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The Special Situation Report #25: 7/10 Roundup

www.thespecialsituationreport.com

The Special Situation Report #25: 7/10 Roundup

Summary of the Week in Special Situations

David Paolella
Jul 10, 2022
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The Special Situation Report #25: 7/10 Roundup

www.thespecialsituationreport.com

I hope you enjoy this week’s roundup, delivered to update you on the latest in public company M&A, shareholder activism, and other public situations.

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

  • Hollysys (HOLI) buyer consortium reaffirmed $25/share takeover proposal (Press Release)

  • Seritage Growth Properties (SRG) shareholder Eddie Lampert agreed to vote for a plan to sell off its assets (Filing)

  • Spirit (SAVE) postponed Frontier (ULCC) deal vote to continue talks with Frontier and JetBlue (JBLU) (Filing)

  • Twitter (TWTR) buyer Elon Musk notified the Company he is terminating their merger agreement (Filing)

Rumors

  • Avalara (AVLR) reportedly targeted by PE firm Vista Equity (Seeking Alpha)

  • Cano Health (CANO) gained on speculation Humana (HUM) may be interested in a takeover (Seeking Alpha via Dealreporter)

  • Magnachip (MX) gained on a report that LX Group had completed its due diligence (The Bell - in Korean, requires translation)

  • MGM Resorts (MGM) may seek to revisit Entain (GMVHY) takeover bid, says analyst (Casino.org)

  • OneMedical (ONEM) is weighing options after attracting takeover interest from CVS (CVS) (Bloomberg)

  • Premier Inc. (PINC) engaged banks earlier this year to explore strategic alternatives (Axios Pro)

  • Seagen (SGEN) reportedly in advanced talks with Merck (MRK) for a $40bn+ sale (WSJ)

  • And here are some commonly speculated European takeover targets, per Bloomberg:

    LINK to the full article.

Update on Shareholder Activism

  • Alkermes (ALKS) shareholder Sarissa Capital expressed concern with CEO, threatened to remove and replace directors (Filing)

  • Lazydays (LAZY) 13% shareholder B. Riley continues to add to its position (Filing)

  • Republic First Bancorp (FRBK) appeals court overturned the appointment of a custodian, freeing the company to fill its empty board seat (Filing)

  • Sound Financial (SFBC) 13D filer Joseph Stillwell disclosed additional purchases (Filing)

  • Swedish Match (SWMAY) gained on reports activist Elliott is building a stake and plans to oppose its sale to Philip Morris (PM) (Reuters)


Update on Other Special Situations

Spin-Offs

  • GSK (GSK) shareholders approved the spin-off of Haleon, paving the way for trading to begin on July 18th (Filing, Financial Times)

Other

  • Rubicon Technology (RBCN) accepted a tender offer to purchase 45% of outstanding shares at $20 per share; RBCN will issue an $11 dividend to remaining shareholders and delist (Filing)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Energy & Natural Resources

  • Alexco Resource (AXU) / Hecla Mining (HL) – $81mm (Press Release, Presentation)

Healthcare

  • Meridian Bioscience (VIVO) / SD Biosensor & SJL Partners – $1.5bn (Press Release)

  • Tyme Technologies (TYME) / Syros Pharmaceuticals (SYRS) – $59mm (Press Release, Presentation)

Industrials

  • Resolute Forest Products (RFP) / The Paper Excellence Group – $2.9bn (Press Release)


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The Special Situation Report #25: 7/10 Roundup

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