The Special Situation Report #76: 8/20 Roundup
The Special Situation Report #76: 8/20 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
LL Flooring (LL) announced plans to explore strategic alternatives (Press Release); the company's founder subsequently withdrew his $5.76 per share takeover offer (Letter)
PHX Minerals (PHX) rejected an unsolicited proposal from WhiteHawk Income (Press Release)
U.S. Steel (X) confirmed receipt of unsolicited proposals from Cleveland-Cliffs and multiple other parties (Press Release); privately-held Esmark said it has offered to acquire the company (AP News) and ArcelorMittal (MT) is reportedly weighing a bid (Reuters)
Rumors
DLocal (DLO) exploring a potential sale amid takeover interest according to reports (Bloomberg)
Global Blue (GB) private equity firm Silver Lake reportedly exploring a sale of the company (Reuters)
Update on Shareholder Activism
Bloomin' Brands (BLMN) activist fund Starboard Value disclosed a 9.9% ownership stake (13D Filing)
Diversified Healthcare Trust (DHC) Glass Lewis and ISS announce support for Flat Footed LLC proposal (Filing)
GEE Group (JOB) announced a cooperation agreement with Red Oak Partners (Press Release)
OneSpan (OSPN) activist investor Legion Partners renewed a call for the company to sell itself (Letter)
Update on Other Special Situations
Ball Corp. (BALL) announced the sale of its aerospace business to BAE Systems for $5.6bn (Press Release)
Paramount (PARA) reportedly dropped its plans to sell its stake in BET Media (WSJ)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Energy & Natural Resources
Crestwood Equity Partners (CEQP) / Energy Transfer (ET) – $7.1bn (Press Release, Presentation)
Holly Energy Partners (HEP) / HF Sinclair (DINO) – $4.3bn (Press Release)
Healthcare
Zynerba Pharmaceuticals (ZYNE) / Harmony Biosciences (HRMY) – $60mm (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.