won two board seats (CNBC)

  • SpartanNash (SPTN) activists investors Macellum and Ancora lost bid for board seats (Filing)


Update on Other Special Situations

Spin-Offs

  • Encompass Health (EHC) released separate guidance ahead of Enhabit spin-off (Filing)

  • GSK (GSK) spin-off Haleon starts life with target on its back (Reuters)

  • Vodafone (VOD) preps spinoff of €900M IoT business (Light Reading)

Other

  • JetBlue (JBLU) submitted an improved proposal to acquire Spirit (SAVE) (Press Release)

  • Just Eat Takeway's (JTKWY) Grubhub business reportedly draws interest from Apollo (Bloomberg)

  • Walgreens Boots (WBA) nears a deal with Reliance and Apollo on Boots buyout (Economic Times)


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.

2
Share this post
The Special Situation Report #21: 6/12 Roundup
www.thespecialsituationreport.com
2 Comments

Create your profile

0 subscriptions will be displayed on your profile (edit)

Skip for now

Only paid subscribers can comment on this post

Already a paid subscriber? Sign in

Check your email

For your security, we need to re-authenticate you.

Click the link we sent to , or click here to sign in.

Siyu Li
Jun 12Liked by David Paolella

2 $ajrd ppts are fascinating stuff. esp. chairman's ppt, couldn't think of better material to get to know a company in-depth.

Expand full comment
ReplyCollapse
1 reply by David Paolella
1 more comments…
TopNewCommunity

No posts

Ready for more?

© 2022 The Special Situation Report
Privacy ∙ Terms ∙ Collection notice
Publish on Substack Get the app
Substack is the home for great writing