The Special Situation Report #39: 10/16 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
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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