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The Special Situation Report #41: 10/30 Roundup

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The Special Situation Report #41: 10/30 Roundup

Summary of the Week in Special Situations

David Paolella
Oct 30, 2022
18
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The Special Situation Report #41: 10/30 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

  • AgroFresh Solutions (AGFS) announced a proposed transaction with Pain Schwartz (Filing)

  • Weber (WEBR) received an unsolicited takeover proposal from BDT Capital (Press Release)

Rumors

  • Aerojet Rocketdyne (AJRD) reportedly soliciting offers (Reuters)


Update on Shareholder Activism

  • Barnwell Industries (BRN) activist MRMP-Managers announced proxy contest for full board control (Filing)

  • ClearBridge MLP and Midstream (CEM) activist Saba Capital Management submitted intent to nominate candidates to the board (Filing)

  • Global Net Lease (GNL) activist Blackwells launched a proxy campaign, called for governance overhaul (Filing)

  • Monro (MNRO) considering governance reforms after pressure by activist Ides Capital (Reuters)

  • The Necessity Retail REIT (RTL) activist Blackwells launched a proxy battle (Filing)

  • Turtle Beach (HEAR) appointed Terry Jimenez to the board pursuant to earlier agreement with Donerail (Filing)

  • Unilever (UL) activist Peltz said to meet with potential CEO candidates (Reuters)


Update on Other Special Situations

Spin-Offs

  • Medtronic (MDT) announced its intent to spin-off its patient monitoring and respiratory interventions businesses (Press Release, Presentation)

Other

  • Aegon (AEG) announced deal to combine Dutch operations with a.s.r. (Press Release)

  • Comcast (CMCSA) reportedly mulls sale of Sky Deutschland (Bloomberg)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Financials

  • Limestone Bancorp (LMST) / Peoples Bancorp (PEBO) – $208mm (Press Release)

Healthcare

  • Myovant Sciences (MYOV) / Sumitomo Biopharma – $1.7bn (Press Release)

Industrials

  • Altra Industrial Motion (AIMC) / Regal Rexnord (RRX) – $5bn (Press Release)

Technology, Media & Telecommunications

  • UserTesting (USER) / Thoma Bravo & Sunstone Partners – $1.3bn (Press Release)


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The Special Situation Report #41: 10/30 Roundup

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