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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
America’s Car-Mart (CRMT): The company and its lenders are working toward a sale that will allow the business to continue operating. Discussions center around a deal that would be executed through a court-supervised Chapter 11 sale process or via a shareholder vote. The company has been exploring multiple options, and as part of the restructuring, the outstanding asset-backed securitization trusts are expected to remain untouched. In June, the company retained Houlihan Lokey to serve as its financial advisor to evaluate and pursue strategic alternatives, including potential financing, recapitalization, mergers and acquisitions, and other transactions. (Bloomberg)
GFL Environmental (GFL): Received proposals from two competing groups of potential buyers; one includes KKR (KKR), Energy Capital Partners and Blackstone (BX); the other includes Brookfield Asset Management (BAM) and IFM Investors. Both groups have proposed rolling Canadian billionaire Patrick Dovigi’s entire stake into the transaction and keeping him involved in the business. While the companies are still negotiating the terms and structure of a potential transaction, a deal could be reached as early as next week. (Bloomberg)
InMode (INMD): Steel Partners announced it is setting an expiration date of October 30, 2026, for its offer to acquire InMode for $16.75 per share in cash. It said that the company has not engaged with it in good faith. (Press Release)
Lionsgate Studios (LION): Legendary Entertainment has revived talks to acquire Lionsgate Studios and submitted a takeover offer. Legendary had weighed making a bid for Lionsgate last year, and since then, the two parties have held on-and-off talks about a potential deal. France’s Bollore Group was also interested in a takeover in July. (Bloomberg)
Rumors