The Special Situation Report #55: 2/19 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

• 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)

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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)

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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)

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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.