The Special Situation Report #59: 3/19 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

• 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)

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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)

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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)

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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.