The Special Situation Report #85: 10/29 Roundup
The Special Situation Report #85: 10/29 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
Choice Hotels International (CHH) called upon Wyndham Hotels & Resorts (WH) to engage in discussions over a merger (Press Release)
Endeavor Group Holdings (EDR) announced a review of strategic alternatives after Silver Lake said it is working towards making a takeover proposal (Press Release, Silver Lake Press Release)
Hollysys Automation Technologies (HOLI) disclosed an offer from management for $25 per share (Press Release)
Sculptor Capital Management (SCU) entered into an amended merger agreement with Rithm Capital (RITM) for $12.70 per share (Press Release)
Rumors
CCC Intelligent Solutions (CCCS) dropped amid a report that its majority owner Advent halted the sale process for the car insurance software provider (Seeking Alpha)
SolarWinds (SWI) reportedly exploring its options including a potential sale (Bloomberg)
Western Digital (WDC) dropped amid a report that its merger talks with Kioxia have ended (Nikkei)
Whitestone REIT (WSR) reportedly approached by Fortress Investment Group regarding a takeover (Bloomberg)
Update on Shareholder Activism
Illumina (ILMN) activist Carl Icahn sues its board and ex-CEO over Grail deal (Fierce Biotech)
LifeVantage (LFVN) proxy advisory firm Institutional Shareholder Services backed a major shareholder's bid for three board seats (Press Release)
VF Corp. (VFC) gained amid a report that activist investor Legion Partners is targeting the company (Bloomberg)
Update on Other Special Situations
Spin-Offs
Flex (FLEX) announced plans to spin-off its remaining interest in Nextracker (NXT) (Press Release)
GE (GE) announced spin-off details including timing, listing exchanges, and tickers (Press Release)
Sanofi (SNY) announced plans to spin-off its consumer healthcare unit into a publicly listed entity (Press Release)
Other
Cadence Bank (CADE) agreed to sell its insurance business to Arthur J. Gallagher (AJG) for $904mm in cash (Press Release)
International Flavors & Fragrances (IFF) reportedly working with an adviser to evaluate the potential sale of its pharma solutions unit (Bloomberg)
Roivant Sciences (ROIV) announced an asset sale to Roche (RHHBY) for $7.1bn upfront cash (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Energy & Natural Resources
Hess Corporation (HES) / Chevron (CVX) – $60bn (Press Release, Presentation)
Financials
CapStar Financial Holdings (CSTR) / Old National Bancorp (ONB) – $345mm (Press Release, Presentation)
Industrials
Navios Maritime (NM) / Management buyout – $700mm (Press Release)
Textainer Group (TGH) / Stonepeak Partners – $7.4bn (Press Release)
Technology, Media & Telecommunications
EngageSmart (ESMT) / Vista Equity – $4bn (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.