The Special Situation Report #98: 2/4 Roundup
The Special Situation Report #98: 2/4 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
Overseas Shipholding (OSG) received an unsolicited indication of interest from Saltchuk Resources for $6.25 per share (Press Release)
Paramount Global’s (PARA) board of directors has reportedly formed an independent committee (NYPost); media mogul Byron Allen made a $14bn bid for the company (Bloomberg)
Rumors
DocuSign’s (DOCU) banks are reportedly in talks to provide $8bn of debt financing for a buyout of the company (Bloomberg)
James River’s (JRVR) sales process has reportedly narrowed down to two final bidders (The Insurer)
Western Digital (WDC) reportedly in talks with Japanese chipmaker Kioxia to resurrect merger talks (Reuters)
Update on Shareholder Activism
Mattel (MAT) activist Barington Capital reported a stake in the company and said it was pushing for the company to explore strategic alternatives for its Fisher-Price and American Girl brands, among other actions (Press Release)
Norfolk Southern (NSC) activist Ancora Holdings has reportedly built a ~$1 billion stake and plans to run a proxy contest and replace the company’s CEO (WSJ)
Update on Other Special Situations
DMC Global (BOOM) announced a strategic alternatives process for its DynaEnergetics and NobelClad businesses (Press Release)
Truist Financial (TFC) reportedly close to a deal to sell its insurance business to Stone Point and Clayton Dubilier & Rice (Insurance Insider)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Financials
California BanCorp (CALB) / Southern California Bancorp (BCAL) – $234mm (Press Release, Presentation)
Healthcare
Science 37 Holdings (SNCE) / eMed – $38mm (Press Release)
Industrials
McGrath RentCorp (MGRC) / WillScot Mobile Mini (WSC) – $3.8bn (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.