The Special Situation Report #35: 9/18 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
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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