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

• Spirit (SAVE) delayed the vote on its sale to Frontier (ULCC) for the fourth time (Press Release)

• Twitter (TWTR) filed suit against Elon Musk for specific performance (Filing)

• United Insurance Holdings (UIHC) announced a review of strategic alternatives (Press Release)

Rumors

• Digital Turbine (APPS) could be 'in play,' Oppenheimer says (Seeking Alpha)

• Fresh Del Monte (FDP) reportedly draws takeover interest from I Squared Capital (Bloomberg)

• Playtika (PLTK) shareholder Joffre Capital reportedly seeks financing for takeover (Bloomberg)

• Seagen’s (SGEN) potential sale to Merck (MRK) is reportedly still on track, but the timing has slowed (WSJ)

Update on Shareholder Activism

• Monro (MNRO) gained on a report that hedge fund Ides Capital was pushing for a strategic review (Reuters)

• Pinterest (PINS) gained on reports that Elliott has built a stake and is in discussions with the company (WSJ)

• The Oncology Institute (TOI) two activists disclosed discussions with management in 13D filings (Filing 1, Filing 2)

• Verra Mobility (VRRM) activist Scopia Capital called for a sale process if the company cannot improve returns (Filing)

Update on Other Special Situations

Spin-Offs

• Disney (DIS) is no longer weighing ESPN spin-off, according to reports (Seeking Alpha)

• Gap (GPS) CEO’s abrupt exit opens the door for Athleta spin-off talks to resurface (Reuters)

• GSK’s (GSK) spin-off of its consumer health business Haleon begins trading on Monday, 7/18 (Reuters)

• LiveOne (LVO) announced its intention to spin-off its subsidiary PodcastOne (Press Release)

• XPO Logistics (XPO) unveiled “RXO” as the name for its planned Q4 spin-off of its tech-enabled brokerage platform (Logistics Management, Press Release)

Other

• Brookfield Infrastructure (BIP) and DigitalBridge (DBRG) teamed up to acquire a majority stake in Deutsche Telekom’s tower business (Press Release)

• Kaleyra (KLR) rejected an unsolicited offer to acquire its Campaign Registry business (Press Release)

• Lumen (LUMN) is reportedly considering a sale of some of its western assets (Seeking Alpha)

Announced M&A

Target / Acquirer – Transaction Enterprise Value

Energy & Natural Resources

• Great Bear Royalties (GBRBF) / Royal Gold (RGLD) – $153mm (Press Release, Presentation)

• TransGlobe Energy (TGA) / VAALCO Energy (EGY) – $307mm (Press Release, Presentation)

Gaming, Gambling, Lodging & Real Estate

• ironSource (IS) / Unity (U) – $4.4bn (Press Release, Presentation)

Industrials

• Euronav (EURN) / Frontline (FRO) (Press Release)

• Sharps Compliance (SMED) / Aurora Capital Partners – $187mm (Press Release)

Healthcare

• La Jolla Pharmaceutical (LJPC) / Innoviva (INVA) – $149mm (Press Release)

Technology, Media & Telecommunications

• Glory Star New Media (GSMG) / Cheers – $106mm (Press Release)

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