The Special Situation Report #71: 7/16 Roundup

Summary of the Week in Special Situations

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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

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Update on Developing M&A

Strategic Alternatives & Ongoing Situations

• AvroBio (AVRO) to explore strategic alternatives (Press Release)

• CalAmp (CAMP) to explore strategic alternatives (Press Release)

• Chindata Group (CD) received a non-binding takeover proposal from China Merchants Capital for $4.6/share (or $9.2/ADS) in cash (Press Release)

• Quince Therapeutics (QNCX) Echo Lake Capital raised its takeover offer to $1.80 per share (Letter)

Rumors

• Avantax (AVTA) reportedly working with an adviser to explore a sale (Bloomberg)

• FiscalNote (NOTE) received takeover interest from private equity and strategic buyers according to reports (Seeking Alpha)

• MoonLake (MLTX) reportedly working with an investment bank after early-stage discussions with drugmakers (Reuters)

• Rapid7 (RPD) received a takeover offer from private equity firm Thoma Bravo earlier this year according to reports (Seeking Alpha)

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Update on Shareholder Activism

• Stratasys (SSYS) shareholder Donerail Group said in an open letter that 3D Systems' (DDD) acquisition proposal was superior to Stratasys' merger agreement with Desktop Metal (DM) (Letter)

• Consolidating Communications (CNSL) shareholder Wildcat Capital urged the company to reject a $4 per share takeover offer (Letter)

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Update on Other Special Situations

Spin-Offs

• Western Digital (WDC) and Kioxia Holdings reportedly nearing a deal; expected to be structured as a tax-free spinoff of Western Digital's flash business, which will merge with Kioxia (Bloomberg)

Other

• Disney (DIS) reportedly explores strategic options for its Star India business (WSJ)

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Announced M&A

Target / Acquirer – Transaction Enterprise Value

Energy & Natural Resources

• Denbury (DEN) /Exxon Mobil (XOM) – $5bn (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.