The Special Situation Report #47: 12/11 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
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.