What Happened Last Week in Special Sits Land?
A lot - here are ten highlights!

  • Kohl's $KSS bidder Franchise Group $FRG is considering lowering its offer to $50 per share.

  • PBF Logistics $PBFX gained as PBF Energy $PBF disclosed it was mulling a takeover bid.

  • Spirit $SAVE amended its merger agreement with Frontier $ULCC, shunning JetBlue’s $JBLU $33.50 per share proposal.

  • Celsius Holdings $CELH may be a takeover target for Pepsi $PEP.

  • Occidental Petroleum $OXY may be the next takeover target of Buffett’s Berkshire $BRKB as it continues to buy additional shares.

  • Seagen $SGEN merger talks with Merck $MRK are reportedly picking up pace.

  • New Relic $NEWR Jana Partners added to its stake.

  • Kellogg $K announced spin-offs of its cereal and plant-based businesses, separating them from its snacking business.

  • Zendesk $ZEN agreed to a buyout by Hellman & Friedman + Permira.
A Weekly Update on Special Situations
Dexcom $DXCM denied previous reporting that it was in active takeover talks with Insulet $PODD.

Kohl’s $KSS reportedly received bids from Sycamore Partners and Franchise Group $FRG. Reports that negotiations could drag on for weeks amid challenging macro backdrop. [Kohl's now in exclusive discussions with Franchise Group).

Afya $AFYA 40% shareholder Bertelsmann SE disclosed in 13D that it plans to purchase $129mm additional shares.

Overstock $OSTK investor Simcoe Capital disclosed a 6% stake in 13D filing.

Tabula Rasa HealthCare $TRHC investor Indaba Capital disclosed a 20% stake and intention to engage with management in 13D filing.

WisdomTree $WETF entered into a cooperation agreement with Lion Point and ETFS Capital.

XPO Logistics $XPO filed a Form 10 registration statement for the planned spin-off of its brokered transportation platform.

Frontier $ULCC added reverse termination fee to Spirit Airways $SAVE deal.

Qualcomm $QCOM reportedly interested in acquiring a stake in Softbank’s Arm.
A Weekly Update on Happenings in Special Situations
  • M&A activity in the cybersecurity space is frothy. 3 large deals last week – Datto $MSP sale to Kaseya, SailPoint $SAIL sale to Thoma Bravo, and Barracuda sale to $KKR.

  • Atlantia (BIT: ATL) received a $63bn buyout proposal from the Benetton family and Blackstone $BX in what would be the 2nd largest global M&A deal of the year.

  • Kohl’s $KSS said bidders are refining their offers and securing financing; Franchise Group $FRG reportedly joined the process.

  • In a continuation of recent trends, increased incidence of M&A activity from across the pond. CareTech (LSE: CTH) has competing bids. Ideagen (AIM: IDEA) is the subject of takeover interest. Ocean Outdoor (LSE:OOUT) is in sale talks.

  • Nielsen $NLSN investor WindAcre now owns 25% of the company, and still plans to block its sale.

  • Peloton $PTON activist Blackwells Capital reiterated its call for a sale of the company.

  • Guess? $GES activist Legion Partners received support from ISS and Glass Lewis in ongoing proxy fight.

  • Hearing rumors that Gap $GPS may be pressured to spin-off its Athleta biz.
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