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The Special Situation Report #39: 10/16 Roundup

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The Special Situation Report #39: 10/16 Roundup

Summary of the Week in Special Situations

David Paolella
Oct 16, 2022
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The Special Situation Report #39: 10/16 Roundup

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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

  • Bassett Furniture (BSET) rejected a takeover proposal from CSC Generation Holdings (Press Release)

  • News Corp (NWS) formed a special committee to explore a potential combination with Fox Corporation (FOX) (Press Release)

  • Peabody Energy (BTU) in talks to merge with Australia’s Coronado (ASX: CRN) (Press Release)

Rumors

  • Bio-Rad Laboratories (BIO) is in talks to combine with Qiagen (QGEN) (WSJ)

  • Denbury (DEN) draws takeover interest from Exxon Mobil (XOM) (Bloomberg)

  • Nutanix (NTNX) reportedly exploring a sale after receiving takeover interest (WSJ)

  • Weber (WEBR) reportedly approached regarding a takeover; considering a debt financing deal with its largest shareholder (Bloomberg)


Update on Shareholder Activism

  • Amarin (AMRN) activist Sarissa started the process for a special meeting to replace certain board members (Press Release)

  • Kohl's (KSS) activist Macellum renews push for board shakeup (WSJ)


Update on Other Special Situations

Spin-Offs

  • GE (GE) filed the Form 10 Registration Statement for the planned spin-off of GE HealthCare (Press Release)

  • XPO’s (XPO) board approved the spin-off of its brokerage business; trading expected to begin on October 27 (Press Release)

Other

  • Brookfield Business Partners (BBU) to sell Westinghouse to Cameco (CCJ), Brookfield Renewable Partners (BEP) for $8bn (Press Release)

  • Dish Network (DISH) in talks to sell Boost Mobile to SPAC CONX Corp. (CONX) (Filing)

  • Medical Properties Trust (MPW) exploring a sale of its Healthscope properties in Australia (Seeking Alpha)

  • Viatris (VTRS) reportedly considering a sale of its European OTC assets (Bloomberg)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer / Retail

  • Albertsons (ACI) / Kroger (KR) – $25bn (Press Release, Presentation)

Healthcare

  • SeaSpine (SPNE) / Orthofix (OFIX) (Press Release, Presentation)

Industrials

  • Grindrod Shipping (GRIN) / Taylor Maritime – $550mm (Press Release)

Technology, Media & Telecommunications

  • KnowBe4 (KNBE) / Vista Equity Partners – $4.3bn (Press Release)

  • ForgeRock (FORG) / Thoma Bravo – $2.3bn (Press Release)


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The Special Situation Report #39: 10/16 Roundup

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