The Special Situation Report #60: 4/2 Roundup
Summary of the Week in Special Situations
Today’s expanded edition covers the past two weeks of events. Have a great Sunday.
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
Applied Molecular Transport (AMTI) announced process to explore strategic alternatives (Press Release)
Blackbaud (BLKB) bidder Clearlake Capital reiterated its proposal to acquire the company (Letter)
Franchise Group (FRG) announced receipt of unsolicited proposal (Press Release)
GreenLight Biosciences (GRNA) confirmed receipt of indication of interest from Fall Line (Press Release)
Quince Therapeutics (QNCX) confirmed receipt of unsolicited acquisition offer from Echo Lake (Press Release)
Spark Networks (LOV) continues its strategic alternatives review (Press Release)
Stratasys (SSYS) received an increased takeover bid from Nano Dimension (NNDM) (Press Release)
TravelCenters of America (TA) confirmed ARKO Corp (ARKO) proposal is not superior to the previously announced BP transaction (Press Release)
Trinity Place Holdings (TPHS) announced update on review of strategic alternatives (Press Release)
World Wrestling Entertainment (WWE) seeing "robust" interest in its sales process (Seeking Alpha)
Rumors
Aurinia Pharmaceuticals (AUPH) gained amid renewed takeover speculation (Seeking Alpha)
Boston Beer Company (SAM) subject of speculation of takeover by Heineken (Drinks Business)
BridgeBio Pharma (BBIO) reportedly attracting bigger companies' takeover interest (Bloomberg)
Life Storage (LSI) competitor Extra Space Storage (EXR) reportedly working on a potential bid (Bloomberg)
Mattel (MAT) subject of M&A speculation after amending executive severance plans (Seeking Alpha)
Paratek Pharmaceuticals (PRTK) gained amid a report that its a takeout target (Seeking Alpha)
PGT Innovations (PGTI) gained after the company adopted a poison pill after an unidentified strategic investor accumulated shares (Seeking Alpha)
ReNew Energy Global (RNW) CPPIB reportedly considering a take-private transaction (Bloomberg)
Turtle Beach (HEAR) adopted a poison pill amid a strategic investor disclosing a 7% stake (Seeking Alpha)
Update on Shareholder Activism
Arconic (ARNC) activist Sachem Head is pushing the company to continue with a process to sell itself (Reuters)
Broadwind (BWEN) WM Argyle Fund comments on new director appointment (Filing)
Daktronics (DAKT) entered into a standstill and voting agreement with Alta Fox Capital (Press Release)
Envestnet (ENV) announced cooperation agreement with Impactive Capital (Press Release)
Exelixis (EXEL) Farallon Capital Management submitted a nomination notice (Filing)
FleetCor Technologies (FLT) entered into cooperation agreement with D. E. Shaw group, announced portfolio review (Press Release)
Illumina (ILMN) fight with Carl Icahn intensifies after failed negotiation (Bloomberg)
Masimo Corporation (MASI) announces changes to governance structure and practices (Press Release)
Oportun Financial Corporation (OPRT) Findell Capital Management issued statement to the Board of Directors (Press Release)
Primo Water Corporation (PRMW) activist Legion Partners takes legal action to protect the rights of shareholders (Press Release)
Semtech Corporation (SMTC) entered into cooperation agreement with Lion Point Capital (Press Release)
Servotronics (SVT) activist Star Equity announced update to its director nominations (Press Release)
VirnetX Holding (VHC) entered into into a cooperation agreement with Bradley Radoff and Michael Torok; announced special dividend (Press Release)
Update on Other Special Situations
Spin-Offs
Alibaba (BABA) announced new organizational and governance structure with potential to spin-off certain businesses (Press Release)
JD.com (JD) announced plans to spin-off its property and industrials businesses (Filing)
Lions Gate Entertainment (LGF.A) has confidentially submitted a draft SEC registration statement tied to its proposed spin-off of the company's studio business (Press Release)
Madison Square Garden Entertainment (MSGE) Board of Directors approved the spin-off of its traditional live entertainment business (Press Release)
Other
Cardinal Health (CAH) reportedly explores potential sale of its nuclear medicine unit (Bloomberg)
Clorox (CLX) reportedly seeking buyer for vitamins business (Reuters)
Endeavor Group Holdings (EDR) reportedly weighing sale of IMG Academy (Yahoo)
ICU Medical (ICUI) reportedly to compete against GE Healthcare (GEHC) for Medtronic (MDT) units (Reuters)
Servotronics (SVT) announced review of strategic alternatives for consumer products group (Press Release)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Financials
Blackhawk Bancorp (BHWB) / First Mid Bancshares (FMBH) – $90mm (Press Release)
Credit Suisse (CS) / UBS Group (UBS) – $3.3bn (Press Release)
Healthcare
Jounce Therapeutics (JNCE) / Concentra Biosciences – $96mm (Press Release)
Industrials
U.S. Xpress Enterprises (USX) / Knight-Swift Transportation (KNX) – $808mm (Press Release, Presentation)
Technology, Media & Telecommunications
Berkshire Grey (BGRY) / Softbank – $375mm (Press Release)
Costar Technologies (CSTI) / IDIS Co. – $23mm (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.