The Special Situation Report #84: 10/22 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
E2open (ETWO) gained after Elliott Investment Management disclosed a 14% stake and said it is evaluating its options, including a takeover offer (Filing)
Freeline Therapeutics (FRLN) majority shareholder Syncona disclosed a proposal to acquire the rest of the company for $5.00 cash per ADR (Press Release)
Summit Materials (SUM) received a letter from a representative of unidentified "Company A" withdrawing its revised $38 a share proposal for the company (Proxy Filing)
Wyndham Hotels & Resorts (WH) rejected an unsolicited stock-and-cash takeover proposal by Choice Hotels International (CHH) (Press Release)
Rumors
Devon Energy (DVN) reportedly considering major acquisition targets and has held preliminary talks in recent months with Marathon Oil (MRO) (Bloomberg)
Jazz Pharmaceuticals (JAZZ) reportedly exploring strategic options including a potential sale (Bloomberg)
Prothena (PRTA) reportedly talking to advisers as it considers a possible sale (Bloomberg)
Southwestern Energy (SWN) gained on reports that Chesapeake Energy (CHK) has approached the company about a potential acquisition (Reuters)
Update on Shareholder Activism
Allstate (ALL) activist Trian Fund Management has reportedly built a stake in the insurer (Reuters)
Clear Channel Outdoor (CCO) activist Legion Partners renewed a call for the billboard operator to sell assets at a quicker pace (Bloomberg)
Fortrea Holdings (FTRE) activist Starboard has amassed a 5% stake in the company and is expected to push for changes (Presentation)
Forward Air (FWRD) activist investor Ancora Holdings argued that the company should terminate its planned purchase of Omni Logistics (Presentation)
Frontier Communications (FYBR) activist Jana Partners reportedly has a stake in the fiber broadband provider and wants the company to sell itself (Reuters)
MRC Global (MRC) gained amid a report that activist Engine Capital is pushing the company to explore a sale (Bloomberg)
Sculptor Capital Management’s (SCU) founding partners filed a lawsuit against the company, its directors, and Rithm Capital (RITM) (Seeking Alpha)
Tricon Residential (TCN) gained amid a pitch from activist Land & Buildings Investment Management at a conference (Presentation)
V.F. Corp. (VFC) activist Engaged Capital disclosed a stake in the apparel and footwear company (Presentation)
Update on Other Special Situations
Vista Outdoor (VSTO) announced the sale of its sporting products business to Czechoslovak Group for an enterprise value of $1.9bn (Press Release)
Announced M&A
Target / Acquirer – Transaction Enterprise Value
Healthcare
Olink Holding (OLK) / Thermo Fisher Scientific (TMO) – $3bn (Press Release)
Technology, Media & Telecommunications
Consolidated Communications Holdings (CNSL) / Searchlight Capital & British Columbia Investment Management – $3.1bn (Press Release)
PCTEL (PCTI) / Amphenol Corporation (APH) – $140mm (Press Release)
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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.