The Special Situation Report #59: 3/19 Roundup
The Special Situation Report #59: 3/19 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
Jounce Therapeutics (JNCE) confirmed receipt of unsolicited proposal from Concentra Biosciences (Press Release)
Lifecore Biomedical (LFCR) initiated strategic review of alternatives (Press Release)
Pear Therapeutics (PEAR) announced process exploring strategic alternatives (Press Release)
PFSweb (PFSW) continues to work with its financial advisor on strategic alternatives process (Press Release)
Synchronoss Technologies (SNCR) confirmed receipt of non-binding proposal from B. Riley Financial (Press Release)
Rumors
ACI Worldwide (ACIW) reportedly in sale talks with Motive Partners (Bloomberg)
Infinera (INFN) reportedly working with an advisor on a sale process (Reuters)
Nutrien (NTR) gained on a report that BHP Group (BHP) could be interested in a partnership or possible takeover (Seeking Alpha)
Update on Shareholder Activism
Creative Media & Community Trust Corporation (CMCT) Daniel Negari issued an open letter (Letter)
Freshpet (FRPT) JANA Partners issued a statement on ‘ill-conceived’ capital raise (Press Release)
MarketWise (MKTW) Frank Porter Stansberry sends an open letter to shareholders (Letter)
ON24 (ONTF) entered into cooperation agreement with Indaba Capital Management (Press Release)
Peoples Financial Corporation (PFBX) Stilwell Value solicits proxies from shareholders (Proxy)
Purple Innovation (PRPL) Coliseum Capital rejected company’s settlement proposal (Filing)
Zevra Therapeutics (ZVRA) 2% shareholder Daniel Mangless filed proxy statement (Filing)
Update on Other Special Situations
Spin-Offs
iStar (STAR) announced details for anticipated spin-off in connection with its Safehold merger (Press Release)
Vale (VALE) reportedly evaluating a spinoff or initial public offering of its base metals business after it completes minority stake sale (Bloomberg)
Other
Enzo Biochem (ENZ) gained on the sale of its clinical laboratory business to Labcorp (LH) (Press Release)
Novartis (NVS) reportedly looking for buyers for its eyecare operations (Bloomberg)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Healthcare
Provention Bio (PRVB) / Sanofi (SNY) – $3bn (Press Release)
Seagen (SGEN) / Pfizer (PFE) – $43bn (Press Release, Presentation)
Industrials
Univar Solutions (UNVR) / Apollo – $8bn (Press Release)
Technology, Media & Telecommunications
Cvent Holding (CVT) / Blackstone – $5bn (Press Release)
Momentive Global (MNTV) / Symphony Technology – $1.5bn (Press Release)
Qualtrics (XM) / Silver Lake & CPP Investments – $13bn (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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