The Special Situation Report #33: 9/4 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
Flexsteel (FLXS) rejected CSC Generation’s unsolicited takeover proposal (Press Release)
Grindrod Shipping (GRIN) received an unsolicited takeover proposal from Taylor Maritime; entered into exclusive discussions (13D Filing, Press Release)
Hemisphere Media (HMTV) received a new takeover offer ahead of shareholder vote (Filing)
Hill International’s (HIL) merger proposal from GISI bumped to $3.40 after receiving an unsolicited third-party bid (Press Release)
Kaltura (KLTR) rejected K1 & Panopto's unsolicited offer (Press Release)
Sprague Resources (SRLP) and Hartree Partners amended merger agreement, added $1.00 per unit to the offer (Press Release)
Zendesk (ZEN) rejected Light Street Capital’s proposal as inferior (Press Release)
Rumors
Aurora Innovation’s (AUR) CEO floated a possible sale or asset divestitures (Bloomberg)
BlackLine (BL) reportedly rejected a takeover bid from a PE firm (Seeking Alpha)
Enfusion (ENFN) gained on reports of takeover interest (Seeking Alpha)
Hollysys Automation (HOLI) reportedly in take-private talks with consortium led by management (Reuters)
Signify Health (SGFY) in advanced talks with CVS (CVS) regarding a takeover (WSJ)
Update on Shareholder Activism
AMMO (POWW) 17% shareholder, board member and chief strategy officer Steven Urvan calls for board changes and strategy redirection (Filing)
Center Coast Brookfield (CEN) 24% shareholder Saba Capital Management agreed to withdraw its board nominations
Faraday Future (FFIE) refuted claims made by its top shareholder (Filing)
Update on Other Special Situations
3M (MMM) completed the split-off of its food safety business and merger with Neogen (NEOG) (Press Release)
Albemarle (ALB) to retain Catalysts business following strategic review (Press Release)
Jefferies (JEF) to sell its stake in Oak Hill Capital to Wafra (Bloomberg)
Jeld-Wen (JELD) announces review of alternatives for its Australasia business (Press Release)
Kohl’s (KSS) reportedly received a $2bn bid from Oak Street for its real estate assets (Reuters)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Energy & Natural Resources
Turquoise Hill (TRQ) / Rio Tinto (RIO) – $3.3bn (Press Release)
Financials
Centric Financial (CFCX) / First Commonwealth Financial (FCF) – $144mm (Press Release)
Healthcare
Forma Therapeutics (FMTX) / Novo Nordisk (NVO) – $1.1bn (Press Release)
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