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

• 111, Inc. (YI) gained on the receipt of a takeover proposal from its co-founders (Press Release)

• Argo Group (ARGO) provided an update on its strategic alternatives process, announced sale of its Lloyd’s Syndicate business (Press Release, Presentation)

• Digital Media Solutions (DMS) gained on the receipt of a takeover proposal from management (Press Release)

• PlayAGS (AGS) announced acquisition talks have been terminated (Press Release)

• SPAR Group (SGRP) announced review of strategic alternatives (Press Release)

Rumors

• Lyft (LYFT) gained on speculation of a takeover or activist (Seeking Alpha)

• Shockwave Medical (SWAV) subject of takeover speculation (Seeking Alpha)

Update on Shareholder Activism

• AMMO (POWW) placed Steven Urvan and Susan Lokey on administrative leave amid internal turmoil (Filing)

• Atlas Corp (ATCO) shareholder Albright Capital to vote 'no' on $14.45/share takeover bid (Press Release)

• Avalara (AVLR) sale to Vista Equity opposed by shareholder Altair (Press Release)

• Cardinal Health (CAH) announced a cooperation agreement with Elliott, to pursue value creation measures (Press Release)

• LifeVantage (LFVN) activist Sudbury Capital disclosed discussions with management in 13D (Filing)

• Pasithea Therapeutics (KTTA) activist Camac Partners announced a successful request to call a special meeting (Press Release)

• Turquoise Hill (TRQ) shareholder Pentwater weighs legal action over Rio Tinto (RIO) deal (Reuters)

Update on Other Special Situations

Spin-Offs

• Walt Disney (DIS) responded to Third Point’s call for an ESPN spinoff (Deadline)

• Xperi (XPER) announced the finalized details of its upcoming spin-off (Press Release)

Other

• ADT (ADT) announced a partnership and investment from State Farm (Press Release)

• CBL Properties (CBL) adopted a poison pill (Filing)

• Kohl’s (KSS) has reached out to ~20 parties as they consider monetizing a portion of its real estate at GS retail conference (Twitter)

Announced M&A

Target / Acquirer – Transaction Enterprise Value

Energy & Natural Resources

• Brigham Minerals (MNRL) / Sitio Royalties (STR) – $4.8bn (Press Release, Presentation)

Healthcare

• Metacrine (MTCR) / Equilium (EQ) – $30mm (Press Release, Presentation)

• Signify Health (SGFY) /CVS Health (CVS) – $8bn (Press Release, Presentation)

Technology, Media & Telecommunications

• ChannelAdvisor (ECOM) / CommerceHub (Insight Partners) – $580mm (Press Release)

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