The Special Situation Report #68: 6/4 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

• Atea Pharmaceuticals (AVIR) rejected an unsolicited proposal from Concentra Biosciences (Press Release)

• LL Flooring (LL) confirmed an unsolicited proposal from Cabinets To Go (Press Release, Offer Filing)

• Sharecare (SHCR) concludes strategic review, to continue execution of its strategic plan (Press Release)

• Stratasys (SSYS) received an unsolicited takeover offer from competitor 3D Systems (DDD) (Press Release)

Rumors

• Lifecore Biomedical (LFCR) started a sale process as part of its strategic review (Seeking Alpha)

• Paratek Pharmaceuticals (PTRK) reportedly draws interest from private equity buyer (Seeking Alpha)

• Tech Resources (TECK) suitor Glencore (GLNCY) working to improve its takeover offer (Bloomberg)

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Update on Shareholder Activism

• Abcam (ABCM) founder Jonathan Milner calls extraordinary general meeting to replace directors (Filing)

• Cano Health (CANO) concerned former directors issue presentation to shareholders (Presentation)

• Freshpet (FRPT) sued by activist Jana Partners in fight for board seats (Press Release)

• GEE Group (JOB) investor Red Oak Partners nominated two candidates for the board (Filing)

• Masimo Corporation (MASI) activist Politan Capital shared presentation in proxy fight (Presentation, Response)

• Servotronics (SVT) Star Equity Fund calls on board to conduct strategic review for all assets (Filing)

• Twilio (TWLO) activist Legion Partners has met with the company and is pushing for changes (Reuters)

• Valaris (VAL) shareholder Lodbrok Capital published a letter to the board highlighting opportunities to create value (Letter)

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Update on Other Special Situations

Spin-Offs

• MDU Resources (MDU) completed the spin-off of Knife River (KNF) (Press Release)

Other

• Fleetcor Technologies (FLT) reportedly evaluating the sale of its prepaid card business (Bloomberg)

• Oshkosh (OSK) acquired AeroTech, an air transportation support business, from JBT Corp. (JBT) for $800mm (Press Release)

• Stanley Black & Decker (SWK) weighs sale of International Equipment Solutions Attachment Group (Bloomberg)

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Announced M&A

Target / Acquirer – Transaction Enterprise Value

Financials

• Arlington Asset Management (AAIC) / Ellington Financial (EFC) – $132mm (Press Release)

Healthcare

• GreenLight Biosciences (GRNA) / Fall Line Capital – $46mm (Press Release)

• Reunion Neuroscience (REUN) / MPM BioImpact – $13mm (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.