The Special Situation Report #75: 8/13 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

• 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)

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Update on Shareholder Activism

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

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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)

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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.