The Special Situation Report #40: 10/23 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
Veris Residential (VRE) confirmed receipt of an unsolicited takeover proposal from Kushner Companies (Press Release)
Rumors
Cano Health (CANO) dropped on reports that CVS (CVS) walked away from takeover discussions (Barron’s)
Decibel Therapeutics (DBTX) gained on reports it may be a takeover target itself in wake of Eli Lilly acquisition of Akouos (Seeking Alpha)
Momentive Global (MNTV) reportedly working with a financial advisor to evaluate a sale (Bloomberg)
VNET Group (VNET) reportedly draws interest from buyout firms (Bloomberg)
Update on Shareholder Activism
Activist investor Starboard Value disclosed stakes in Salesforce (CRM), Splunk (SPLK) and Vertiv (VRT) (WSJ, Filing)
Colgate (CL) investor Third Point disclosed a significant position, backed separation of its pet food business (Letter)
Masimo (MASI) investor Politan Capital filed a lawsuit in midst of governance battle (Press Release)
News Corp. (NWSA) activist Irenic Capital wants the company to split its media, real estate listings business (Reuters)
Wex (WEX) shareholder Impactive Capital continues to engage with the company (Reuters)
Update on Other Special Situations
Spin-Offs
Vale (VALE) considering a spin-off of its copper and nickel business (Reuters)
Other
Editas Medicine (EDIT) reportedly in discussions to sell its preclinical oncology assets (BioSpace)
Intel’s (INTC) Mobileye targets a $16bn valuation in IPO (Filing)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Energy & Natural Resources
Archaea Energy (LFG) / BP (BP) – $4.1bn (Press Release, Presentation)
Continental Resources (CLR) / Hamm Family – $33bn (Press Release)
Financials
Citizens Commerce Bancshares (CCVS) / City Holding (CHCO) – $61mm (Press Release)
HV Bancorp (HVBC) / Citizens Financial (CZFS) – $67mm (Press Release)
Healthcare
Akouos (AKUS) / Eli Lilly (LLY) – $487mm (Press Release)
AVEO Oncology (AVEO) / LG Chem – $566mm (Press Release)
Ayala Pharmaceuticals (AYLA) / Advaxis (ADXS) (Press Release)
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