The Special Situation Report #70: 6/18 Roundup

Summary of the Week in Special Situations

Please note – The Special Situation Report is going on break, returning July 15th. Thank you.

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

• 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)

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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)

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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)

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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.