The Special Situation Report #81: 9/24 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
Cue Health (HLTH) adopted a limited-duration shareholder rights plan amid the "rapid accumulation" of shares by a third party (Press Release)
MariaDB (MRDB) confirmed that it received an unsolicited non-binding indicative proposal from Runa Capital (Press Release)
Rumors
CCC Intelligent Solutions (CCCS) majority owner Advent reportedly exploring a sale of the company (Reuters)
US Steel (X) gained on a report that there may be as many as four bidders for the company (Seeking Alpha); Cleveland-Cliffs (CLF) reportedly refuses to sign a standstill agreement (Reuters); Canadian steelmaker Stelco Holdings is reportedly pursuing a bid (Bloomberg)
Update on Shareholder Activism
Stratasys (SSYS) activist Donerail Group said it would vote down the company's plan to buy Desktop Metal (DM) (Reuters)
Update on Other Special Situations
Spin-Offs
W.P. Carey (WPC) announced plans to spin-off its office real estate portfolio (Press Release, Presentation)
Other
Philip Morris (PM) reportedly considering selling a stake in its pharmaceuticals unit (Reuters)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Energy & Natural Resources
Green Plain Partners (GPP) / Green Plains (GPRE) – $400mm (Press Release)
Financials
Cambridge Bancorp (CATC) / Eastern Bankshares (EBC) – $528mm (Press Release, Presentation)
Technology, Media & Telecommunications
Splunk (SPLK) / Cisco (CSCO) – $28bn (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.