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The Special Situation Report #81: 9/24 Roundup

Summary of the Week in Special Situations

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David Paolella
Sep 25, 2023
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The Special Situation Report #81: 9/24 Roundup
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Table of Contents:

  1. Update on Developing M&A

  2. Update on Shareholder Activism

  3. Update on Other Special Situations

  4. 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.


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By Asif · Launched 3 years ago
A weekly report on special situations in US public equities.
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The Special Situation Report #59: 3/19 Roundup
Summary of the Week in Special Situations
Mar 19, 2023 • 
David Paolella
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The Special Situation Report #59: 3/19 Roundup
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The Special Situation Report #104: 3/24 Roundup
Summary of the Week in Special Situations
Mar 25, 2024 • 
David Paolella
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The Special Situation Report #104: 3/24 Roundup
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The Special Situation Report #114: 6/9 Roundup
Summary of the Week in Special Situations
Jun 9, 2024 • 
David Paolella
34

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The Special Situation Report #114: 6/9 Roundup
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