The Special Situation Report #48: 12/18 Roundup
The Special Situation Report #48: 12/18 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
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)
If you enjoyed reading this Report, please do me the huge favor of simply pressing the “Like” button.
The content herein is informational and should not be relied upon as fact. Do your own diligence before making any investment decisions.