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
  • 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.
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