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The Special Situation Report #62: 4/16 Roundup

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The Special Situation Report #62: 4/16 Roundup

Summary of the Week in Special Situations

David Paolella
Apr 16, 2023
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The Special Situation Report #62: 4/16 Roundup

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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. Announced M&A


Update on Developing M&A

Strategic Alternatives & Ongoing Situations

  • Aeglea BioTherapeutics (AGLE) engaged a financial advisor to explore strategic alternatives (Press Release)

  • Consolidated Communications (CNSL) confirmed receipt of a non-binding buyout offer from shareholders Searchlight Capital and British Columbia Investment Management (Press Release)

  • Heliogen (HLGN) confirmed receipt of an unsolicited, non-binding acquisition proposal from Continuum Renewables (Press Release)

  • Quince Therapeutics (QNCX) rejected the unsolicited proposal it received from Echo Lake Capital (Press Release)

  • SiriusPoint (SPNT) shareholder Dan Loeb disclosed he is exploring a potential take-private of the company (Press Release)

  • Stratasys (SSYS) rejected Nano Dimension’s (NNDM) sweetened buyout bid (Press Release)

  • Teck Resources (TECK) rejected Glencore's (GLNCY) revised acquisition proposal (Press Release)

  • ViewRay (VRAY) hired an adviser to evaluate strategic alternatives (Press Release)

Rumors

  • Aldeyra Therapeutics (ALDX) subject of takeover speculation (Seeking Alpha)

  • Playtika (PLTK) reportedly draws interest from private equity firms (Bloomberg)

  • Syneos Health (SYNH) gained on a report that private equity firms are interested in a buyout (Seeking Alpha)


Update on Shareholder Activism

  • Cutera (CUTR) shareholder Pura Vida enters boardroom wrangle (Hedgeweek)

  • HF Foods Group (HFFG) adopted a limited duration shareholder rights plan (Press Release)

  • Turtle Beach (HEAR) provided an update to shareholders (Press Release)

  • WisdomTree (WT) shareholder ETFS Capital launched a proxy contest (Press Release)


Update on Other Special Situations

Spin-Offs

  • Carrier Global (CARR) gained on a report that the company is working on a plan to sell or spin off its Fire & Security business (WSJ)

Other

  • Diamondback Energy (FANG) reportedly considering a sale of its west Permian assets (Bloomberg)

  • IBM (IBM) reportedly exploring a sale of its weather business (WSJ)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer / Retail

  • HEXO Corp. (HEXO) / Tilray Brands (TLRY) – $215mm (Press Release, Presentation)

Healthcare

  • Prometheus Biosciences (RXDX) / Merck (MRK) – $10bn (Press Release)

Industrials

  • National Instruments (NATI) / Emerson (EMR) – $9bn (Press Release, Presentation)

  • Triton International (TRTN) / Brookfield Infrastructure (BIPC) – $13bn (Press Release)

Real Estate

  • Diversified Healthcare Trust (DHC) / Office Properties Income Trust (OPI) – $3bn (Press Release, Presentation)

Technology, Media & Telecommunications

  • TESSCO Technologies (TESS) / Lee Equity & Twin Point Capital –$161mm (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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The Special Situation Report #62: 4/16 Roundup

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The Special Situation Report #62: 4/16 Roundup

www.thespecialsituationreport.com
Six Bravo
Writes Special Situation Investing
Apr 18Liked by David Paolella

Two sits of interest here: Diamondback’s sale would help value all other similar Permian assets and Carrier’s spinoff would be interesting as Carrier itself was one of our most successful spinoff plays.

Thanks for the update!

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