The Special Situation Report #9: 3/20 Roundup
Summary of the Week in Special Situations
The breakneck pace of merger and acquisition activity has tailed off in 2022, with activity through mid-March down ~20% versus the same period in 2021, according to data provider Refinitiv. Confidence in the boardroom has waned amid increased volatility in global markets, geopolitical concerns, and continued regulatory pressure, including last week’s introduction by Elizabeth Warren of The “Prohibiting Anticompetitive Mergers Act.”
This week’s Report is slightly abridged as I am currently over the Atlantic Ocean returning from Munich, where I celebrated a friend’s bachelor party. Prost!
Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Update on Developing M&A
Datto (MSP) is rumored to be exploring a sale (Bloomberg)
Kohl’s (KSS) gained as Sycamore and Hudson’s Bay prepared offers in the high $60s a share; Leonard Green is also reportedly interested (Wall Street Journal)
Nielsen (NLSN) investor Elliott Management is rumored to be partnering with Brookfield Asset Management (BAM) in a buyout bid (AdAge)
Southwest Gas (SWX) investor Carl Icahn hiked his tender offer proposal to $82.50 / share (Filing)
Ted Baker (LSE: TED) draws takeover interest from Sycamore Partners (Release, Response)
Toshiba (TOSBF) faces pressure from shareholders to solicit buyout offers (Reuters)
Turquoise Hill (TRQ) acknowledged a take-private proposal from Rio Tinto (RIO) (Press Release); activist Pentwater says the bid is too low (Reuters)
Update on Shareholder Activism
Anaplan (PLAN) activists Sachem Head and Corvex filed a notice to nominate directors (Filing)
Big Lots (BIG) 5% shareholder Mill Road pushed for the sale of the retailer (Filing)
Everbridge (EVBG) 4% shareholder Ancora called for the sale of the Company (Press Release, Response)
Huntsman (HUN) won Glass Lewis’ support in their fight with Starboard; ISS recommended two of Starboard’s four candidates (Reuters)
IAA (IAA) pushed by Ancora for leadership change or sale process (Press Release)
SpartanNash (SPTN) activists Macellum and Ancora pursue a proxy battle and urged the Company to explore strategic alternatives (Press Release, Response)
US Foods (USFD) is interviewing director candidates amid a challenge from Sachem Head (Reuters)
Velodyne Lidar (VLDR) Founder proposed action to remove Chairman for cause (Filing)
Verisk Analytics (VRSK) investor D.E. Shaw issued a letter pushing for asset sale and other changes (Press Release, Response)
Zendesk (ZEN) activist Jana Partners urged shareholders to vote for its nominees (Filing)
Update on Other Special Situations
Rogers Communications (RCI) began the process to divest Freedom Mobile from Shaw Communications (SJR) (The Globe and Mail)
Southwest Gas (SWX) provided an update on Centuri separation (Filing)
TreeHouse Foods (THS) said it would consider divestitures but not a sale (Press Release)
TuSimple (TSP) exploring the sale of its China unit (Reuters)
Vodafone (LSE: VOD) has been approached by buyers with interest in Vantage Towers (FRA: VTWR) (Reuters)
Thanks for reading. The next roundup edition will arrive Sunday, March 27th. Just reply to this email to get in touch, or follow us on Twitter.
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