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

• 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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