The Special Situation Report #56: 2/26 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
American Equity Investment Life (AEL) Prosperity Group Holdings withdrew its acquisition proposal (Press Release)
Aileron Therapeutics (ALRN) announced exploration of strategic alternatives (Press Release)
Evofem Biosciences (EVFM) to explore and evaluate strategic alternatives (Press Release)
Graphite Bio (GRPH) to explore strategic alternatives (Press Release)
Rumors
Cvent (CVT) reportedly rejected a $3.9bn offer from Blackstone (BX) (Reuters)
LivaNova (LIVN) gained amid takeover speculation (Seeking Alpha)
National Instruments (NATI) potential suitor Honeywell (HON) no longer interested in bidding for the company according to reports (Seeking Alpha)
Pioneer Natural Resources (PXD) reportedly considering an acquisition of Range Resources (RRC) (Bloomberg); Pioneer Natural said it's not contemplating a significant acquisition transaction (Press Release)
Update on Shareholder Activism
Anika Therapeutics (ANIK) Caligan Partners urging company to explore strategic alternatives (Reuters)
Bath & Body Works (BBWI) 6% shareholder Third Point announced a proxy contest (Letter, Response)
Global Net Lease (GNL) and The Necessity Retail REIT (RTL) activist Blackwells Capital launched a website and presentation to shareholders (Press Release)
Heron Therapeutics (HRTX) entered into a cooperation agreement with Rubric Capital Management (Press Release)
Purple Innovation (PRPL) 44% shareholder Coliseum Capital Partners filed a lawsuit against the company (Press Release)
ReWalk Robotics Ltd. (RWLK) 15% shareholder The Lind Partners sent letter to the board regarding its concerns (Letter)
Update on Other Special Situations
Spin-Offs
Teck Resources (TECK) announced spin-off of its steelmaking coal business (Press Release, Presentation)
Other
AT&T (T) reportedly exploring a sale of its cybersecurity unit (Reuters)
Haleon (HLN) reportedly exploring sale of ChapStick Brand (Bloomberg)
News Corporation (NWS) no longer in talks to sell Move, Inc to CoStar Group (CSGP) (Press Release)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Financials
Main Street Financial Services (MSWV) / Wayne Savings Bancshares (WAYN) – $68mm (Press Release)
Partners Bancorp (PTRS) / LINKBANCORP (LNKB) – $168mm (Press Release)
Real Estate
Indus Realty Trust (INDT) / Centerbridge Partners & GIC Real Estate – $868mm (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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