The Special Situation Report #93: 12/31 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
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)
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)
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)
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.
RGS looks potentially really interesting at the current valuation