Welcome to the latest iteration of The Special Situation Report: your one-stop-shop for finding interesting special situation investing opportunities. Stay tuned for an editorial report coming this Thursday.

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Table of Contents:

1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. List of Announced M&A

Update on Developing M&A

• Bally’s (BALY) Special Committee “considering the proposals” (Transcript, Twitter)

• Cemtrex (CETX) initiated a process to evaluate strategic alternatives (Press Release)

• Envestnet (ENV) tapped Piper Sandler to run a sales process according to press (Barron’s)

• LVMH (EPA: MC) considered Ralph Lauren (RL) acquisition according to press (Axios)

• NiSource (NI) initiated a strategic review; to weigh merger or sale after push from Elliot (Transcript, Bloomberg)

• Playtech (LSE: PTEC) formed an independent committee to evaluate M&A proposals (MarketWatch)

• Renewable Energy Group (REGI) in talks to sell to Chevron (CVX) (Bloomberg)

• Worldline (EPA: WLN) entered exclusive talks to sell TSS unit to Apollo (APO) for $2.6bn (Press Release)

• Zendesk (ZEN) terminated merger with Momentive (MNTV) (Press Release)

Update on Shareholder Activism

• Aerojet Rocketdyne (AJRD) activist investor Steel Partners released a shareholder letter (Filing)

• Allot (ALLT) activist investor Outerbridge Capital filed a 13D and proposed appointment of shareholder representative to the Board (Filing)

• Catalyst Biosciences (CBIO) activist investor Julian Singer prepares for a proxy contest (Filing)

• Huntsman (HUN) activist investor Starboard filed a proxy supplement (Filing)

• Kohl’s (KSS) activist investor Macellum issued press release highlighting pattern of anti-shareholder actions (Press Release)

• Lee Enterprises (LEE) continues to swat away lawsuits from Alden (Quad Cities)

• LXP Industrial Trust (LXP) activist investor Land & Buildings updated proxy materials (Filing)

• McDonald’s (MCD) issued statement in response to Carl Icahn (Press Release)

• Newpark Resources (NR) reached agreement with Bradley Radoff (Filing)

• Pearson (PSO) activist investor Cevian increased stake to 10.2% (MarketWatch)

• Pennsylvania REIT (PEI) activist investor Cygnus nominated Board candidates (Filing)

• Republic First Bancorp (FRBK) beneficial owner Norcross requested approval to exceed 10% ownership cap (Filing)

• Icahn extended the tender offer period at Southwest Gas (SWX) (Filing)

• Tessco Technologies (TESS) activist investor Lakeview delivered a letter nominating 4 director candidates (after previously proposing to acquire the company for $7.50 / share) (Filing)

Update on Other Special Situations

• Amicus Therapeutics (FOLD) canceled plan to spin-off its gene therapy assets via SPAC (Filing)

• Belden (BDC) announced completion of Tripwire divestiture (Press Release)

• EverQuote (EVER) announced private placement by Chairman (Filing)

• Ford (F) has no plans to spin-off EV or ICE business (Reuters)

• Kennedy Wilson (KW) announced investment by Fairfield Financial (TSE: FFH) (Press Release)

• Macy’s (M) opts against spin-off of e-commerce business (WSJ)

• tZERO announced strategic funding round le by Intercontinental Exchange (ICE) (Press Release)

• Volkswagen (VWAGY) is preparing to spin off Porsche (NY Times) (Reuters)

List of Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer / Retail

• BrandsMart / Aaron’s (AAN) – $230mm (Press Release, Investor Presentation)

• Omnivore/ Olo (OLO) (Press Release)

Energy & Natural Resources

• ExxonMobil’s (XOM) shallow-water Nigeria oil assets / Seplat Energy (LSE:SEPL) (Press Release) – $1,583mm

Financials

• BT Holdings / Origin Bancorp (OBNK) – $314mm (Press Release, Investor Presentation)

• Longbridge Financial / Ellington Financial (EFC) – $75mm (Press Release)

• Technisys / SoFi Technologies (SOFI) – $957mm (Press Release, Investor Presentation)

• TORA / London Stock Exchange (LSE: LSEG) – $325mm (Press Release)

• Verisk’s (VRSK) financial services unit / TransUnion (TRU) –$515mm (Press Release)

Gaming, Gambling, Lodging & Real Estate

• Peninsula Pacific Entertainment / Churchill Downs (CHDN) – $2,485 (Press Release)

• Nugget Casino / Century Casinos (CNTY) (Press Release)– $195mm

Healthcare

• Alchemee / Taro Pharmaceutical (TARO) (Press Release)

• Channel Biosciences / Biohaven Pharmaceutical (BHVN) (Press Release)

• KPI Ninja / Health Catalyst (HCAT) (Press Release)

Industrials

• ACV Auctions (ACVA) announced the acquisition of Drivably (Press Release)

• KAR Global’s (KAR) ADESA business / Carvana (CVNA) – $2,200mm (Press Release, Investor Presentation)

• Kumovis & Titan Additive / 3D Systems (DDD) (Press Release, Press Release)

• Meritor (MTOR) / Cummins (CMI) – $3,689mm (Press Release, Investor Presentation)

• Rockford Corporation / Patrick Industries (PATK) (Press Release)

• South Jersey Industries (SJI) / J.P. Morgan Investment Management – $7,829mm (Press Release)

• TEAM Accessories / Moog (MOG.A) (Press Release)

• Tenneco (TEN) / Apollo (APO) –$6,376mm (Press Release)

Technology, Media & Telecommunications

• Area 1 Security / Cloudflare (NET) – $162mm (Press Release)

• BA Insight / Upland Software (UPLD) – $34mm (Press Release)

• Houghton Mifflin Harcourt (HMHC) / Veritas Capital – $2,671mm (Press Release)

• Infutor / Verisk (VRSK) (Press Release)

• Linutronix / Intel (INTC) (Press Release)

• TEGNA (TGNA) / Standard General – $8,870mm (Press Release)

Thank you for reading, that’s all for this week - the next roundup edition will arrive Sunday, March 6.

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