The Special Situation Report #57: 3/5 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
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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