The Special Situation Report #44: 11/20 Roundup
Summary of the Week in Special Situations
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
Strategic Alternatives & Ongoing Situations
Argo Group (ARGO) and activist Capital Returns issued investor presentations to shareholders (Company, Capital Returns)
Sculptor Capital Management (SCU) formed a special committee to explore potential transactions (Press Release)
Sunlight Financial (SUNL) announced a process to review strategic alternatives (Press Release)
Superior Industries (SUP) received a takeover offer from M2 Capital (Press Release, Response)
Willis Lease Finance (WLF) received a takeover offer from insiders (Press Release)
Rumors
8x8 (EGHT) reportedly approached by a strategic buyer (Seeking Alpha)
Oak Street Health’s (OSH) CMO downplayed takeover speculation (Healthcare Dive)
Otonomo Technologies (OTMO) reportedly in talks to merge with UK rival Wejo Group (WEJO) (Globes)
Ranger Oil (ROCC) reportedly exploring a potential sale (Reuters)
Update on Shareholder Activism
Aimco (AIV) and activist investor Land & Buildings issued presentations to investors (Aimco, Press Release, Land & Buildings)
Alphabet (GOOGL) investor TCI called on management to cut excessive costs (Letter)
IAA (IAA) 4% shareholder Ancora published a letter opposed to Ritchie Bros. (RBA) deal (Press Release)
Diffusion Pharmaceuticals (DFFN) investor LifeSci Special Opportunities issued an open letter to shareholders (Press Release)
Envestnet (ENV) 7% shareholder Impactive Capital published a letter highlighting their concerns (Press Release)
Kingstone Companies (KINS) investor Gregory Fortunoff sent a letter to the board (Filing)
Update on Other Special Situations
Spin-Offs
Castor Maritime (CTRM) announced the proposed spin-off of its tanker fleet (Press Release)
Other
BHP Group (BHP) reportedly tapped UBS to sell mines assets (MarketScreener)
Freyr Battery (FREY) in talks with KKR regarding potential investment (Bloomberg)
Hasbro (HAS) announced a sale process for its eOne TV and film business (Press Release)
Novartis (NVS) reportedly weighing sale of its ophthalmology, respiratory units (Bloomberg)
Rafael Holdings (RFL) announced decision to focus on strategic opportunities (Press Release)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Financials
Elevate Credit (ELVT) / Park Cities Asset Management – $67mm (Press Release)
Luther Burbank (LBC) / Washington Federal (WAFD) – $654mm (Press Release, Presentation)
Surrey Bancorp (SRYB) / First Community Bankshares (FCBC) – $113mm (Press Release)
Healthcare
Opiant Pharmaceuticals (OPNT) / Indivior (LON: INDV) – $145mm (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.