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The Special Situation Report #75: 8/13 Roundup

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The Special Situation Report #75: 8/13 Roundup

Summary of the Week in Special Situations

David Paolella
Aug 13, 2023
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The Special Situation Report #75: 8/13 Roundup

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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

  • SiriusPoint (SPNT) entered into a standstill agreement with Dan Loeb following the conclusion of exploratory discussions over a potential acquisition (Press Release)

  • U.S. Steel (X) started a strategic alternatives process after receiving multiple unsolicited proposals (Press Release)


Update on Shareholder Activism

  • HanesBrands (HBI) activist investor Barington Capital calls for change at the company to reduce costs and debt (Letter)


Update on Other Special Situations

Spin-Offs

  • Vista Outdoor (VSTO) announced its new name and identity as company separation nears (Press Release)

Other

  • ADT (ADT) will sell its commercial security, fire, and life safety unit to private equity firm GTCR for $1.6bn (Press Release)

  • Berry Global (BERY) reportedly weighing a sale of its nonwoven fabrics business for as much as $2bn (Seeking Alpha)

  • DuPont (DD) reportedly in talks to sell its Delrin resins business to Lone Star Funds and Platinum Equity, among others (Bloomberg)

  • Tilray Brands (TLRY) acquired eight brands from Anheuser-Busch (BUD) (Press Release)


Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer / Retail

  • Capri Holdings (CPRI) / Tapestry (TPR) – $8.5bn (Press Release, Presentation)

  • Fiesta Restaurant Group (FRGI) / Authentic Restaurant Brands – $185mm (Press Release)

  • Sovos Brands (SOVO) / Campbell Soup Company (CPB) – $2.7bn (Press Release, Presentation)

Healthcare

  • Decibel Therapeutics (DBTX) / Regeneron (REGN) – $110mm (Press Release)

  • Tabula Rasa HealthCare (TRHC) / Nautic Partners – $570mm (Press Release)

Industrials

  • Veritiv (VRTV) / CD&R – $2.5bn (Press Release)

Real Estate & Hospitality

  • Arco Platform (ARCE) / General Atlantic & Dragoneer – $1.5bn (Press Release)

  • SciPlay (SCPL) / Light & Wonder (LNW) – $2.5bn (Press Release)

Technology, Media & Telecommunications

  • Avid Technology (AVID) / STG – $1.4bn (Press Release)

  • Chindata (CD) / Bain – $3.2bn (Press Release)

  • Computer Task Group (CTG) / Cegeka – $150mm (Press Release)

  • Sequans (SQNS) / Renesas Electronics (TSE: 6723) – $250mm (Press Release)

  • EchoStar (SATS) / DISH Network (DISH) – $1.5bn (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 #75: 8/13 Roundup

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The Special Situation Report #75: 8/13 Roundup

www.thespecialsituationreport.com
Clark Square Capital
Writes Clark Square Capital's Absolute…
Aug 13Liked by David Paolella

Great stuff, thanks for sharing!

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