The Special Situation Report #66: 5/14 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 (CMCT) rejected buyout offer, highlighting low valuation and lack of committed financing (Press Release)

• Occidental Petroleum (OXY) shareholder Berkshire Hathaway (BRK) says it has no interest in buying the rest of the company (Reuters)

• Premier (PINC) announced review of strategic alternatives (Press Release)

• SiriusPoint (SPNT) dropped after Dan Loeb disclosed he is no longer exploring an acquisition of the company (Filing)

• Turtle Beach (HEAR) appointed founder of Donerail Group to the board; formed value enhancement committee to review a broad range of strategic options (Press Release)

Rumors

• ACI Worldwide (ACIW) sale talks reportedly slow amid market pressure (Seeking Alpha)

• Mercury Systems (MRCY) shares advanced on a report that its sales process has moved into a second round (Seeking Alpha)

• Shockwave Medical (SWAV) reportedly draws takeover interest from Johnson & Johnson (JNJ) and Medtronic (MDT) amid speculation talks with Boston Scientific (BSX) have fallen apart (Seeking Alpha)

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Update on Shareholder Activism

• Aurinia Pharmaceuticals’ (AUPH) largest shareholder plans to withhold support for incumbent directors (Filing)

• Estée Lauder’s (EL) supports management as rumors of activist attention from Nelson Peltz swirl (Women’s Wear Daily)

• Pitney Bowes (PBI) shareholders elected four Hestia Capital board nominees (Reuters)

• The Goodyear Tire & Rubber Company (GT) shareholder Elliott Associates shared its value-creation plan (Letter, Company Response)

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Update on Other Special Situations

Spin-Offs

• Jacobs Solutions (J) announced plans to spin-off its Critical Missions Solutions business (Press Release, Presentation)

Other

• Algonquin Power & Utilities (AQN) starts strategic review of its Renewable Energy Group (Press Release)

• Baxter's (BAX) biopharma business reportedly draws interest from Warburg Pincus, Advent (Reuters)

• NextEra Energy Partners (NEP) announced plans to exit from natural gas pipeline assets (Press Release)

• Teck Resources (TECK) a consortium led by Pierre Lassonde reportedly has proposed to buy the company's coal operations (The Globe and Mail)

• Wolverine World Wide (WWW) to explore strategic alternatives for Sperry brand (Press Release)

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Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer /Retail

• Franchise Group (FRG) / Management Consortium – $2.6bn (Press Release)

Energy & Natural Resources

• Livent (LTHM) / Allkem (ASX: AKE) – $5bn (Press Release, Presentation)

Financials

• Home Point Capital (HMPT) / Mr. Cooper Group (COOP) – $725mm (Press Release, Presentation)

Healthcare

• CTI BioPharma (CTIC) / Swedish Orphan Biovitrum (STO: SOBI) – $1.7bn (Press Release)

• Syneos Health (SYNH) / Investment Consortium – $7.1bn (Press Release)

Technology, Media & Telecommunications

• Absolute Software (ABST) / Crosspoint Capital Partners – $870mm (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.