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.