The Special Situation Report #42: 11/6 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) 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)

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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)

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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)

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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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