The Special Situation Report #51: 1/22 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

---

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)

---

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.