My latest report (covering PacBio) went out on Thursday morning. To those of you in the United States, I hope you get to spend some time in the sun with family and friends this weekend. Have a great July 4th.

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

• Ceragon Networks (CRNT) received an unsolicited takeover proposal from Aviat Networks (AVNW) for $2.80 per share (Press Release, Presentation)

• Greybug Vision (GRAY) announced review of strategic alternatives (Press Release)

• Hemisphere Media (HMTV) disclosed it received 2 offers above $7 / share during its go-shop period (Merger Proxy)

• Kohl's (KSS) terminated deal talks with Franchise Group (FRG) and ended its formal strategic review process (Filing)

• Rapid Micro Biosystems (RPID) received an unsolicited takeover proposal for $5 per share (Filing)

• Spirit (SAVE) again delayed its shareholder vote on Frontier (ULCC) merger (Filing)

• U.S. Global Investors (GROW) rejected an unsolicited proposal from Echo Lake Capital and Deerhaven Capital (Press Release)

Rumors

• 2U (TWOU) gained on a report of a $15 / share buyout offer from India’s Byju’s (Barron’s)

• Cushman & Wakefield (CWK), Newmark (NMRK) denied merger rumors (NY Post)

• Gulfport (GPOR) and Encino are reportedly weighing a merger (Bloomberg)

• Robinhood (HOOD) 7.6% shareholder Sam Bankman-Fried denied active takeover discussions (Reuters)

• Toronto-Dominion (TD) is reportedly weighing a takeover of Cowen (COWN) (Bloomberg)

• WideOpenWest (WOW) reportedly subject of interest from Global Infrastructure Partners (Seeking Alpha)

Update on Shareholder Activism

• Aerojet Rocketdyne’s (AJRD) CEO defeated its Chairman in proxy battle (Press Release)

• Catalyst Biosciences (CBIO) announced it intends to distribute cash to shareholders (Filing)

• Societal CDMO (SCTL) activist Railroad Ranch Capital intends to engage in discussions with the board regarding shareholder value (Filing)

• Toshiba’s (TOSYY) board gained two directors from activist funds in historic shift (Reuters)

Update on Other Special Situations

Spin-Offs

• Encompass Health (EHC) completed the spin-off of Enhabit (EHAB) (Press Release)

• Novartis (NVS) leans toward a spinoff of its $25 billion generics arm (Bloomberg)

Other

• Huntsman (HUN) is in talks to sell textiles unit to SK Capital (Bloomberg)

• Playtika (PLTK) Joffre Capital takes ~26% stake in secondary deal with Chinese investment group (Filing)

• Reckitt Benckiser (RBGLY) may shelve sale of infant nutrition unit (Yahoo)

• Siemens (SIEGY) bought a stake in Volkswagen’s (VWAGY) Electrify America, valuing the EV-charging network at $2.45 billion (Reuters)

• TreeHouse Foods (THS) in talks to sell meal-prep unit to Investindustrial (Yahoo)

• Walgreens (WBA) terminated the sale of its Boots U.K. chain (Press Release)

Announced M&A

Target / Acquirer – Transaction Enterprise Value

Healthcare

• Epizyme (EPZM) / Ipsen (IPSEY) – $250mm (Press Release)

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