Please note – The Special Situation Report is going on break, returning July 15th. Thank you.
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
Abcam (ABCM) disclosed strategic interest from multiple parties; work with advisors ongoing (Press Release)
Braskem (BAK) report of a raised bid from Apollo Global (APO); Petrobras (PBR) not considering a buyout offer (Bloomberg)
Intevac (IVAC) retained Houlihan Lokey to evaluate strategic options (Press Release)
Millicom (TIGO) announced that takeover discussions with Apollo Global (APO) and Claure Group have terminated (Press Release)
Rumors
Chase Corp. (CCF) reportedly working with advisors on a potential sale (WSJ)
nCino (NCNO) reportedly exploring options including a potential sale after attracting interest (Reuters)
Update on Shareholder Activism
Enhabit (EHAB) shareholder AREX Capital issued an open letter to the board outlining concerns and pushing the company to consider a sale (Letter)
Entain (GMVHY) shareholder Eminence Capital sends open letter to the board following ‘value destructive’ equity offering (Letter)
Illumina (ILMN) Francis deSouza resigns as CEO and Director amid pressure from Carl Icahn (Fortune)
LL Flooring (LL) Howard Jonas encourages the company to consider the takeover offer made by F9 Investments (Press Release)
RumbleON (RMBL) announced appointment of interim CEO and the settlement of proxy contest (Press Release)
SilverBow Resources (SBOW) shareholder Riposte Capital calls for the company to drop its poison pill and explore a sale (Letter)
Update on Other Special Situations
Spin-Offs
Borg Warner (BWA) board approved spin-off of PHINIA (PHIN); will begin trading regular way 7/5 (Press Release)
CVR Energy (CVI) canceled the potential spin-off of its nitrogen fertilizer business (Press Release)
Medtronic (MDT) likely to continue with spin-off of its patient-monitoring and lung-treatment businesses after potential sale interest cools (Bloomberg)
Other
Bunge (BG) acquiring Viterra in $6.2bn transaction (Press Release)
Paramount Global (PARA) Simon & Schuster draws interest from Harper Collins, KKR (KKR) (Reuters)
Teck Resources (TECK) confirms Glencore (LSE: GLEN) offer for steelmaking coal business (Press Release)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Energy & Natural Resources
NexTier Oilfield Solutions (NEX) / Patterson-UTI Energy (PTEN) – $2.5bn (Press Release, Presentation)
Healthcare
Chinook Therapeutics (KDNY) / Novartis (NVS) – $3.2bn (Press Release)
Surface Oncology (SURF) / Coherus BioSciences (CHRS) – $40mm (Press Release, Presentation)
Industrials
Eneti (NETI) / Cadeler (OSE: CADLR) – $600mm (Press Release, Presentation)
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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.
Applus and Marlowe worth looking at (solid take-out rumors this week on former), segment sale on latter. https://news.sky.com/story/lord-ashcroft-backed-marlowe-tests-appetite-for-650m-inspection-arm-12903057
Great newsletter