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.
Commonstock is a social network that amplifies the knowledge of the best investors, verified by actual track records for signal over noise. Community members can link their existing brokerage accounts and share their real time portfolio, performance and trades (by percent only, dollar amounts never shared). Commonstock is not a brokerage, but a social layer on top of existing brokerages helping to create more engaged and informed investors.