The Special Situation Report #73: 7/30 Roundup
Summary of the Week in Special Situations
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
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)
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)
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)
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.
Very helpful as always. Thanks!