The Special Situation Report #82: 10/1 Roundup
Summary of the Week in Special Situations
Hey everyone – apologies for the delay in this week’s Report. It has been a crazy summer between work, my wedding, and other life events. We will be off next week and return the following week.
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
Sirius XM Holdings (SIRI) received a proposal to consolidate with Liberty Media (LSXMA) (Press Release)
Stratasys (SYSS) announced a strategic review after its deal to purchase Desktop Metal (DM) was terminated (Press Release)
Rumors
BlackBerry (BB) potential suitor Veritas Capital reportedly still interested in the company, but talks are in early stages (Bloomberg)
CCC Intelligent Solutions (CCCS) reportedly draws interest from Bain Capital and TPG (Bloomberg)
Pros Holdings (PRO) reportedly exploring options including a sale (Reuters)
US Steel (X) potential buyer Cleveland-Cliffs (CLF) reportedly signed a non-disclosure agreement and short standstill agreement (Seeking Alpha)
Update on Shareholder Activism
Abcam (ABCM) founder Jonathan Milner issued open letter detailing opposition to Danaher (DHR) deal (Letter); evaluating various options (Seeking Alpha)
LifeVantage (LFVN) shareholder group filed proxy and issued letter for three board seats (Filing)
United Natural Foods (UNFI) announced cooperation agreement with JCP Investment Management; appointed 3 new independent directors and will run a financial review to enhance shareholder value (Press Release)
Update on Other Special Situations
Spin-Offs
Kellogg (K) completed the separation of its North American cereal business (Press Release)
Lithium Americas (LAC) announced details for completion of separation (Press Release)
NCR Corporation (NCR) announced timing and additional details regarding its previously announced separation (Press Release)
Veralto (VLTO) completed spin-off from Danaher (DHR) (Press Release)
Vestis (VSTS) completed spin-off from Aramark (ARMK) (Press Release)
Other
CommScope (COMM) reportedly evaluating asset sales as it looks to cut its debt load (Bloomberg)
Medtronic (MDT) reportedly in talks with Carlyle Group (CG) to sell medical device units for $7bn+ (Reuters)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Consumer & Retail
Blue Apron (APRN) / Wonder Group – $70mm (Press Release)
Chico's FAS (CHS) / Sycamore Partners – $810mm (Press Release)
Healthcare
Intercept Pharmaceuticals (ICPT) / Alfasigma – $600mm (Press Release)
Financials
FNCB Bancorp (FNCB) / Peoples Financial Services Corp. (PFIS) – $129mm (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.