The Special Situation Report #62: 4/16 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

• 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)

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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)

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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)

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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.