The Special Situation Report #78: 9/4 Roundup
The Special Situation Report #78: 9/4 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
U.S. Steel (X) disclosed that it has entered into confidentiality agreements with "numerous" third parties (Press Release)
Rumors
Ambarella (AMBA) posited as a potential takeover target after its shares plunged after reporting Q2 earnings (Seeking Alpha)
SentinelOne (S) CEO Tomer Weingarten said the cybersecurity firm isn't for sale, despite reports (CNBC)
Update on Shareholder Activism
Abcam (ABCM) founder and major shareholder Jonathan Milner said the $24 / share sale to Danaher (DHR) undervalues the company (Seeking Alpha)
Catalent (CTLT) entered into a cooperation agreement with activist investor Elliott Investment Management and will add four new directors (Press Release)
Cue Health (HLTH) gained after shareholder Tarsadia Investments called on the company to start a strategic review and add board members (Letter)
Hollysys Automation (HOLI) shareholders are reportedly pushing for the company to hold a special shareholder vote amid takeover offers for the company (Bloomberg)
Sculptor Capital Management (SCU) 6% shareholder Rob Shafir released an open letter in opposition to the Rithm Capital sale transaction (Press Release)
Update on Other Special Situations
Jabil (JBL) announced the sale of its mobility business in China for ~$2.2bn (Press Release)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Financials
Coastal Bank (CABT) / Providence Bank (PBNC) – $26mm (Press Release)
Mars Bancorp (MNBP) / NexTier Bank (Press Release)
McHenry Savings Bank (MCHN) / Michigan State University Federal Credit Union (Press Release)
Healthcare
Abcam (ABCM) / Danaher (DHR) – $5.7bn (Press Release)
Acer Therapeutics (ACER) / Zevra Therapeutics (ZVRA) – $90mm (Press Release, Presentation)
Thorne Healthcare (THRN) / L Catterton – $680mm (Press Release)
Real Estate & Hospitality
Hersha Hospitality Trust (HT) / KSL Capital Partners – $1.4bn (Press Release)
RPT Realty (RPT) / Kimco Realty (KIM) – $2bn (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.