The Special Situation Report #26: 7/17 Roundup
Summary of the Week in Special Situations
The latest in public company M&A, shareholder activism, and other public situations.
Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
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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