The Special Situation Report #37: 10/2 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
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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