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The Special Situation Report #57: 3/5 Roundup

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The Special Situation Report #57: 3/5 Roundup

Summary of the Week in Special Situations

David Paolella
Mar 5
21
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The Special Situation Report #57: 3/5 Roundup

www.thespecialsituationreport.com

Table of Contents:

  1. Update on Developing M&A

  2. Update on Shareholder Activism

  3. Update on Other Special Situations

  4. Announced M&A


Update on Developing M&A

Strategic Alternatives & Ongoing Situations

  • Apexigen (APGN) announced a review of strategic alternatives (Press Release)

  • Atlantica Sustainable Infrastructure (AY) commenced review of strategic alternatives (Press Release)

Rumors

  • Altice USA (ATUS) gained on speculation Comcast (CMCSA) could be a potential buyer (Fierce Telecom)

  • Arconic Corporation (ARNC) reportedly in sale talks with Apollo (APO) (WSJ)

  • National Instruments (NATI) reportedly includes Fortive (FTV) and Keysight Technologies (KEYS) alongside Emerson Electric (EMR) in sale process (Reuters)

  • OneSpan (OSPN) reportedly explores sale (Reuters)

  • Seagen (SGEN) reportedly in talks to sell to Pfizer (PFE) (WSJ)

  • Syneos Health (SYNH) jumped following report on new effort to sell itself (Reuters)

  • Terran Orbital (LLAP) may become an acquisition target as consolidation continues in the space sector. (Seeking Alpha)


Update on Shareholder Activism

  • Amarin Corporation (AMRN) Sarissa Capital secured victory in proxy vote (Endpoints News)

  • Avantax (AVTA) Engine Capital withdrew its notice of nomination of a candidate to the Board (Filing)

  • Bath & Body Works (BBWI) sends a letter to shareholders highlighting past value creation (Letter)

  • Regional Health Properties (RHE) Charles Frischer sends letter to the Board (Filing)

  • Rogers (ROG) announced agreement with Starboard Value (Press Release)

  • Salesforce (CRM) activist Elliott Management reportedly nominates slate of directors (CNBC, Statement)

  • Theravance Biopharma (TBPH) Irenic Capital sends letter regarding need for governance overhaul, capital return & strategic review (Letter, Response)

  • Union Pacific (UNP) announced that CEO Lance Fritz is stepping down amid pressure from Soroban Capital (Press Release)

  • VirnetX Holding (VHC) Bradley Radoff nominated candidates to the Board (Filing)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Energy & Natural Resources

  • Ranger Oil Corporation (ROCC) / Baytex Energy (BTE) – $2.5bn (Press Release, Presentation)

Financials

  • Focus Financial Partners (FOCS) / CD&R & Stone Point – $7bn (Press Release)

Real Estate

  • Broadmark Realty Capital (BRMK) / Ready Capital (RC) – $790mm (Press Release, Presentation)

  • Radius Global Infrastructure (RADI) / EQT & PSP – $3bn (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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The Special Situation Report #57: 3/5 Roundup

www.thespecialsituationreport.com
1 Comment
Six Bravo
Writes Special Situation Investing
Mar 8Liked by David Paolella

Thanks for keeping us up to date!

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