The Special Situation Report #77: 8/27 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

• 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)

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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)

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Update on Other Special Situations

• 3M (MMM) announced the new chief executive of the healthcare company it plans to spin off (Press Release)

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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.