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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