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The Special Situation Report #47: 12/11 Roundup

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The Special Situation Report #47: 12/11 Roundup

Summary of the Week in Special Situations

David Paolella
Dec 11, 2022
29
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The Special Situation Report #47: 12/11 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

  • ForgeRock (FORG) gained after disclosing another potential bidder (Seeking Alpha)

  • News Corp (NWS) and Fox’s (FOX) respective special committees provided updates to investors (News Corp, Fox)

  • Partners Bancorp (PTRS) announced a review of all strategic alternatives (Filing)

Rumors

  • GreenLight Biosciences (GRNA) reportedly subject of takeover approaches (Seeking Alpha)

  • MBIA (MBI) gained on speculation of takeover talks with rivals (Seeking Alpha)

  • Vince Holding (VNCE) reportedly exploring its options including a sale (Bloomberg)


Update on Shareholder Activism

  • American Equity Investment Life (AEL) shareholder Brookfield (BAMR) sent a letter to the company with questions regarding strategy (Letter, Bloomberg)

  • Bath & Body Works (BBWI) activist Third Point disclosed 6% stake, seeks board changes (Filing)

  • Coupa Software (COUP) shareholder HMI Capital sent a letter to the board reflecting concerns regarding a potential sale (Letter)

  • EZCorp (EZPW) 4% shareholder David Kanen called for immediate suspension of convertible offering (Letter)

  • Fresenius Medical Care's (FMC) CEO stepped down after two months as its parent pushes for change (Reuters)

  • Freshpet (FRPT) activist Jana ratchets up pressure; recruits Schmidt to campaign (Reuters)

  • Pinterest (PINS) announced a deal with activist Elliott; Steinberg to join board (Press Release)

  • Trinity Biotech (TRIB) 30% shareholder MiCo IVD filed 13D in dispute with board of directors (Filing)

  • WEX (WEX) 5% shareholder Impactive Capital engages in discussions the company (Filing)


Update on Other Special Situations

Spin-Offs

  • BorgWarner (BWA) announced intent to spin-off its Fuel Systems and Aftermarket segments (Press Release, Presentation)

  • Madison Square Garden Entertainment (MSGE) revised its venue spin-off plan (Press Release)

Other

  • Unilever (UL) reportedly considering $3bn sale of ice cream brands (Bloomberg)

  • Wolverine World Wide (WWW) announced a process to divest or license its Keds brand and Wolverine Leathers business (Press Release)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer / Retail

  • Vivint Smart Home (VVNT) / NRG Energy (NRG) – $5.2bn (Press Release, Presentation)

Financials

  • Salisbury Bancorp (SAL) / NBT Bancorp (NBTB) – $204mm (Press Release)


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The content herein is informational and should not be relied upon as fact. Do your own diligence before making any investment decisions.

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The Special Situation Report #47: 12/11 Roundup

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