The Special Situation Report #77: 8/27 Roundup
The Special Situation Report #77: 8/27 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
GoHealth (GOCO) dropped after an investor group withdrew a $20 / share takeover offer for the health insurance marketplace (Filing)
Hollysys (HOLI) received a letter from a buyer consortium reaffirming its takeover proposal for $25 / share (Press Release)
Sculptor Capital (SCU) rejected an unsolicited proposal from Boaz Weinstein and others; reaffirmed its support for the previously announced Rithm (RITM) deal (Press Release)
Startek (SRT) formed a special committee to evaluate CSP Management's non-binding bid of $3.80 / share (Press Release)
Rumors
Abcam (ABCM) gained on a report that Danaher (DHR) is in the lead to acquire the medical equipment vendor (Reuters)
BlackBerry (BB) subject of media reports that Veritas Capital had offered to acquire the company (Reuters)
Hostess Brands (TWNK) gained after a report that the company is exploring a sale after takeover interest (Reuters)
NextGen Healthcare (NXGN) reportedly exploring options, including a sale (Reuters)
SentinelOne (S) has been exploring options that could include a sale (Reuters); cyber company Wiz is considering a potential bid (Reuters)
Update on Shareholder Activism
Alkermes (ALKS) dropped amid a disclosure that activist holder Sarissa Capital reduced its stake to below 5% (Filing)
Bayer (BAYZF) is facing calls from a large shareholder to separate its over-the-counter drug and pharmaceutical units (Reuters)
Yelp (YELP) has reportedly retained advisers as it faces calls to sell itself from activist TCS Capital Management (Seeking Alpha)
Update on Other Special Situations
3M (MMM) announced the new chief executive of the healthcare company it plans to spin off (Press Release)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Energy & Natural Resources
Earthstone Energy (ESTE) / Permian Resources (PR) – $4.5bn (Press Release, Presentation)
Financials
Summit Financial Group (SMMF) / Burke & Herbert Financial Services (BHRB) – $372mm (Press Release, Presentation)
Healthcare
Timber Pharmaceuticals (TMBR) / LEO Pharma – $36mm (Press Release)
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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.
The Permian Basin consolidation continues. Thanks for this update, David!