The Special Situation Report #34: 9/11 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
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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