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
111, Inc. (YI): The special committee has retained Houlihan Lokey China Limited as its independent financial advisor and Kirkland & Ellis as its U.S. legal counsel for its review and evaluation of the non-binding proposal from co-founders as well as other potential strategic alternatives that the company may pursue. The co-founders in September had made an offer of $0.226 per Class A Share or $4.52 per ADS in cash. (Press Release)
Aurora Cannabis (ACB): The application made by Curaleaf (CURLF) to halt Aurora’s at-the-market (ATM) program was dismissed by the Alberta Securities Commission. Curaleaf is pursuing a hostile bid, offering shareholders $5 per Aurora share. After Aurora’s continuous rejection of the offer, Curaleaf submitted an application with the ASC against the company’s ATM program. (Press Release)
MGM Resorts (MGM): Acquisition talks have ended between MGM and Barry Diller’s People Incorporated (PPLI) — either for People to buy the casino company, or for the casino company to buy People. “We are done, and I meant that,” MGM Chief Executive Bill Hornbuckle said. (WSJ)
Seer (SEER): The Special Committee has concluded its review process and decided to reject the recent acquisition proposals made to Seer. In July, Radoff-JEC Group offered $2.55 per share in cash, plus a CVR; and CEO Omid Farokhzad offered $2.45 per share in cash plus two separate CVRs. The Special Committee determined that both of the unsolicited acquisition proposals fail to reflect Seer’s intrinsic value. (Press Release)
T-Mobile US (TMUS): Deutsche Telekom’s plans to combine with its American arm T-Mobile US have hit a snag. The German telecommunications giant opted against submitting a formal bid for the time being, in part due to pushback from its works council. It is possible that Deutsche Telekom could decide to proceed with an offer at a later date. (Bloomberg)
Wendy’s (WEN): Nelson Peltz’s hedge fund Trian Fund Management is offering to buy fast-food chain Wendy’s for around $1.4 billion. Trian is leading a group that has offered to pay $7.35 a share in cash to take Wendy’s private. Flynn Group, BlueFive Capital, and Sixth Street Partners are working with Trian. Trian thinks that Wendy’s is at “a critical juncture”. Trian believes the company requires significant capital investments and that the complex, multiyear turnaround it requires would be easier to execute as a private company. Peltz started these talks in May, but in August the plans had died down. (WSJ)
Xponential Fitness (XPOF): Fund 1 Investments is pushing for a take-private and is looking to buy the company itself. Fund 1, which owns nearly 10% of the company’s outstanding shares, is prepared to offer a price between $5.61 and $7 per share in cash to acquire Xponential. In addition, Fund 1 has economic exposure of nearly 20% of the company. (Bloomberg)
Rumors