The Special Situation Report #99: 2/11 Roundup
The Special Situation Report #99: 2/11 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
Frontier Communications (FYBR) announced a strategic review process (Press Release)
Soho House (SHCO) announced the formation of a special committee to evaluate strategic alternatives (Press Release)
Woodside Energy (WDS) and Santos (ASX: STO) have ended potential merger discussions (Press Release)
Rumors
DocuSign (DOCU) sale talks with private equity firms have reportedly stalled (Reuters)
Grab Holdings (GRAB) and GoTo Group (IDX: GOTO) have reportedly restarted talks for a potential merger (Bloomberg)
Stellantis (STLA) chairman John Elkann ruled out a merger with any other auto manufacturers, instead focusing on the company's long-term business plan (Reuters)
Warner Bros. Discovery (WBD) likely doesn't have any interest in acquiring Paramount Global (PARA) according to David Faber (Seeking Alpha)
Update on Shareholder Activism
Green Plains (GPRE) announced a cooperation agreement with activist Ancona Holdings (Press Release) and initiated a review of strategic alternatives (Press Release)
Kohl's (KSS) activist Vision One Management Partners is reportedly pushing for board seats and the initiation of a sale process (Reuters)
Update on Other Special Situations
23andMe (ME) reportedly considering a range of options including splitting into two businesses in an effort to boost its stock price and maintain its listing (Bloomberg)
Berry Global (BERY) will spin-off and merge the majority of its Health, Hygiene and Specialties business with Glatfelter (GLT), creating a new publicly traded company in the specialty materials industry (Press Release, Presentation)
Synopsys (SNPS) reportedly preparing to start a sale process for its software integrity business (Bloomberg)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Healthcare
Catalent (CTLT) / Novo Holdings – $16.5bn (Press Release)
MorphoSys (MOR) / Novartis (NVS) – $2.9bn (Press Release)
QSAM Biosciences (QSAM) / Telix Pharmaceuticals (ASX: TLX) – $33mm (Press Release)
Industrials
Haynes International (HAYN) / Acerinox (ANIOY) – $970mm (Press Release, Presentation)
Masonite International (DOOR) / Owens Corning (OC) – $3.9bn (Press Release, Presentation)
Technology, Media & Telecommunications
Everbridge (EVBG) / Thoma Bravo – $1.5bn (Press Release)
ZeroFox Holdings (ZFOX) / Haveli Investments – $350mm (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.