The Special Situation Report #40: 10/23 Roundup

Summary of the Week in Special Situations

Table of Contents:

1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

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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)

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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)

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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)

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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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