The Special Situation Report #43: 11/13 Roundup

Summary of the Week in Special Situations

David Paolella

Nov 13, 2022

Table of Contents:

Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A

Update on Developing M&A

Rumors

ACI Worldwide (ACIW) subject of takeover speculation (Seeking Alpha)
CoreCard (CCRD) reportedly drew takeover interest from Goldman Sachs (GS) (WSJ)
Ibex Holdings Ltd. (IBEX) is attracting takeover interest from private equity suitors including CVC Capital (Bloomberg)
Lee Enterprises (LEE) potential suitor Alden Global Capital has abandoned its bid for now (Axios)
Radius Global (RADI) gained on reports of takeover interest (Seeking Alpha)

Update on Shareholder Activism

AMMO (POWW) announced a settlement agreement with Steven Urvan and Susan Lokey (Press Release)
Magnite (MGNI) 5% shareholder Edenbrook Capital engages in discussions with the company (Filing)

Update on Other Special Situations

Spin-Offs

Madison Square Garden Entertainment (MSGE) submitted the initial registration for the potential spin-off of its traditional live entertainment and MSG Networks business (Press Release)

Other

Crown Holdings (CCK) adopted a poison pill amid Carl Icahn stake news (Press Release)
Lordstown Motors (RIDE) received a ~$170mm investment from Foxconn (Press Release)
RumbleON (RMBL) announced decision to explore strategic alternatives for its automotive business (Filing)

Announced M&A

Target / Acquirer – Transaction Enterprise Value

Energy & Natural Resources

Maverix Metals (MMX) / Triple Flag Precious Metals (TFPM) – $606 million (Press Release, Presentation)
Yamana Gold (AUY) / Pan American Silver (PAAS) & Agnico Eagle (AEM) – $4.8bn (Press Release)

Healthcare

Oyster Point Pharma (OYST) / Viatris (VTRS) – $450mm (Press Release, Presentation)

Industrials

IAA (IAA) / Ritchie Bros. Auctioneers (RBA) – $7.3bn (Press Release, Presentation)
Velodyne Lidar (VLDR) / Ouster (OUST) – $210mm (Press Release, Presentation)

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Nothing in this article should be construed as investment advice. The content herein is informational and should not be relied upon as fact. Do your own diligence before making any investment decisions.