The Special Situation Report #45: 11/27 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
Manchester United (MANU) announced process to explore strategic alternatives (Press Release)
Univar Solutions (UNVR) in preliminary sale discussions with Brenntag SE (Press Release, Bloomberg)
Veris Residential (VRE) reiterated Kushner Companies’ takeover bid grossly undervalues the company (Press Release, WSJ)
Rumors
Atlantica Sustainable Infrastructure (AY) reportedly received a takeover bid (Seeking Alpha)
Coupa Software (COUP) subject of takeover interest from Vista Equity Partners (Bloomberg)
Mirati Therapeutics (MRTX) reportedly a takeover target once again (Bloomberg)
Update on Shareholder Activism
Berry Global (BERY) announced governance changes in agreement activist investors (Press Release)
Disney (DIS) activist Trian reportedly takes stake; wants board seat (WSJ)
News Corp (NWS) activist Irenic issued a letter imploring the company to explore alternatives to Fox (FOX) combination (Letter); T. Rowe also raises concerns (NYT)
OneSpan (OSPN) shareholder Altai Capital Management engages in discussions with the company (Filing)
Pitney Bowes (PBI) activist Hestia wants the company to review its capital allocation and e-commerce strategy (Filing, Reuters)
Update on Other Special Situations
Spin-Offs
CVR Energy (CVI) announced potential spin-off of its Nitrogen Fertilizer business (Press Release)
Fidelity National Financial (FNF) announced “when-issued” trading of F&G Annuities & Life in connection with partial spin-off (Press Release)
Other
Jeld-Wen Holding’s (JELD) sale of its Australian and New Zealand operations draws interest from private equity (Australian Financial Review)
Pegasystems (PEGA) reportedly in discussions with CD&R for $1bn investment (Bloomberg)
ReNew Energy Global (RNW) reportedly seeking to sell 1 gigawatt of capacity at $1bn valuation (MarketScreener)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Healthcare
Imago BioSciences (IMGO) /Merck (MRK) – $1.2bn (Press Release)
Industrials
AgroFresh Solutions (AGFS) / Paine Schwartz Partners – $375mm (Press Release)
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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.