The Special Situation Report #30: 8/14 Roundup

Summary of the Week in Special 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

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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)

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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)

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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)

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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)

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