The Special Situation Report #36: 9/25 Roundup

Summary of the Week in Special Situations

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

• Calyxt (CLXT) announced exploration of strategic alternatives (Press Release)

• KnowBe4 (KNBE) confirmed receipt of a takeover proposal from Vista (Press Release)

• Purple Innovation (PRPL) confirmed receipt of a takeover proposal from Coliseum Capital (Press Release, Letter)

• O2Micro (OIIM) received a revised takeover proposal from a consortium led by management (Press Release)

• StarTek (SRT) rejected a takeover proposal from its majority shareholder (Press Release)

Rumors

• Cano Health (CANO) reportedly draws takeover interest from several strategics (WSJ)

• Chindata (CD) gained on reports that it hired an advisor to evaluate a take private (Seeking Alpha)

• DXC Technology (DXC) reportedly hired an adviser after receiving takeover interest (Bloomberg)

• Magnachip Semiconductor (MX) dropped on reports that suitor LX Holdings halted takeover talks (Seeking Alpha)

---

Update on Shareholder Activism

• Freshpet (FRPT) shareholder JANA Partners disclosed a ~10% stake and intends to push the company to sell itself (Filing)

• Kinross Gold (KGC) agreed to accelerate share buybacks after discussions with Elliott Management (Filing)

• Kohl’s (KSS) shareholder Ancora seeks the replacement of Kohl's CEO and chairman (Press Release)

• Farmer Bros. (FARM) shareholder JCP Investment Management nominated candidates to the board (Filing)

---

Update on Other Special Situations

Spin-Offs

• Bluerock Residential Growth’s (BRG) board approved the spinoff of Bluerock Homes Trust (Filing)

Other

• Nordstrom (JWN) adopted a poison pill days after a Mexican competitor bought a 10% stake (Filing)

• Pentair (PNR) reportedly exploring sale of part of its industrial solutions business (Bloomberg)

• SilverBow Resources (SBOW) adopted a poison pill after Kimmeridge Energy reported owning a 15% stake (Filing)

---

Announced M&A

Target / Acquirer – Transaction Enterprise Value

Healthcare

• Renovacor (RCOR) / Rocket Pharmaceuticals (RCKT) – $53mm (Press Release)

• Sesen Bio (SESN) / Carisma Therapeutics (Press Release)

---

If you enjoyed reading this Report, please do me the huge favor of simply pressing the “Like” button.

Just reply to this email to get in touch, or follow me on Twitter.