The Special Situation Report #52: 1/29 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

• Fox Corporation’s (FOX) potential merger with News Corporation (NWS) is pulled by Rupert Murdoch (Press Release)

• GasLog Partners LP (GLOP) received an unsolicited proposal for $7.70/unit (Press Release)

• HighPeak Energy (HPK) initiated a process to evaluate strategic alternatives (Press Release)

• Millicom International Cellular (TIGO) confirmed discussions on a potential transaction (Press Release)

• National Instruments (NATI) suitor Emerson Electric (EMR) said it wouldn’t nominate directors to the board (Press Release)

• Westwater Resources Inc. (WWR) bidder Idaho Strategic Resources (IDR) reiterated its takeover proposal (Press Release)

Rumors

• Lucid Group (LCID) gained on a report that Saudi Arabia's Public Investment Fund may pursue a takeover (Seeking Alpha)

• Radius Global Infrastructure (RADI) takeover discussions reportedly continue with EQT Infrastructure and PSP Investments (Seeking Alpha)

• Sumo Logic (SUMO) reportedly approached by several private equity firms regarding a potential acquisition (The Information)

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Update on Shareholder Activism

• Avantax (AVTA) (formerly known as Blucora) acknowledged director nomination from activist Engine Capital (Press Release)

• Barnwell Industries (BRN) reached cooperation agreement with its largest stockholders (Press Release)

• Daktronics (DAKT) Alta Fox sent a letter to Daktronics’ independent committee (Press Release)

• MDU Resources (MDU) and Corvex Management entered into a cooperation agreement (Press Release)

• Peoples Financial Corporation (PFBX) Stilwell Value intends to nominate candidates to the board (Filing)

• Pitney Bowes (PBI) activist Hestia Capital nominated directors to the board (Presentation, Response)

• Polished.com (POL) Morgan Dempsey called for a sale of the company (Filing, Response)

• Salesforce (CRM) added three new independent directors (Press Release); Elliott Management takes stake and prepares to nominate board slate (WSJ)

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Update on Other Special Situations

• News Corp (NWS) in discussions to sell its Move Inc. online real estate unit to CoStar Group (CSGP) (Bloomberg)

• Qiagen (QGEN) reportedly weighs sale of minority stake in its bioinformatics business (Bloomberg)

• Qualtrics International (XM) 71% owner SAP (SAP) decided to explore a sale of its ownership stake (Press Release)

• Walgreens Boots Alliance (WBA) reportedly weighs sale of pharmacy automation unit (Bloomberg)

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Announced M&A

Target / Acquirer – Transaction Enterprise Value

Industrials

• Evoqua Water Technologies (AQUA) / Xylem (XYL) – $7.5bn (Press Release, Presentation)

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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.