The Special Situation Report #30: 8/14 Roundup
Discover more from The Special Situation Report
The Special Situation Report #30: 8/14 Roundup
Summary of the Week in Special 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
AppLovin (APP) announced it sent a non-binding merger proposal to Unity (U) (Press Release)
Kaltura (KLTR) adopted a shareholder rights plan after an unsolicited bid from Panopto (Press Release)
PlayAGS (AGS) confirmed receipt of a $10 / share bid from Inspired Entertainment (INSE) (Press Release)
Startek (SRT) released an update regarding an unsolicited proposal from CSP Management at $4.65 / share (Press Release)
Turtle Beach (HEAR) ended its proactive outreach to potential buyers after strategic review (Press Release)
Rumors
Albertsons (ACI) gained on speculation of a deal with Ahold (Retail Detail)
Repligen (RGEN) reportedly rejected an unsolicited bid from Catalent (CTLT) (Seeking Alpha)
Signify Health (SGFY) reportedly draws interest from CVS (CVS) (WSJ)
Update on Shareholder Activism
Apartment Investment & Management (AIV) activist investor Land & Buildings reportedly pushing for a sale (Bloomberg)
MDU Resources (MDU) gained after Corvex disclosed and intent to talk to management (Filing)
New York Times (NYT) gained after activist investor ValueAct disclosed a stake (Filing)
Update on Other Special Situations
Huntsman (HUN) agreed to sell its textile effects division to SK Capital (Press Release)
TreeHouse Foods (THS) announced the sale of its meal prep business to InvestIndustrial for $950mm (Press Release)
Whirlpool (WHR) to buy Emerson Electric’s (EMR) InSinkErator for $3bn (Press Release, Presentation)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Consumer / Retail
BBQ Holdings (BBQ) / MTY Food Group – $200mm (Press Release)
CarLotz (LOTZ) / Shift (SFT) (Press Release, Presentation)
Financials
Professional Bank (PFHD) / Seacoast Banking (SBCF) – $489mm (Press Release, Presentation)
Healthcare
Global Blood Therapeutics (GBT) / Pfizer (PFE) – $5.4bn (Press Release)
Technology, Media & Telecommunications
Avalara (AVLR) / Vista Equity – $8.4bn (Press Release)
CyberOptics (CYBE) / Nordson (NDSN) – $380mm (Press Release)
If you enjoyed reading this Report, please do me the huge favor of simply pressing the “Like” button.
Just reply to this email to get in touch, or follow me on Twitter.