The Special Situation Report #61: 4/9 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
Liminal BioSciences (LMNL) confirmed receipt of an unsolicited non-binding proposal from Structured Alpha LP (Press Release)
Stratasys (SSYS) bidder Nano Dimension (NNDM) again raised bid after earlier rejections (Press Release)
Teck (TECK) rejected Glencore's (GLNCY) unsolicited takeover proposal and will move forward with separating its metals and coal units (Press Release)
Rumors
Apellis Pharmaceuticals (APLS) reportedly draws takeover interest from larger drugmakers (Bloomberg)
Pioneer Natural Resources (PXD) reportedly held preliminary sale talks with Exxon Mobil (XOM) (WSJ)
Rapid7 (RPD) gained amid takeover speculation (Seeking Alpha)
Update on Shareholder Activism
Cano Health (CANO) gained after three former directors including Barry Sternlicht formed a group to pursue changes at the company (Fierce Healthcare)
Exelixis (EXEL) responded to letter from Farallon Capital Management (Filing)
loanDepot (LDI) announced settlement and cooperation agreement with Anthony Hsieh (Press Release)
Pitney Bowes (PBI) holder Hestia Capital disclosed an interim CEO candidate for the company as it continues its proxy battle (Press Release)
RumbleOn (RMBL) acknowledged preliminary proxy statement from shareholders and former directors (Filing)
Turtle Beach (HEAR) delivered a counterproposal to shareholder in potential proxy battle (Filing)
Update on Other Special Situations
Spin-Offs
Crane (CR) completed the spin-off of its payment and merchandising technologies business (Crane NXT (CXT)) (Press Release)
Other
Dominion Energy (D) and National Grid (NGG) reportedly pursuing pipeline sales (WSJ)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Energy & Natural Resources
GasLog Partners LP (GLOP) / GasLog Ltd. (Press Release)
Healthcare
Heska (HSKA) / Mars – $1.3bn (Press Release)
Real Estate
Life Storage (LSI) / Extra Space Storage (EXR) – $16bn (Press Release, Presentation)
Technology, Media & Telecommunications
World Wrestling Entertainment (WWE) / UFC (Endeavor Group (EDR)) – $9.3bn (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.