The Special Situation Report #66: 5/14 Roundup
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
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)
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)
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)
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)
If you enjoyed reading this Report, please do me the huge favor of simply pressing the “Like” button.
The content herein is informational and should not be relied upon as fact. Do your own diligence before making any investment decisions.
Terrific content... nothing like targeting workouts to help outperformance!