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The Special Situation Report #71: 7/16 Roundup

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The Special Situation Report #71: 7/16 Roundup

Summary of the Week in Special Situations

David Paolella
Jul 16, 2023
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The Special Situation Report #71: 7/16 Roundup

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We are back!

Table of Contents:

  1. Update on Developing M&A

  2. Update on Shareholder Activism

  3. Update on Other Special Situations

  4. Announced M&A


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)


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)


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)


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.

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The Special Situation Report #71: 7/16 Roundup

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The Special Situation Report #71: 7/16 Roundup

www.thespecialsituationreport.com
Six Bravo
Writes Special Situation Investing
Jul 16

Great list, as always.

MDU Resources Group announced it aims to pursue a spinoff of its construction services business.

We've been following MDU since it announced its recently completed Knife River spin-off.

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