The Special Situation Report #90: 12/3 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 (CHH) reportedly preparing to nominate directors for Wyndham Hotels (WH) and intends to raise its stake in the coming days (Reuters)
Theseus Pharmaceuticals (THRX) received an unsolicited takeover bid from Concentra Biosciences (Filing)
Vista Outdoor (VSTO) rejected the unsolicited takeover proposal from Colt CZ (Press Release)
Rumors
Cigna (CI) and Humana (HUM) are reportedly in discussions to combine (WSJ)
Equitrans Midstream (ETRN) reportedly in the early stages of evaluating a potential sale (Bloomberg)
Farfetch (FTCH) delayed announcing Q3 results amid reports that its founder is exploring the option of taking the company private (The Financial Times)
US Steel (X) reports that five parties are expected to make offers for the steelmaker; final bids were due Friday (Seeking Alpha)
Update on Shareholder Activism
Crown Castle (CCI) activist investor Elliott Investment Management sent two letters to the board; is demanding an inspection of the company's books and records (Letter One, Two)
Phillips 66 (PSX) activist investor Elliott Investment Management disclosed it had taken a stake and is seeking two board seats (Press Release)
Twilio (TWLO) report that investor Anson Funds has accumulated a stake and wants the company to sell itself or divest its data and applications business (The Information)
Wendy's (WEN) gained amid report that activist Blackwells Capital is expected to nominate directors (Reuters)
Update on Other Special Situations
Spin-Offs
Worthington Enterprises (WOR) completed the spin-off of its Steel Processing business, Worthington Steel (WS) (Press Release)
Other
Broadcom (AVGO) evaluating strategic alternatives for two business units (end-user computing and cyber security) it acquired when it purchased VMware (Seeking Alpha)
L3Harris Technologies (LHX) agreed to sell its commercial aviation solutions business to private-equity firm TJC for $800mm (Press Release)
Announced M&A
Consumer & Retail
Rover Group (ROVR) / Blackstone (BX) – $2.3bn (Press Release)
Healthcare
ImmunoGen (IMGN) / AbbVie (ABBV) – $10bn (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.