The Special Situation Report #63: 4/23 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

• Creative Media & Community Trust Corporation (CMCT) received an unsolicited non-binding takeover bid from Daniel Negari (Filing)

• TravelCenters of America (TA) investor TIG Advisors is pushing the company to give ARKO (ARKO) access to the company's data room (Letter)

Rumors

• Catalent (CTLT) fell on a report that Danaher (DHR) shelved its takeover efforts (Bloomberg)

• Shockwave Medical (SWAV) gained on a report that Boston Scientific (BSX) is considering a takeover (Bloomberg)

• Sunlight Financial (SUNL) reportedly draws takeover interest from Pagaya Technologies (PGY) (Bloomberg)

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Update on Shareholder Activism

• comScore (SCOR) shareholder 180 Degree Capital issued a public letter to the board (Letter)

• HSBC (HSBC) urges shareholders to vote against break-up of its business (Bloomberg)

• Semler Scientific (SMLR) entered into a cooperation agreement with Eric Semler and William H.C. Chang (Filing)

• Westwood Holdings Group (WHG) JCP Investment Management disclosed opposition to a management take private at its currently depressed valuation (Filing)

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Update on Other Special Situations

Spin-Offs

• Madison Square Garden Entertainment (MSGE) completed its spin-off of Sphere Entertainment (SPHR); confirmed the sale of its Tao Group Hospitality unit to Mohari Hospitality for $550mm (Press Release)

Other

• Hasbro (HAS) reportedly in talks to sell its Entertainment One studio business (Bloomberg)

• JELD-WEN (JELD) divested its Australasian operations to Platinum Equity for $461mm (Press Release)

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Announced M&A

Target / Acquirer – Transaction Enterprise Value

Financial

• Muncy Bank Financial (MYBF) / CCFNB Bancorp (CCFN) – $66mm (Press Release)

Healthcare

• BELLUS Health (BLU) / GSK (GSK) – $1.7bn (Press Release)

• Satsuma Pharmaceuticals (STSA) / Shin Nippon Biomedical Laboratories – $30mm (Press Release)

Industrials

• Charah Solutions (CHRA) / SER Capital Partners – $315mm (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.