The Special Situation Report #93: 12/31 Roundup

Summary of the Week in Special Situations

Table of Contents:

1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

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Update on Developing M&A

Strategic Alternatives & Ongoing Situations

• Reneo Pharmaceuticals (RPHM) received a non-binding takeover proposal from Concerta Biosciences (Filing)

• Stratasys (SSYS) confirmed receipt of an unsolicited preliminary proposal from Nano Dimension (NNDM) (Press Release)

• Wyndham Hotels & Resorts (WH) confirmed receipt and review of an unsolicited exchange offer from Choice Hotels International (CHH) (Press Release)

Rumors

• Ansys (ANSS) reportedly reviewing its options amid takeover interest (Bloomberg); reportedly in discussions with Synopsys (SNPS) regarding a merger (WSJ)

• Paramount Global (PARA) reportedly met with Warner Bros. Discovery (WBD) to discuss a possible merger (Axios)

• Sigma Lithium (SGML) reportedly draws interest from Chinese battery maker CATL and automaker Volkswagen (Seeking Alpha)

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Update on Shareholder Activism

• BioMarin (BMRN) announced governance enhancements and value creation initiatives in a cooperation agreement with Elliott Management (Press Release)

• Crown Castle (CCI) announced a review of its fiber business and added two new board members in connection with a cooperation agreement with Elliott Management (Press Release)

• ODP Corp. (ODP) shareholder Arex Capital proposed the company relaunch the separation of its Office Depot business and sell its Varis business (Letter, Response)

• PENN Entertainment (PENN) activist HG Vora is in discussions for board seats and may pursue a proxy contest (13D)

• Regis (RGS) received a letter from Galloway Capital expressing disappointment with the company’s performance (13D)

• Saba Capital Management entered into a cooperation agreement with Franklin Templeton Fund Adviser and the following funds that it advises: ClearBridge MLP and Midstream Fund (CEM), ClearBridge MLP and Midstream Total Return Fund (CTR), ClearBridge Energy Midstream Opportunity Fund (EMO), and LMP Capital and Income Fund (SCD) (Press Release)

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Update on Other Special Situations

• Lionsgate (LGF.A) plans to launch its studio business as a separately traded public company in a SPAC deal (Press Release, Presentation)

• Manchester United (MANU) announced the sale of 25% of its shares to Sir Jim Ratcliffe (Press Release)

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Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value

Energy & Natural Resources

• CSI Compressco (CCLP) / Kodiak Gas Services (KGS) – $854mm (Press Release, Presentation)

Healthcare

• Gracell Biotechnologies (GRCL) / AstraZeneca (AZN) – $1bn (Press Release, Presentation)

• Karuna Therapeutics (KRTX) / Bristol Myers Squibb (BMY) – $13bn (Press Release, Presentation)

• RayzeBio (RYZB) / Bristol Myers Squibb (BMY) – $3.6bn (Press Release)

• Theseus Pharmaceuticals (THRX) / Concentra Biosciences – $175mm (Press Release)

Industrials

• Daseke (DSKE) / TFI International (TFII) – $1.1bn (Press Release)

• PGT Innovations (PGTI) / Masonite International (DOOR) – $3bn (Press Release, Presentation)

• United States Steel Corporation (X) / Nippon Steel Corporation (TSE: 5401) – $15bn (Press Release, Presentation)

Technology, Media & Telecommunications

• Alteryx (AYX) / Clearlake Capital & Insight Partners – $4.4bn (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.