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The Special Situation Report #51: 1/22 Roundup

www.thespecialsituationreport.com

The Special Situation Report #51: 1/22 Roundup

Summary of the Week in Special Situations

David Paolella
Jan 22
19
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The Special Situation Report #51: 1/22 Roundup

www.thespecialsituationreport.com

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.

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The Special Situation Report #51: 1/22 Roundup

www.thespecialsituationreport.com
2 Comments
Scott Felsenthal
Writes The Daily Uncover
Jan 22Liked by David Paolella

I really enjoy your Substack- keep it up!

I recently wrote a brief post on Special Situation Investing here: https://thedailyuncover.substack.com/p/special-situation-investing

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Six Bravo
Writes Special Situation Investing
Feb 3Liked by David Paolella

Thanks for these posts!

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