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

• Brooge Energy (BROG) received a takeover offer from its majority shareholder BPGIC Holdings (Filing)

• DCP Midstream (DCP) received an unsolicited proposal from Phillips 66 (PSX) for $34.75 / share (Press Release)

• Laird Superfood (LSF) confirmed receipt of an unsolicited offer from EF Hutton at $3 / share (Press Release)

• Occidental (OXY) investor Berkshire Hathaway received approval to increase stake (Reuters)

• Turquoise Hill (TRQ) rejected Rio Tinto’s (RIO) takeover proposal as too low (Press Release)

• Unity (U) reaffirmed commitment to ironSource (IS) transaction, rejected AppLovin’s (APP) proposal (Press Release)

Rumors

• Babylon Holdings (BBLN) denied acquisition rumors (Press Release)

• Denbury (DEN) reportedly exploring options including a sale (Bloomberg)

Update on Shareholder Activism

• California Resources (CRC) activist Kimmeridge builds stake, in talks for changes (Reuters)

• Cardinal Health (CAH) investor Elliott Management aims for seats in the board room (WSJ)

• Credit Suisse (CS) shareholder Harris Associates urged the company to fix its investment bank or seek options (Bloomberg)

• Disney (DIS) activist Third Point touts case for an ESPN spin-off and board refresh (Press Release)

• Masimo Corp. (MASI) activist Politan Capital disclosed stake (Filing)

Update on Other Special Situations

Spin-Offs

• AMMO, Inc. (POWW) announced plan to separate ammunition and marketplace businesses (Press Release)

• MSG Entertainment (MSGE) considering spin-offs of its various assets (Bloomberg)

Other

• Nexstar (NXST) announced acquisition of CW Network (Press Release)

Announced M&A

Target / Acquirer – Transaction Enterprise Value

Financials

• Farmers Bankshares (FBVA) / TowneBank (TOWN) – $56mm (Press Release)

Industrials

• Hill International (HIL) / Global Infrastructure Solutions – $173mm (Press Release)

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