The Special Situation Report #50: 1/15 Roundup

Summary of the Week in Special Situations

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

• 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)

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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)

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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)

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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.