The Special Situation Report #32: 8/28 Roundup

Aug 28, 2022

Strategic Alternatives & Ongoing Situations

Flexsteel Industries (FLXS) received an unsolicited takeover bid from CSC Generation Holdings (Filing)
Turquoise Hill (TRQ) confirmed receipt of an improved takeover bid from Rio Tinto (RIO) (Filing)

Rumors

Aerojet Rocketdyne (AJRD) reportedly in talks with strategic buyers (Seeking Alpha)
Amazon (AMZN) reportedly among the bidders for Signify Health (SGFY) (WSJ)
Celanese (CE) gained amid speculation of a potential takeover by Warren Buffett (Seeking Alpha)
Electronic Arts (EA) subject to speculation of a takeover by Amazon (AMZN) (CNBC)
Everbridge (EVBG) gained on rumors of working with an adviser on a potential sale (Bloomberg)
NCR (NCR) dropped on report that Veritas Capital is still seeking financing for deal (Seeking Alpha)
Seagen’s (SGEN) potential sale to Merck (MRK) has hit a snag (Bloomberg)

Build-A-Bear Workshop (BBW) shareholder Cannell Capital released a letter outlining rationale for share buyback (Letter)
Cano Health (CANO) shareholder Owl Creek urged the company to pursue a sale (Letter)
Kirby Corp (KEX) activist JCP pushing for a breakup or sale of the company (Bloomberg)
Mereo BioPharma (MREO) and activist Rubric Capital trade barbs in board battle (Filing)
Pasithea Therapeutics (KTTA) shareholder Camac Partners urged shareholders to vote to call a special meeting (Press Release)

Spin-Offs

Bluerock Residential Growth REIT (BRG) announced the spin-off of its single-family rental business will occur on October 6 (Press Release)
Novartis (NVS) announced its plan to spin-off its Sandoz generics business (Press Release)

Other

Chesapeake Energy (CHK) reportedly has hired an advisor to sell its Eagle Ford assets (Bloomberg)
Farfetch (FTCH) acquired a 47.5% stake in Yoox Net-A-Porter from Richemont (Filing)
Hasbro (HAS) reportedly considering a sale or restructuring of its entertainment assets (Bloomberg)
TuSimple's (TSP) Asia-Pacific business said to draw interest from Geely Automotive (TechNode)

Target / Acquirer – Transaction Enterprise Value

Financials

Town and Country Financial (TWCF) / HBT Financial (HBT) – $101mm (Press Release, Presentation)

Healthcare

Technology, Media & Telecommunications

Computer Services (CSVI) / Centerbridge Partners & Bridgeport Partners – $1.6bn (Press Release, Presentation)
Micro Focus (MFGP) / Open Text (OTEX) – $6bn (Press Release)

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