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

• National Instruments (NATI) draws hostile takeover proposal from Emerson (EMR) (Press Release, Presentation); discussions underway with other strategics (Seeking Alpha)

• Venator Materials (VNTR) announced a strategic review (Press Release)

• Veris Residential (VRE) and Kushner Companies issued conflicting statements regarding stalled takeover talks (Statement, Response)

Rumors

• ACI Worldwide (ACIW) reportedly in early-stage discussions with Silver Lake, Clearlake (Seeking Alpha)

• Entain (GMVHY) rumors that MGM Resorts (MGM) may renew a takeover bid for the company (Seeking Alpha)

• Formula One (FWONA) reportedly draws interest from Saudi Arabia's Public Investment Fund (Bloomberg)

• Oak Street Health (OSH) dropped on a report that CVS (CVS) may be unlikely to proceed with takeover (Axios)

Update on Shareholder Activism

• Alibaba (BABA) Ryan Cohen reportedly pushing the company to accelerate share repurchases (WSJ)

• Amarin Corporation (AMRN) Sarissa Capital issued statement on ‘sham’ board refreshment (Statement, Response)

• AmeriServ Financial (ASRV) and activist Driver Management trade letters in proxy battle (Statement, Response)

• Blade Air Mobility (BLDE) shareholder RedBird Capital Partners increased ownership; granted board observer (Press Release)

• Broadwind (BWEN) confirmed receipt of WM Argyle Fund’s notice of intent to nominate directors (Press Release)

• CarMax (KMX) rumored to be a potential activist target (Seeking Alpha)

• Daktronics (DAKT) shareholder Alta Fox Alta Fox sends letter to independent directors (Letter)

• Walt Disney Company (DIS) says Peltz lacks the experience to help business (Presentation)

Update on Other Special Situations

Spin-Offs

• Jefferies (JEF) completed the spin-off of Vitesse (VTS) (Press Release)

Other

• S&P Global (SPGI) announced sale of its Engineering Solutions business to KKR for $975mm (Press Release)

• Western Digital (WDC) reportedly progressing in merger discussions with Kioxia (Bloomberg)

• Whirlpool (WHR) concluded review of EMEA business in transaction with Arçelik (Press Release)

Announced M&A

Target / Acquirer – Transaction Enterprise Value

Industrials

• Volta (VLTA) / Shell (SHEL) – $169mm (Press Release)

Healthcare

• Concert Pharmaceuticals (CNCE) / Sun Pharmaceutical – $427mm (Press Release)

• Neovasc (NVCN) / Shockwave Medical (SWAV) – $100mm (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.