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The Special Situation Report #38: 10/9 Roundup

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The Special Situation Report #38: 10/9 Roundup

Summary of the Week in Special Situations

David Paolella
Oct 9, 2022
19
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The Special Situation Report #38: 10/9 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 (ATCO) confirmed ‘meaningful progress’ in deal talks with potential buyer (Press Release)

  • DXC Technology (DXC) confirmed it has received a takeover approach, although no formal offer has been made (Press Release)

  • Myovant Sciences (MYOV) rejected a takeover proposal from Sumitomo Pharma for $22.75 cash per share (Press Release)

  • PureTech Health (PRTC) confirmed it received a takeover proposal from Nektar Therapeutics (Filing)

  • Sculptor Capital (SCU) founder and shareholder Dan Och says the company has M&A interest (Filing)

Rumors

  • Berry Corp. (BRY) reportedly exploring a sale (Reuters)

  • Brookdale Senior Living (BKD) reportedly exploring options including a potential sale (Bloomberg)

  • Cano Health (CANO) is in exclusive sale talks with CVS Health (CVS) (Bloomberg)

  • Compass (COMP) denied a report of takeover interest from a private equity firm (Bloomberg)


Update on Shareholder Activism

  • Adobe (ADBE) subject of activist speculation (Seeking Alpha)

  • Alkermes (ALKS) shareholder Sarissa Capital says CEO Richard Pops is an impediment to shareholder value; Sarissa may look to increase its stake (Filing)

  • SciPlay (SCPL) activist Engine Capital pushes for a sale to parent Light & Wonder (LNW) (Letter)


Update on Other Special Situations

  • Con Edison (ED) to sell its renewable energy businesses to RWE for $6.8bn (Press Release)

  • Emerson Electric (EMR) in talks to sell assets to Blackstone (BX) (Bloomberg)

  • Hallmark Financial Services (HALL) reportedly in talks to sell its specialty book (Seeking Alpha)

  • Peloton (PTON) is exploring a sale of its Precor commercial fitness equipment business (WSJ)

  • Viasat (VSAT) sold its Link 16 Tactical Data Links business to L3Harris Technologies (LHX) for $2bn (Press Release)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer / Retail

  • Poshmark (POSH) / Naver – $1.2bn (Press Release)

Healthcare

  • LogicBio Therapeutics (LOGC) / AstraZeneca (AZN) – $68mm (Press Release)


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The Special Situation Report #38: 10/9 Roundup

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