The Special Situation Report #57: 3/5 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

• 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)

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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)

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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.