Thanks for reading the latest Report. Earlier this week, we published a summary of our take on community bank consolidation. Read part one here and stay tuned for part two this upcoming Thursday.

Table of Contents:

1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. List of Announced M&A

Update on Developing M&A

Announced Strategic Reviews

• Albertsons (ACI) announced a review of strategic alternatives (Filing)

• Gemini Therapeutics (GMTX) announced a corporate restructuring and review of strategic alternatives (Press Release)

• Seritage Growth Properties (SRG) announced a review of strategic alternatives as Chair Edward Lampert retires from the Board (Filing)

• Apollo (APO) is considering merging Yahoo Sports with a sports-betting company, including PointsBet Holdings (ASX: PBH) (Yahoo Finance)

• Bain Capital and CVC decided against submitting an offer for Walgreens Boots (WBA) subsidiary Boots (Sky News)

• Cedar Realty Trust (CDR) announced the liquidation of its assets and sale of the company following its strategic review (Press Release)

• Kohl’s (KSS) says engagement with unsolicited bidders as well as proactive outreach is ongoing (Goldman Sachs is hired) (Q4 Conference Call)

• Mercury Systems (MRCY) received a takeover bid from Elliott after Jana previously pushed for sale (Bloomberg)

• Paramount Group (PGRE) confirmed receipt of an unsolicited proposal from Monarch Alternative Capital (Press Release, Latest Monarch 13D)

• Splunk (SPLK) gained as Hellman & Friedman disclosed a 7.5% stake (Cisco previously bid for the Company, according to reports) (Filing)

Update on Shareholder Activism

• Aerojet Rocketdyne’s (AJRD) CEO and directors issued an open letter to shareholders in an ongoing proxy fight with Steel Partners (Filing)

• LivePerson (LPSN) jumped as Starboard disclosed a 9.7% stake (Filing)

• Quotient Technology (QUOT) activist investor Engaged Capital nominated two directors to the Board (Filing)

• Turtle Beach (HEAR) investor Donerail Group withdrew its takeover bid, plans to nominate a Board slate (Press Release)

• Zendesk (ZEN) activist investor Jana calls for a Board change or sale (Filing, Barron’s)

Update on Other Special Situations

Spin-Offs

• Southwest Gas (SWX) announced the separation of Centuri amid pressure from Icahn (Filing)

• Telecom Italia (MI: TIT) shares dropped as CEO presented plan to split the company in two; Board to assess KKR’s (KKR) takeover bid (Financial Times)

• Zimmer Biomet (ZBH) announced the completion of the ZimVie (ZIMV) spinoff (Press Release)

Other

• 51job (JOBS) entered into a revised merger agreement with investor consortium (Filing, Bloomberg)

• American Electric Power (AEP) announced the planned sale of unregulated renewable assets (Filing, T&D World)

• First Solar (FSLR) in advanced stage discussions to sell Japan assets (Filing)

• Tilray (TLRY) announced a strategic alliance with Hexo (HEXO) (Press Release, Investor Presentation)

List of Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer / Retail

• Bbot / DoorDash (DASH) (Press Release)

Energy & Natural Resources

• Energy Transfer Canada – a subsidiary of Energy Transfer LP (ET) / Pembina Pipeline (PBA) & KKR (KKR) – $1.3bn (Press Release, Presentation, Webcast)

• Great Western Petroleum / PDC Energy (PDCE) – $1.3bn (Press Release, Presentation)

• Orca Gold (TSXV: ORG) / Perseus Mining (ASX: PRU) – $170mm (Press Release)

  • We reported on a potential merger in The Special Situation Report #3

• Renewable Energy Group (REGI) / Chevron (CVX) – $2.8bn (Press Release, Presentation, Transcript)

Financials

• Capstone Partners / Huntington Bancshares (HBAN) (Press Release)

• First Horizon (FHN) / TD Bank Group (TD) – $13.4bn (Press Release, Presentation, Transcript)

• Liberty Bancorp (OTCPK: LIBC) / DMG Bancshares – $35mm (Press Release)

• Prudential Bancorp (PBIP) / Fulton Financial (FULT) – $138mm (Press Release, Presentation)

Gaming, Gambling, Lodging & Real Estate

• Alictus / SciPlay (SCPL) – $300mm (Press Release)

• Healthcare Trust of America (HTA) / Healthcare Realty Trust (HR) – $18bn (Press Release, Investor Presentation)

• Next Games (HLSE: NXTGMS) / Netflix (NFLX) – $70mm (Press Release)

Healthcare

• Intricon (IIN) / Altaris Capital Partners – $221mm (Press Release)

• Syndesi / AbbVie (ABBV) – $1bn (Press Release)

Industrials

• Manitowoc Ice – subsidiary of Welbilt (WBT) / Pentair (PNR) – $1.4bn (Press Release, Presentation, Webcast)

Technology, Media & Telecommunications=

• Catalytic / PagerDuty (PD) (Press Release)

• Streamlit / Snowflake (SNOW) (Press Release)

• Wurl / AppLovin (APP) – $430mm (Press Release, Webcast)

Thank you for reading; that’s all for this week - the next roundup edition will arrive Sunday, March 13.

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