The Special Situation Report #49: 1/8 (Extended) Roundup

Summary of the Week in Special Situations

This week’s edition is extended to cover the last few weeks of financial news.

Table of Contents:

1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

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Update on Developing M&A

Strategic Alternatives & Ongoing Situations

• American Equity Investment Life (AEL) rejected an unsolicited proposal from Prosperity and Elliott (Press Release)

• Boxed (BOXD) announced exploration of strategic alternatives (Press Release)

• iClick Interactive (ICLK) announced receipt of a preliminary non-binding proposal to acquire the company (Press Release)

• Kingstone Companies (KINS) no longer considering potential takeover proposals from Griffin Highline (Letter)

• Univar Solutions’ (UNVR) confirmed sale talks with Brenntag were terminated; evaluating other indications of interest (Press Release)

• Westwater Resources (WWR) rejected an unsolicited proposal from Idaho Strategic Resources (IDR) (Press Release)

• World Wrestling Entertainment (WWE) founder and controlling shareholder Vince McMahon takes actions in support of plan for strategic review (Press Release)

Rumors

• ACI Worldwide (ACIW) reportedly in sale talks (Bloomberg)

• Aurinia Pharmaceuticals (AUPH) speculated to be a takeover target after patent settlement (Seeking Alpha)

• Carlyle Group (CG) reportedly drew acquisition interest from BlackRock (BLK) (Financial Times)

• Nutanix (NTNX) dropped on reports that Hewlett Packard Enterprise’s (HPE) interest in acquisition wanes, takeover talks end (CRN)

• Western Digital (WDC) reportedly resumed merger talks with Japan's Kioxia Holdings (Bloomberg)

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Update on Shareholder Activism

• CPI Card Group (PMTS) 5% shareholder Steamboat Capital Partners sent a letter to the board (Letter)

• Envestnet (ENV) 7.5% shareholder Impactive Capital nominated four directors for the company's board (Press Release)

• Global Net Lease (GNL) and Necessity Retail REIT (RTL) sued by Blackwells in proxy fight (Press Release)

• Griffon Corporation (GFF) 5% shareholder Voss Capital nominated candidates to the board (Filing)

• Natural Gas Services Group (NGS) 9% shareholder Hoak & Co urged the company to explore strategic alternatives (Letter)

• ON24 (ONTF) activist Indaba Capital says board must take urgent action (Filing)

• Six Flags (SIX) activist Land & Buildings is pushing for a sale of its real estate (WSJ)

• Talkspace (TALK) 5% shareholder Harbor Springs in contact with the company regarding potential strategic alternatives (Filing)

• Tucows (TCX) Blacksheep Fund Management engages in discussions with the company (Filing)

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Update on Other Special Situations

Spin-Offs

• Baxter International (BAX) announced plan to spin-off its Renal Care and Acute Therapies businesses into an independent, publicly traded company (Press Release, Presentation)

• General Electric (GE) completed the spin-off of GE HealthCare (GEHC) (Press Release)

• Johnson & Jonson (JNJ) filed to spin-off its consumer health business as ‘Kenvue’ (Fierce Pharma)

Other

• IAMGOLD (IAG) announced sale of its Bambouk assets for $280mm (Press Release)

• Madison Square Garden Entertainment (MSGE) reportedly weighing a sale of Tao Group (NYPost)

• Raytheon (RTX) reportedly considering a sale of its actuation business unit (Bloomberg)

• Science Applications International Corporation (SAIC) said to be weighing a sale of its logistics and supply chain business (Seeking Alpha)

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Announced M&A

Target / Acquirer – Transaction Enterprise Value

Energy & Natural Resources

• DCP Midstream (DCP) / Phillips 66 (PSX) – $13bn (Press Release, Presentation)

Financials

• Brunswick Bancorp (BRBW) / Mid Penn Bancorp (MPB) – $54mm (Press Release)

Healthcare

• IsoPlexis (ISO) / Berkeley Lights (BLI) – $58mm (Press Release, Presentation)

Industrials

• Aerojet Rocketdyne (AJRD) / L3Harris (LHX) – $4.7 billion (Press Release, Presentation)

• Horizon Global (HZN) / First Brands Group – $320mm (Press Release)

Technology, Media & Telecommunications

• China Index Holdings (CIH) / Fang Holdings – $92mm (Press Release)

• Qumu Corporation (QUMU) / Enghouse Systems (TSX: ENGH) – $16mm (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.