The Special Situation Report #64: 4/30 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
Cerevel Therapeutics (CERE) shareholder Perceptive Advisors ended preliminary discussions regarding a potential strategic transaction (Filing)
Heliogen (HLGN) rejected an unsolicited takeover proposal from Continuum Renewables (Press Release)
Teck (TECK) withdrew its plan to separate hours before shareholders were due to vote (Press Release)
TravelCenter (TA) rejected Arko’s (ARKO) takeover offer as inferior compared to BP’s (BP) $86/share offer (Press Release)
Rumors
Catalent (CTLT) gained on speculation that Danaher (DHR) may still be interested in a takeover (Seeking Alpha)
RealReal (REAL) reportedly draws interest from private equity (Puck News)
Update on Shareholder Activism
Algonquin Power (AQN) activist investor Corvex Management has built a stake in the company and is pushing for changes (Reuters)
Pitney Bowes (PBI) Institutional Shareholder Services recommended that shareholders elect four of the five dissident director candidates proposed by Hestia Capital (Press Release)
Update on Other Special Situations
Cardinal Health’s (CAH) nuclear medicine business draws interest from Curium Pharma, HIG Capital (Bloomberg)
Carrier Global (CARR) announced a deal to buy Viessmann Climate Solutions for $13bn (Press Release)
Casella Waste Systems (CWST) agreed to acquire certain assets from GFL Environmental (GFL) for $525mm (Press Release)
Endeavor Group (EDR) announced the sale of IMG Academy for $1.3bn (Press Release)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Healthcare
Spectrum Pharmaceuticals (SPPI) / Assertio (ASRT) – $250mm (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.