The Special Situation Report #53: 2/5 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

• Focus Financial Partners (FOCS) announced an acquisition proposal and exclusivity arrangement with CD&R (Press Release)

• Magenta Therapeutics (MGTA) to explore strategic alternatives (Press Release)

• Mercury Systems (MRCY) gained on review of strategic alternatives (Press Release), interest from Cobham (Bloomberg)

• Veris Residential (VRE) Kushner Cos. reiterated $18.50 / share offer (Press Release)

• World Wrestling Entertainment (WWE) CEO says the company's sales process may last about three months and founder McMahon is open to exiting (CNBC)

Rumors

• Cvent (CVT) reportedly exploring a sale (WSJ)

• Qualtrics (XM) 4% shareholder Silver Lake reportedly mulls a buyout (Bloomberg)

• Rapid7 (RPD) reportedly hired advisors to explore a sale (Reuters)

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Update on Shareholder Activism

• Amarin (AMRN) and activist Sarissa Capital filed opposing literature in ongoing proxy battle (Company, Sarissa)

• Green Plains (GPRE) activist investor Ancora Holdings urged the company to explore a sale (Letter)

• First Foundation (FFWM) commented on actions by activist Driver Management (Press Release)

• Kohl's (KSS) announced a cooperation agreement with Macellum (Press Release)

• Nano Dimension (NNDM) shareholder Murchinson Ltd. issued a letter regarding the need for boardroom change (Letter)

• Ritchie Bros. Auctioneers (RBA) investor Janus Henderson announced opposition to bid for IAA (IAA) (Reuters)

• Rogers (ROG) activist investor Starboard said to build stake (Reuters)

• The Walt Disney Company (DIS) sent a letter to shareholders regarding Peltz’s proxy contest (Letter)

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Update on Other Special Situations

• FirstEnergy (FE) announced sale of an additional 30% stake in its transmission unit to an affiliate of investment firm Brookfield Asset Management for $3.5bn (Press Release)

• Western Digital (WDC) announced a $900mm investment from Apollo (APO), Elliott (Press Release)

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Announced M&A

Target / Acquirer – Transaction Enterprise Value

Energy & Natural Resources

• Sisecam Resources (SIRE) / Sisecam Chemicals – $630mm (Press Release)

Healthcare

• AlerisLife (ALR) / ABP Acquisition – $30mm (Press Release)

• Chembio Diagnostics (CEMI) / Biosynex – $17mm (Press Release)

Industrials

• Atlas Technical Consultants (ATCX) / GI Partners – $1.1bn (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.