The Special Situation Report #73: 7/30 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

• MaxLinear (MXL) terminated its proposed acquisition of Silicon Motion (SIMO) (Press Release); Silicon Motion repudiates allegations and intends to enforce the merger agreement (Press Release)

• Western Asset Mortgage (WMC) announced that it deems the unsolicited proposal from AG Mortgage Investment Trust (MITT) as a superior proposal (Press Release); Terra Property Trust acquires a 5% stake in AG Mortgage to ‘unlock value’ (Press Release)

Rumors

• Kindred Group (KNDGF) reportedly draws takeover interest from MGM Resorts (MGM) and others (Seeking Alpha)

• FaZe Holdings (FAZE) reportedly evaluating two financing and/or acquisition proposals (SportsPro Media)

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Update on Shareholder Activism

• Activist fund Starboard Value sees opportunities in the restaurant space (Barron’s)

• Noodles & Co. (NDLS) gained amid a report that the company could become a target for an activist shareholder (Seeking Alpha)

• The Goodyear Tire & Rubber Company (GT) refreshed its board and initiated a strategic review in a cooperation agreement with Elliott Management (Press Release)

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Update on Other Special Situations

Spin-Offs

• TC Energy (TRP) announced plans to spin-off its Liquids Pipelines business (Press Release, Presentation)

Other

• Altice USA (ATUS) reputedly considers a potential sale of its Cheddar News business (NYTimes)

• Lyft (LYFT) considers options for its bikes and scooters unit (Reuters)

• Vale (VALE) divested 13% of its base metals business for $3.4bn (Financial Times)

• Vodafone Group’s (VOD) Spanish business draws interest from Warburg Pincus and Carlyle (CG) (Bloomberg)

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Announced M&A

Target / Acquirer – Transaction Enterprise Value

Financials

• American National Bankshares (AMNB) / Atlantic Union Bankshares (AUB) – $417mm (Press Release, Presentation)

• PacWest Bancorp (PACW) / Banc of California (BANC) – $ (Press Release, Presentation)

• Sculptor Capital Management (SCU) / Rithm Capital (RITM) – $639mm (Press Release, Presentation)

Healthcare

• Reata Pharmaceuticals (RETA) / Biogen (BIIB) – $7.3bn (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.