The Special Situation Report #80: 9/17 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

• Stratasys (SSYS) rejected a revised offer from 3D Systems (DDD) (Press Release)

• Navios Maritime (NM) received an unsolicited buyout proposal (Press Release)

Rumors

• Carlisle Cos. (CSL) rejected an informal approach to combine with Kingspan Group Plc (Bloomberg)

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Update on Shareholder Activism

• Azenta (AZTA) activist investor Politan Capital disclosed a 7.5% position in a 13D (Filing)

• Logitech International (LOGI) may be an activist investor target according to reports (Seeking Alpha)

• Shift4 Payments (FOUR) gained amid takeover speculation (Seeking Alpha)

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Update on Other Special Situations

• Discover Financial (DFS) reportedly exploring a sale of its student-loan business (Bloomberg)

• International Game Technology’s (IGT) global gaming division reportedly draws interest from Apollo (APO) (Reuters)

• Walt Disney (DIS) reportedly held talks about selling its ABC network and stations to broadcast group Nexstar Media (NXST) (Bloomberg)

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Announced M&A

Target / Acquirer – Transaction Enterprise Value

Consumer & Retail

• Hostess Brands (TWNK) / The J.M. Smucker Co. (SJM) – $5.6bn (Press Release, Presentation)

Financials

• Avantax (AVTA) / Cetera Financial – $1.2bn (Press Release)

Industrials

• PFSweb (PFSW) / GXO Logistics (GXO) – $142mm (Press Release)

• WestRock (WRK) / Smurfit Kappa (SMFKY) – $20bn (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.