The Special Situation Report #72: 7/23 Roundup

Summary of the Week in Special Situations

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

• Eliem Therapeutics (ELYM) announced plans to explore strategic alternatives (Press Release)

• Startek (SRT) received a takeover offer from Capital Square Partners (Letter)

• Stratasys (SSYS) intends to engage in discussions with 3D Systems (DDD) regarding its unsolicited proposal (Press Release)

• Western Asset Mortgage (WMC) to engage in discussions with AG Mortgage Investment (MITT) (Press Release)

Rumors

• Thorne HealthTech (THRN) reportedly working with an advisor to explore a potential sale (Reuters)

• ZimVie (ZIMV) reportedly considers alternatives after receiving interest (Seeking Alpha)

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Update on Shareholder Activism

• Cano Health (CANO) recipient of a new letter from shareholder group reiterating the need for a sale of non-core assets and governance changes (Letter)

• Catalent (CTLT) activist Elliott Management has built a significant stake and is pushing for changes to the board of directors (WSJ)

• Magellan Midstream Partners (MMP) unitholder Energy Income Partners sent a second letter urging holders to vote against the proposed merger with Oneok (OKE) (Letter)

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Update on Other Special Situations

Spin-Offs

• Atlanta Braves Holdings (BATRA) completed its previously announced split-off from Liberty Media (LSXMA) (Press Release)

• Novartis (NVS) delivered an update on its planned Sandoz spin-off (Press Release)

Other

• Clear Channel Outdoor (CCO) enters exclusive discussion to sell its France business (Press Release)

• Teck Resources’ (TECK) coal unit reportedly draws interest from JSW Steel (Bloomberg)

• Raytheon (RTX) agreed to sell its actuation and flight control business to Safran (SAFRY) for $1.8bn (Press Release)

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Announced M&A

Target / Acquirer – Transaction Enterprise Value

Energy & Natural Resources

• PolyMet Mining (PLM) / Glencore (GLNCY) – $500mm (Press Release)

Healthcare

• Pardes Biosciences (PRDS) / MediPacific – $130mm (Press Release)

Industrials

• Chase Corporation (CCF) / KKR (KKR) – $1.3bn (Press Release)

• Heritage-Crystal Clean (HCCI) / J.F. Lehman & Company – $1.2bn (Press Release)

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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.