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The Special Situation Report #88: 11/19 Roundup

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The Special Situation Report #88: 11/19 Roundup

Summary of the Week in Special Situations

David Paolella
Nov 20, 2023
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The Special Situation Report #88: 11/19 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

  • LL Flooring Holdings’ (LL) 9% shareholder F9 Investments disclosed $3.00 / share offer for company; given deterioration of LL business and refusal of due diligence, it intends to nominate three directors (Letter)

  • Teck Resources (TECK) announced the sale of its steelmaking coal business to Glencore and Nippon Steel for $9bn (Press Release, Presentation)

  • Yandex (YNDX) reportedly plans to sell its entire Russian business (Reuters)

Rumors

  • James Hardie Industries (JHX) reportedly draws interest from private equity (Seeking Alpha)


Update on Shareholder Activism

  • Expedia (EXPE) gained amid a report that activist investor ValueAct Capital has accumulated a stake in the company (Reuters)

  • Walt Disney (DIS) activist investor ValueAct has taken a stake in the company and is in dialogue with management (CNBC)


Update on Other Special Situations

Spin-Offs

  • Sanofi (SNY) reportedly working with an adviser to prepare for a separation of its consumer health business (Bloomberg)

Other

  • QuidelOrtho (QDEL) reportedly considering a sale of its transfusion medicine business, which may be valued at $1.5bn to $2bn (Bloomberg)


Announced M&A

No announced M&A transactions this week.


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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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The Special Situation Report #88: 11/19 Roundup

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