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The Special Situation Report #37: 10/2 Roundup

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The Special Situation Report #37: 10/2 Roundup

Summary of the Week in Special Situations

David Paolella
Oct 2, 2022
26
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The Special Situation Report #37: 10/2 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

  • Atlas Corp (ATCO) bidding consortium raised their takeover proposal from $14.45 to $15.50 (Filing)

  • F45 Training (FXLV) received a $4/share takeover offer from 15% shareholder Kennedy Lewis (Filing)

  • Nautilus (NLS) announced a strategic review process (Filing)

  • Purple Innovation (PRPL) adopted a poison pill and formed a special committee in response to an unsolicited takeover bid (Filing)

Rumors

  • Cano Health (CANO) said to be in the second round of bidding (Seeking Alpha)

  • Ryder System (R) reportedly draws takeover interest from Apollo (APO) (Bloomberg)

  • Workiva (WK) reportedly gets takeover interest from Thoma Bravo, TPG (TPG) (Bloomberg)


Update on Shareholder Activism

  • Barnes Group (B) activist is pushing for a sale and governance changes (Bloomberg)

  • Masimo Corporation (MASI) activist Politan Capital Management engaged in discussions after the company adopted a poison pill (Filing)

  • Republic First Bancorp (FRBK) responded to a recent letter from George E. Norcross (Filing)

  • Talkspace (TALK) shareholder demands appointment of CEO, plan to stabilize stock price (Seeking Alpha)


Update on Other Special Situations

Spin-Offs

  • Worthington Industries (WOR) announced a plain to spin-off its steel processing business (Press Release, Presentation)

Other

  • Harley-Davidson (HOG) successfully split-off its EV motorcycle business LiveWire (LVWR) in a de-SPAC deal (Press Release)

  • Intel’s (INTC) self-driving technology business Mobileye filed for an IPO (WSJ)

  • Lions Gate Entertainment (LGF.B) released an update on the separation of its STARZ and studio businesses (Filing)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Financials

  • Billtrust (BTRS) / EQT – $1.7bn (Press Release)

  • Lakeland Bancorp (LBAI) / Provident Financial Services (PFS) – $1.3bn (Press Release, Presentation)

Technology, Media & Telecommunications

  • O2 Micro (OIIM) / FNOF Precious Honour – $146mm (Press Release)


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The Special Situation Report #37: 10/2 Roundup

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