The Special Situation Report #55: 2/19 Roundup
Summary of the Week in Special Situations
Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A
Update on Developing M&A
Strategic Alternatives & Ongoing Situations
Berkshire Grey (BGRY) confirmed it received a non-binding indication of interest from SoftBank Group (Press Release)
Idaho Strategic Resources (IDR) withdrew its business combination proposal to acquire Westwater Resources (WWR) (Press Release)
Life Storage (LSI) rejected an unsolicited proposal from Public Storage (PSA) (Press Release)
Manchester United Plc (MANU) received takeover proposal from the Qatari royal family and Jim Ratcliffe (Bloomberg)
Rumors
AMC Networks (AMCX) reportedly received an approach from Roku (ROKU) 18 months ago (WSJ)
Boxed (BOXD) has held sale talks with two potential suitors (Seeking Alpha)
Sigma Lithium (SGML) reportedly draws takeover interest from Tesla (TSLA) (Bloomberg)
Update on Shareholder Activism
Amarin (AMRN) activist Sarissa Capital released investor presentation to shareholders (Presentation, Response)
Etsy (ETSY) dropped amid a negative report from Citron Research (Seeking Alpha)
First Foundation (FFWM) says Driver Management is running an opportunistic campaign (Filing)
Purple Innovation (PRPL) activist Coliseum Capital launched proxy campaign (Filing, Response)
Salesforce (CRM) in settlement discussions with Elliott to avoid proxy fight (Reuters)
Templeton Global Income Fund (GIM) announced withdrawal of pending litigation to prevent the certification of its 2022 AGM (Press Release)
Update on Other Special Situations
Spin-Offs
FIS (FIS) announced plans to spin-off its Merchant Solutions business (Press Release)
Other
Newcrest Mining (ASX: NCM) rejected Newmont's (NEM) all-stock takeover offer (Press Release)
Paramount Global (PARA) reportedly tries again to sell Simon & Schuster (Reuters)
Truist Financial (TFC) is selling a minority stake in its insurance brokerage unit to Stone Point Capital in a deal that values the unit at $15bn (Press Release)
Vodafone (VOD) reportedly exploring strategic options for its ~$14bn African business (Bloomberg)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Consumer & Retail
TravelCenters of America (TA) / BP (BP) – $1.3 billion (Press Release, Presentation)
Financials
First Miami Bancorp (FMIA) / United Community Banks (UCBI) – $116mm (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.
Thanks for the updates as always!
We were surprised Newcrest rejected Newmont's offer.