The Special Situation Report #27: 7/24 Roundup
The Special Situation Report #27: 7/24 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
Ceragon Network’s (CRNT) largest shareholder released a letter in opposition to Aviat’s (ANVW) takeover proposal (Filing)
Hill International (HIL) received an unsolicited acquisition proposal from Godspeed Capital Management (Press Release)
West Fraser Timber (WFG) denied reports it had received a takeover offer from CVC, Kronospan (Filing)
Rumors
Kindred Group (KNDGF) reportedly exploring a sale after pressure from investors (iGaming Business)
New Relic (NEWR) said to explore sale options amid takeover interest (Reuters)
NCR (NCR) is reportedly in exclusive sale talks with Veritas Capital (WSJ)
Update on Shareholder Activism
AIM ImmunoTech (AIM) announced recent director nominations from activist investors are invalid (Filing)
Kingstone Companies (KINS) shareholder Gregory Fortunoff published a letter to shareholders urging them to vote against the current board (Letter)
LivePerson (LPSN) announced an agreement with Starboard Value and corresponding board changes (Filing)
Richemont (CFRUY) activist Bluebell Capital seeks board changes, wants the company to focus on jewelry and watches (Reuters)
Suncor Energy (SU) added 3 directors and announced a strategic review of its gas station business in agreement with activist Elliott (Filing)
Tabula Rasa HealthCare (TRHC) activist Indaba Capital Management disclosed additional open market purchases (Filing)
Update on Other Special Situations
Spin-Offs
ABB Group (ABB) announced plans to spin-off its turbocharging business to shareholders (Press Release)
Fortress Transportation and Infrastructure (FTAI) announced the details for the spin-off of its infrastructure business (Filing)
GE (GE) unveiled the brand names for its future companies it will create through its planned separation (Press Release)
GSK’s (GSK) spin-off Haleon (HLN) debuts with a lackluster valuation (Reuters)
Jefferies (JEF) announced plans to spin-off its holdings in Vitesse Energy to shareholders (Press Release)
Other
Altice USA (ATUS) gained on reports that it's exploring a sale of Suddenlink (Bloomberg)
ConocoPhillips (COP) reportedly exploring a sale of its stake in Gulf of Mexico assets (Reuters)
Missfresh (MF) reportedly considering unit stake sale (Bloomberg)
Shell (SHEL) reportedly aims to fetch $1.5bn for Gulf of Mexico assets
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Healthcare
ARS Pharmaceuticals / Silverback Therapeutics (SBTX) (Press Release, Presentation)
Hanger (HNGR) / Patient Square Capital – $1.3bn (Press Release)
One Medical (ONEM) / Amazon (AMZN) – $3.9bn (Press Release)
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