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The Special Situation Report #35: 9/18 Roundup

www.thespecialsituationreport.com

The Special Situation Report #35: 9/18 Roundup

Summary of the Week in Special Situations

David Paolella
Sep 18, 2022
25
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The Special Situation Report #35: 9/18 Roundup

www.thespecialsituationreport.com

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

  • AppLovin (APP) confirmed it was walking away from Unity (U) bid (Press Release)

  • NCR (NCR) ended its sales process and announced a plan to split into two companies (Press Release)

  • Republic First Bancorp (FRBK) announced a strategic review in light of inquiries regarding potential strategic transactions (Press Release)

  • Tenax Therapeutics (TENX) announced a review of strategic alternatives (Press Release)

  • VNET Group (VNET) received an acquisition proposal from its Chairman (Press Release)

Rumors

  • Fresh Del Monte (FDP) subject of takeover rumors (Seeking Alpha)


Update on Shareholder Activism

  • AIM ImmunoTech (AIM) shareholder Jonathan Thomas filed a revised preliminary proxy (Proxy Statement)

  • Avalara (AVLR) shareholder Merrion Investment Management opposes sale to Vista Equity Partners (Press Release)

  • Tabula Rasa HealthCare (TRHC) announced a cooperation agreement with activist Indaba Capital Management (Press Release)

  • TransGlobe Energy (TGA) shareholder Horizon Partners opposes its proposed transaction with Vaalco Energy (EGY) (Press Release)

  • Wix.com (WIX) activist Starboard Value has built a 9% stake (Filing)

  • Zendesk (ZEN) shareholder Light Street Capital reaffirmed its decision to oppose go-private deal (Proxy Statement)


Update on Other Special Situations

Spin-Offs

  • Danaher (DHR) announced plans to spin-off its environmental and applied solutions unit (Press Release)

  • GE (GE) disclosed timing and governance details for its upcoming healthcare spin-off (Press Release)

  • Walt Disney (DIS) activist Dan Loeb backed away from calling on the company to spin-off ESPN (Twitter)

Other

  • Baxter International (BAX) is reportedly considering divesting two units within its flagship renal-care business (Bloomberg)

  • Splunk (SPLK) disclosed a standstill agreement with Hellman & Friedman (Filing)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Lodging & Real Estate

  • STORE Capital (STOR) / GIC & Oak Street – $14bn (Press Release)


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The Special Situation Report #35: 9/18 Roundup

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