The Special Situation Report #31: 8/21 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
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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