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The Special Situation Report #40: 10/23 Roundup

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The Special Situation Report #40: 10/23 Roundup

Summary of the Week in Special Situations

David Paolella
Oct 23, 2022
23
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The Special Situation Report #40: 10/23 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

  • 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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The Special Situation Report #40: 10/23 Roundup

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