What Happened Last Week in Special Situations?
  • Western Digital $WDC announced review of strategic alternatives after Elliott's push to split.

  • Zymeworks $ZYME adopted shareholder rights plan after All Blue Falcons’ proposal.

  • Aerojet Rocketdyne $AJRD feuding CEO and Chairman filed opposing shareholder presentations.

  • Hasbro $HAS activist Alta Fox lost battle for board seats.

  • Hemisphere Media $HMTV shareholder Edenbrook Capital says takeover price dramatically undervalues company.

  • New Relic $NEWR activist JANA won two board seats.

"Since 2008 [JANA's activism campaigns are] averaging a return of 16.2% versus 9.4% for the S&P 500 over the average nine-month holding period."

  • $GSK spin-off Haleon starts life with target on its back.

"Those factors may lead some investors to steer clear, depressing Haleon’s valuation. It could prove more appealing to a rival...Haleon may find it harder to repel a suitor next time around."

  • Vodafone $VOD preps spinoff of IoT biz.

"Buried in Vodafone's annual report is the revelation that IoT is being prepped for a spinoff. Greater independence from the parent company 'will help to accelerate the platform's growth and attractiveness...'

  • JetBlue $JBLU submitted an improved proposal to acquire Spirit $SAVE.

A Weekly Update on Special Situations
Covetrus $CVET received $21 / share proposal from CD&R and TPG to acquire remaining outstanding shares.

Griffon $GFF initiated review of strategic alternatives.

Kohl’s $KSS said final bids will be submitted in the coming weeks; skepticism regarding a deal is growing amid poor financial results.

Spirit $SAVE bidder JetBlue $JBLU announced a $30 / share hostile tender offer.

Electronic Arts $EA rumored to have had takeover discussions with Amazon $AMZN, Disney $DIS, Apple $AAPL; held discussions with Comcast $CMCSA regarding merger with NBC Universal.

Hemisphere Media Group $HMTV shareholder Edenbrook Capital sent letter to the board expressing displeasure with sale price.

MiMedx Group $MDXG released a presentation in response to activists, highlighting its standalone value creation plan.

Republic First Bancorp $FRBK chairman Hill removed from role, filed lawsuit against company.

Turtle Beach $HEAR entered into cooperation agreement with Donerail Group.
Your newsletter and compiling all this stuff to share is always incredible! Thank you for the work you’re doing
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