The Special Situation Report #50: 1/15 Roundup
The Special Situation Report #50: 1/15 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
NI (NATI) initiated a strategic review process (Press Release)
Purple Innovation (PRPL) rejected a takeover offer from Coliseum Capital Management (Press Release)
World Wrestling Entertainment (WWE) engaged advisors for review of strategic alternatives (Press Release)
Rumors
Argo Group (ARGO) ongoing sale process reportedly includes Arch Capital (ACGL) (Inside P&C)
Astec Industries (ASTE) could be a takeover target after CEO departure (Seeking Alpha)
Conn's (CONN) gained on a report that Franchise Group (FRG) may be considering a takeover (WSJ)
Denbury (DEN) gains amid renewed Exxon (XOM) takeover speculation (Seeking Alpha)
Franchise Group (FRG) reportedly evaluating a management buyout (WSJ)
Liberty Braves Group (BATRA) speculated as a takeover target by Mario Gabelli (Seeking Alpha)
MarkForged (MKFG) suggested as a possible takeover target (3Dprint)
Oak Street Health (OSH) gained on reports of takeover interest from CVS Health (CVS) (Bloomberg)
Rite Aid (RAD) CEO departure sparks renewed takeover speculation (Seeking Alpha)
Univar Solutions (UNVR) reportedly draws interest from Apollo (APO) and Platinum Equity (Bloomberg)
Update on Shareholder Activism
Bayer (BAYRY) activist Bluebell Capital Partners is pressuring for a breakup of the company (Reuters)
Okta (OKTA) rumored to be a target for activist investors (Seeking Alpha)
PPL Corp. (PPL) investor Elliott Management reportedly built a sizable position in the company (Bloomberg)
Venator (VNTR) activist J&T pushing for board, governance changes (Letter, Response)
Veris Residential (VRE) shareholder Madison International met with the company to discuss potential board representation (Filing)
Walt Disney (DIS) activist Nelson Peltz launched a proxy fight at the company (Filing, Presentation)
Update on Other Special Situations
Spin-Offs
Madison Square Garden Entertainment (MSGE) confidentially filed an amended Form 10 registration statement for proposed spin-off of its Live Entertainment business (Press Release)
Other
Compass Diversified (CODI) announced the sale of Advanced Circuits to APCT (Press Release)
Kirby Corporation (KEX) concluded its review of alternatives for its Distribution and Services business without a sale or spin-off (Press Release)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Financials
Paya Holdings (PAYA) / Nuvei (NVEI) – $1.3bn (Press Release, Presentation)
Healthcare
Albireo (ALBO) / Ipsen (IPSEY) – $1bn (Press Release)
Amryt Pharma (AMYT) / Chiesi Farmaceutici – $1.3bn (Press Release)
CinCor Pharma (CINC) / AstraZeneca (AZN) – $1.3bn (Press Release)
Technology, Media & Telecommunications
Duck Creek Technologies (DCT) / Vista Equity Partners – $2.6bn (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.
Thanks for the update!