The Special Situation Report #87: 11/12 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
Astra Space (ASTR) founders Chris Kemp and Adam London delivered a non-binding proposal to acquire the rest of the company for $1.50 cash per share (Proposal)
BEST Inc. (BEST) received a non-binding buyout proposal from a consortium including its chairman for US$2.88 cash per ADR (Press Release)
Hollysys Automation Technologies (HOLI) gained after a consortium raised their takeover offer to $26.50 per share (Press Release)
Rumors
US Cellular’s (USM) strategic review is reportedly attracting interest from wireless players as well as private equity firms (Seeking Alpha)
Update on Shareholder Activism
BioMarin (BMRN) reportedly in discussions with activist investor Elliott Management (Reuters)
POINT Biopharma Global (PNT) gained as a large holder said that it opposed the company’s $1.4 billion sale to Eli Lilly (LLY) (Filing)
Walt Disney (DIS) activist investor Nelson Peltz is waiting for Q4 results before he decides if he will go forward with a proxy fight (CNBC)
Update on Other Special Situations
Braskem (BAK) gained after Abu Dhabi National Oil Co. made a new offer to buy a controlling stake in the Brazilian chemical company (Reuters)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Consumer & Retail
GAN Limited (GAN) / Sega Sammy Holdings – $90mm (Press Release)
Energy & Natural Resources
Hammerhead Energy (HHRS) / Crescent Point Energy (CPG) – $1.9bn (Press Release, Presentation)
Real Estate & Hospitality
Bluegreen Vacations Holdings (BVH) / Hilton Grand Vacations (HGV) – $1.5bn (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.