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

• Veris Residential (VRE) rejected increased Kushner offer; open to constructive dialogue (Press Release)

Rumors

• BioCryst (BCRX) strategic interest could rise after oral Factor D inhibitor decision (Seeking Alpha)

Update on Shareholder Activism

• Crown Holdings (CCK) announced an agreement with Icahn to increase the size of its board (Press Release)

• DigitalBridge (DBRG) activist Legion Partners wants the company to consider a sale if shares fail to re-rate (Bloomberg)

• Fidelity National (FIS) announced a strategic review to strengthen performance; names independent chairman amid D.E. Shaw & Jana pressure (Press Release)

• Freshpet (FRPT) activist Jana Partners informed the company it plans to run for board seats in 2023 (Filing)

• Matthews International (MATW) activist Barington Capital is pushing for changes (Bloomberg)

• Pitney Bowes (PBI) activist Hestia Capital announced intent to overhaul board of directors (Press Release)

• Rent-A-Center (RCII) activist Engaged Capital reports 6.5% stake (Filing)

Update on Other Special Situations

Spin-Offs

• Southwest Gas (SWX) announced spin-off of Centuri business (Press Release)

Other

• Medtronic (MDT) spin-off units eyed by Siemens and GE Healthcare (Bloomberg)

• VF Corp (VFC) considering a sale of backpack maker Jansport (Bloomberg)

Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer / Retail

• Weber (WEBR) / BDT Capital Partners – $3.7bn (Press Release)

Financials

• Malvern Bancorp (MLVF) / First Bank (FRBA) – $150mm (Press Release, Presentation)

• PSB Holding (PSBP) / Summit Financial Group (SMMF) – $54mm (Press Release, Presentation)

• The Community Financial (TCFC) / Shore Bancshares (SHBI) – $254mm (Press Release, Presentation)

• Trean Insurance (TIG) / Altaris Capital Partners – $316mm (Press Release)

Healthcare

• Horizon Therapeutics (HZNP) / Amgen (AMGN) – $28bn (Press Release, Presentation)

Industrials

• Maxar Technologies (MAXR) / Advent International – $6.4bn (Press Release)

Technology, Media & Telecommunications

• Coupa Software (COUP) / Thoma Bravo – $8.0bn (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.