A Weekly Update on Happenings in Special Situations
  • Bally’s $BALY rejected Standard General’s takeover proposal and announced a $300 - $500mm tender offer.

  • Spirit Airlines $SAVE rejected JetBlue’s $JBLU takeover proposal due to regulatory concerns and reiterated support for the merger with Frontier $ULCC.

  • Radius Global Infrastructure $RADI reportedly exploring strategic options including a sale.

  • Ubisoft $UBSFY founding family is considering a take-private in light of private equity interest.

  • Chesapeake Energy $CHK in discussions with activist Kimmeridge regarding changes to boost value.

  • Hasbro $HAS activist Ancora disclosed a 1% stake, backed the other activist (Alta Fox), called for a board refresh, and sale of eOne business.

  • Western Digital $WDC activist Elliott disclosed a 6% stake and proposed separation of its businesses, suggesting 100%+ upside.

  • Vista Outdoor $VSTO announced a plan to separate via a spin-off of its outdoor products segment.

  • Funko $FNKO 25% stake acquired by The Chernin Group, eBay $EBAY, Bob Iger, and Rich Paul.
A Weekly Update on Happenings in Special Situations
  • Do you live under a rock? If so, I have some breaking news for you – Twitter $TWTR appointed Elon Musk to its Board.

  • Spirit Airlines $SAVE said it will enter talks with JetBlue $JBLU after JetBlue’s unsolicited all-cash offer trumped an earlier announced takeover bid by Frontier $ULCC.

  • Dave & Busters $PLAY announced the acquisition of Main Event for $835mm. Main Event’s CEO to become the CEO of the merged companies. No investor presentation, no analyst call – really??

  • Nielsen $NLSN investor WindAcre will attempt to block Nielsen’s sale. WindAcre previously demanded $1bn in additional equity to support the takeover. After being denied, WindAcre subsequently raised its ownership to 19%.

  • In the largest public company M&A deal last week, CDK Global $CDK announced its sale to Brookfield $BBU. A lot of merger activity in the automotive sector, including recent deals for Tenneco $TEN and Meritor $MTOR.

  • AT&T’s $T spin-off of WarnerMedia and concurrent merger with Discovery $DISCK was completed, creating Warner Bros. Discovery $WBD.

  • Turtle Beach $HEAR activist investor Donerail urged shareholders to prepare for upcoming proxy vote. Heavy chatter regarding a potential go-private transaction.

  • Envestnet $ENV is reportedly close to a sale, with Warburg Pincus and Advent rumored to be the final bidders. Continues trend of merger activity in both fintech & vertical software.

  • Turquoise Hill $TRQ formed a Special Committee and retained advisors to review Rio Tinto’s $RIO takeover proposal.

Have a great week everyone.
Upcoming Earnings Calendar (Feb 7th - 11th)
Hey guys!

A key week is ahead of us! Here's what I'm interested in:

  • $APPS - One of my largest holdings. I'd like an update on the progress of single-tap and the tests they were running with Meta $FB. I'm also interested in seeing how their device footprint is expanding after their latest deals.
  • $DIS - They've invested heavily on Marvel and Star Wars series for Disney+, so let's see if this translates to lower churn and higher growth.
  • $NET - Really interesting stock but the valuation seems too high. Let's see if there's a good opportunity to enter post-earnings.

Good luck!

If you'd like an easier way to track earnings dates, you can automatically sync your portfolio's earning dates to your personal calendar with just a couple of clicks here.





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Air Travel Trends: Leisure Travel Driving Recovery, Corporate Travel Still Lagging
Despite the progress with vaccinations, travel in the US is still lagging significantly relative to 2019. Domestic leisure travel is coming back with force, but corporate and international travel might take a lot more time to recover.

Leisure travel has been the force behind travel recovery in the past few months. Airline executives all mentioned an acceleration in leisure travel demand since March.

Corporate travel has been lagging compared to leisure travel. Airline executives believe a turning point might occur in the second half of the year, with some pointing out Memorial Day or in-person school reopenings as possible inflection dates.

Executives expect international travel to recover quickly once restrictions are lifted. "A few weeks ago there was a rumor Greece was going to open. As soon as that rumor occurred, our Greece bookings took off." Andrew Nocella, VP of UAL

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Eric Pelnik's avatar
$266.4m follower assets
Some earnings this week:
Monday, July 20th

Tuesday, July 21st
$UAL United Airlines
$AMTD TD Ameritrade
$IBKR Interactive Brokers
$KO Coca-Cola
$UTX Raytheon
$LMT Lockheed Martin
$SNAP Snap
$PM Philip Morris

Wednesday, July 22nd
$SAVE Spirit Airlines
$CMG Chipotle Mexican Grill
$MSFT Microsoft
$TSLA Tesla
$WIX Wix.com

Thursday, July 23rd
$ALK Alaska Air Group
$AAL American Airlines Group
$LUV Southwest Airlines
$RCL Royal Caribbean Cruises
$TSCO Tractor Supply
$ETFC Etrade
$CTXS Citrix
$MAT Mattel
$TREE LendingTree
$VRSN Verisign
$TWTR Twitter

Friday, July 24th
$AXP Amex
$GT Goodyear
$VZ Verizon

Source: Yahoo Finance
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