The Special Situation Report #71: 7/16 Roundup
Summary of the Week in Special Situations
We are back!
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
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.
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.