The Special Situation Report #69: 6/11 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
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.