I hope you enjoyed my report on Square Enix.

I am grateful to have built a global audience of 1,000+ investors in just a few months. Truth be told, I have a lot in the works for this website in terms of additional resources to add to your investor toolkit. But in the meantime, expect more of the same - including a new writeup next week (I’m heading back Stateside to cover a company in the healthcare sector).

On an unrelated note, I found this article from the Financial Times to be interesting - make of it what you will:

“Surge in end-of-quarter rallies driven by funds, research suggests” (Link)

Table of Contents:

1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

Update on Developing M&A

Strategic Alternatives & Ongoing Situations

• Kohl's (KSS) bidder Franchise Group (FRG) is considering lowering its offer to $50 per share (CNBC)

• PBF Logistics (PBFX) gained as PBF Energy (PBF) disclosed it was mulling a takeover bid (Filing)

• Spirit (SAVE) amended its merger agreement with Frontier (ULCC) (Press Release), shunning JetBlue’s (JBLU) $33.50 per share proposal (Press Release)

• Toshiba (TOSYY) bidders are considering takeover offers as high as 7,000 yen (Reuters)

Rumors

• Block (SQ) speculation it may attract an activist investor or takeover bid as its stock languishes (Axios Pro)

• Celsius Holdings (CELH) may be a takeover target for Pepsi (PEP) (Seeking Alpha)

• Occidental Petroleum (OXY) may be the next takeover target of Buffett’s Berkshire (BRK) as it continues to buy additional shares (Seeking Alpha)

• Seagen (SGEN) merger talks with Merck (MRK) are reportedly picking up pace (WSJ)

Update on Shareholder Activism

• Aerojet Rocketdyne (AJRD) CEO gets vote of confidence from ISS and Glass Lewis in proxy battle (Reuters)

• CalAmp (CAMP) entered into cooperation agreement with B. Riley Asset Management (Press Release)

• Catalyst Biosciences (CBIO) 8% shareholder JEC II engaging with management regarding returning cash to shareholders

• Mercury Systems (MRCY) entered into cooperation agreements with Jana, Starboard (Press Release)

• New Relic (NEWR) Jana Partners added to its stake (Filing)

• Zendesk (ZEN) Jana pulled its proxy fight after ZEN announced a go-private transaction (Filing)

Update on Other Special Situations

Spin-Offs

• Kellogg (K) announced spin-offs of its cereal and plant-based businesses, separating them from its snacking business (Press Release)

• Seanergy Maritime (SHIP) announced a proposed spin-off (Press Release)

• Volkswagen (VWAGY) is pushing ahead with Q4 Porsche IPO; eyes 2023 listing of its battery unit (Bloomberg)

Other

• ODP Corporation (ODP) decided to keep all of its businesses together, scrapping earlier plans to separate its B2C and B2B businesses (Press Release)

• Rogers (RCI) and Shaw (SJR) announced an agreement to divest Freedom Mobile to Quebecor (TSX: QBR) (Press Release)

Announced M&A

Target / Acquirer – Transaction Enterprise Value

Energy & Natural Resources

• USA Truck (USAK) / DB Schenker – $435 million (Press Release)

• U.S. Well Services (USWS) / ProFrac Holding (PFHC) – $93mm (Press Release, Presentation)

Financials

• GrandSouth Bancorporation (GRRB) / First Bancorp (FBNC) – $181mm (Press Release)

Healthcare

• Convey Health Solutions (CNVY) / TPG – $1.1bn (Press Release)

• F-star Therapeutics (FST) / Sino Biopharmaceutical – $161mm (Press Release)

• Radius Health (RDUS) / Gurnet Point & Patient Square – $890mm (Press Release)

Industrials

• Ocean Bio-Chem (OBCI) / OneWater Marine (ONEW) – $125mm (Press Release)

• RADA Electronic Industries (RADA) / Leonardo DRS (Press Release, Presentation)

Technology, Media & Telecommunications

• Zendesk (ZEN) / Hellman & Friedman & Permira – $10.2bn (Press Release)

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