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The Special Situation Report #58: 3/12 Roundup

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The Special Situation Report #58: 3/12 Roundup

Summary of the Week in Special Situations

David Paolella
Mar 12
23
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The Special Situation Report #58: 3/12 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

  • Digital Media Solutions (DMS) concludes strategic review process (Press Release)

  • DXC Technology (DXC) sale talks with potential buyer end without a deal (Press Release)

  • Fresh Tracks Therapeutics (FRTX) evaluating strategic options (Press Release)

  • Guardion Health Sciences (GHSI) to explore strategic alternatives (Press Release)

  • Neoleukin Therapeutics (NLTX) to review strategic alternatives (Press Releas)

  • Qualtrics (XM) entered exclusive sale talks with Silver Lake (Press Release)

  • Stratasys (SSYS) received an unsolicited proposal from Nano Dimension (NNDM) (Press Release); NNDM shareholder Anson Funds released a letter in opposition of deal and NNDM governance (Letter)

Rumors

  • Molson Coors (TAP) gained amid takeover speculation (Seeking Alpha)

  • Quotient Technology (QUOT) reportedly working with bank to explore sale (Reuters)

  • Seagen (SGEN) report that Pfizer (PFE) is the only interested bidder (Seeking Alpha)


Update on Shareholder Activism

  • Amarin (AMRN) all seven independent non-Sarissa members resigned from board of directors (Press Release)

  • Bath & Body Works (BBWI) announced appointment of new director in détente with Third Point (Press Release)

  • Comscore (SCOR) activist 180 Degree Capital Corp issued public letter to stockholders (Letter)

  • loanDepot (LDI) Anthony Hsieh reminds board to concentrate on company's long-term success (Press Release)

  • Masimo Corporation (MASI) California State Teachers’ Retirement System joins Politan Capital in legal fight (Reuters)

  • ON24 (ONTF) activist Kinesic Capital proposes a value creation plan to board of directors (Letter)

  • Pitney Bowes (PBI) activist Hestia Capital Management modified slate to include five nominees (Filing)

  • Primo Water Corp. (PRMW) activist investor Legion Partners nominated four directors for the company's board (Filing)

  • RumbleON (RMBL) William Coulter and Mark Tkach send letter to the board (Letter)

  • Sensei Biotherapeutics (SNSE) confirmed the receipt of nominations from Apeiron Investment Group (Press Release)


Update on Other Special Situations

Spin-Offs

  • Uber Technologies (UBER) reportedly exploring a spin-off of its Uber Freight logistics arm (Bloomberg)

Other

  • BioXcel Therapeutics (BTAI) evaluating strategic options for OnkosXcel subsidiary (Press Release)

  • DigitalBridge (DBRG) reportedly weighing the sale of a stake in Vantage Data Centers (Bloomberg)

  • ReNew Energy Global (RNW) CPPIB set to become majority stakeholder after deal with Goldman (Mint)

  • Vistra Corp. (VST) to acquire Energy Harbor in multi-billion deal (Press Release)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Healthcare

  • Tcr2 Therapeutics (TCRR) / Adaptimmune (ADAP) – $165mm (Press Release, Presentation)

Industrials

  • Diversey Holdings (DSEY) / Solenis (Platinum Equity) – $4.6bn (Press Release)

  • Kimball International (KBAL) / HNI Corporation (HNI) – $485mm (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.

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The Special Situation Report #58: 3/12 Roundup

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