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The Special Situation Report #69: 6/11 Roundup

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The Special Situation Report #69: 6/11 Roundup

Summary of the Week in Special Situations

David Paolella
Jun 11, 2023
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The Special Situation Report #69: 6/11 Roundup

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Table of Contents:

  1. Update on Developing M&A

  2. Update on Shareholder Activism

  3. Update on Other Special Situations

  4. Announced M&A


Update on Developing M&A

Strategic Alternatives & Ongoing Situations

  • Amedisys (AMED) received an unsolicited $100 cash per share proposal from Optum (UNH) and determined it could reasonably be expected to result in a superior proposal (Press Release)

  • Check-Cap (CHEK) to explore strategic alternatives (Press Release)

  • Chindata Group (CD) received preliminary acquisition proposal from Bain Capital (Press Release)

  • Global Indemnity (GBLI) disclosed multiple parties have expressed interest in exploring an asset acquisition or merger (Press Release)

  • Manchester United (MANU) Qatari Sheikh reportedly submits improved final bid (Daily Mail)

  • Pasithea Therapeutics (KTTA) received unsolicited proposal from Lucy Scientific Discovery (LSDI) (Press Release)

  • SciPlay (SCPL) formed special committee to evaluate proposal from Light & Wonder (LNW) (Press Release)

Rumors

  • Bunge (BG) is finalizing a cash-and-stock deal to merge with Glencore-backed (GLCNF) Viterra (Reuters)

  • Hollysys Automation (HOLI) gained amid a report that management has teamed up with CITIC Group for a $1.6bn buyout (Reuters)

  • Playtika (PLTK) reportedly attracted takeover interest from private equity firms (Seeking Alpha)

  • Spirit AeroSystems (SPR) speculation that an activist could get involved and push for a sale to Boeing (BA) (Seeking Alpha)

  • Talos Energy (TALO) reportedly in merger talks with Harbour Energy (LSE: HBR) (Reuters)

  • TriNet (TNET) gained on a report it's exploring a potential sale (Reuters)


Update on Shareholder Activism

  • Alkermes (ALKS) Sarissa Capital and the company shared opposing investor presentations (Sarissa, Company)

  • Avantax (AVTA) Engine Capital issues letter to board regarding need to explore strategic alternatives (Letter)

  • Lantronix (LTRX) Orange River Management intends to discuss plans to maximize shareholder value (Filing)

  • Lifeway Foods (LWAY) Kanen Wealth Management urged the company to sell itself, plans to vote in support of a recent dissident board slate (Letter)

  • Necessity Retail REIT (RTL) / Global Net Lease (GNL) entered into cooperation agreement with Blackwells Capital (Press Release)

  • Quotient Technology (QUOT) announced a board refreshment plan in cooperation agreement with Engaged Capital (Press Release)

  • Republic First Bancorp (FRBK) George Norcross 13D calling for resignation of CEO (Filing)

  • WisdomTree (WT) Glass Lewis joins ISS in recommending WisdomTree stockholders vote for boardroom change (Press Release)


Update on Other Special Situations

Spin-Offs

  • LabCorp (LH) provided an update on its planned spinoff of Fortrea (Press Release)

Other

  • BuzzFeed (BZFD) reportedly weighs potential sale of Complex (The Information)

  • International Game Technology (IGT) to explore strategic alternatives for its Global Gaming and PlayDigital segments (Press Release)

  • Raytheon Technologies (RTX) in sale talks with Safran over flight control assets (Reuters)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Healthcare

  • Paratek Pharmaceuticals (PRTK) / Gurnet Point Capital & Novo Holdings (NVO) – $462mm (Press Release)

Industrials

  • CIRCOR International (CIR) / KKR (KKR) – $1.6bn (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.

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The Special Situation Report #69: 6/11 Roundup

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