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The Special Situation Report #42: 11/6 Roundup

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The Special Situation Report #42: 11/6 Roundup

Summary of the Week in Special Situations

David Paolella
Nov 6, 2022
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The Special Situation Report #42: 11/6 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) rejected Kushner Cos. unsolicited proposal (Press Release)

  • Yamana Gold (AUY) announced receipt of a superior proposal from Pan American (PAAS), Agnico Eagle (AEM) (Press Release)

Rumors

  • American Axle (AXL) denied reports of active sale discussions (Press Release)

  • Cano Health (CANO) gained as CVS (CVS), Humana (HUM) consider primary care M&A (Seeking Alpha)

  • Chindata (CD) reportedly draws takeover interest from China Merchants (Bloomberg)

  • Garrett Motion (GTX) reportedly working with an adviser to explore options including a sale (Bloomberg)

  • Nano Dimension’s (NNDM) top shareholder reportedly proposed to acquire the company (Bloomberg)

  • VNET Group (VNET) gained on media reports with additional details on deal talks (Bamboo Works)


Update on Shareholder Activism

  • Crown Holdings (CCK) Icahn Capital disclosed 9% and intent to engage with management (Filing)

  • Liberty Media (LSXMA) activist Breach Inlet Capital published a public letter to the board highlighting Liberty Braves (BATRK) spin-off rationale (Letter)


Update on Other Special Situations

Spin-Offs

  • Alkermes (ALKS) announced its intent to spin-off its oncology business (Press Release, Presentation)

Other

  • Blucora (BCOR) announced the sale of TaxAct for $720mm (Press Release)

  • Emerson Electric (EMR) announced the sale of its climate technologies business to Blackstone in $14bn deal (Press Release, Presentation)

  • Verisk Analytics (VRSK) announced the sale of its energy-consulting arm for $3bn (Press Release)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Healthcare

  • Abiomed (ABMD) / Johnson & Johnson (JNJ) – $16.6 billion (Press Release, Presentation)

  • Benefitfocus (BNFT) / Voya Financial (VOYA) – $570mm (Press Release, Presentation)

Industrials

  • Atlas Corp. (ATCO) / Poseidon Acquisition Corp – $10.9bn (Press Release)


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The Special Situation Report #42: 11/6 Roundup

www.thespecialsituationreport.com
2 Comments
Closingbell
Writes Closingbell Gems
Nov 17, 2022·edited Nov 17, 2022

Absolutely loving your content David, would you be open to allowing us to share it with our 60k+ audience as well?

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Luis M CASTELLVI
Nov 6, 2022

Thanks for your weekly newsletter. Do you know any reliable source on M&A taxes in USA?. Best regards,

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