PolySign, an operator of an institutional-grade asset custody platform, agreed to acquire MG Stover, a full-service fund administration firm. Financial terms were not disclosed.
“MG Stover is the ‘go-to’ administration partner for many of the most sophisticated and successful investors in digital assets. Matt Stover, MG Stover’s Founder and CEO, is widely regarded as a visionary in our sector, and we are excited to gain his expertise as a shareholder and a core member of our leadership team. I am proud to welcome the entire MG Stover organization to PolySign," Jack McDonald, PolySign CEO.
PolySign is advised by Cowen & Company, Macquarie Group, K&L Gates, Perkins Coie and Wachsman. MG Stover is advised by Houlihan Lokey and Bryan Cave Leighton Paisner.
Southwest Gas, a utility company primarily engaged in the purchasing, distributing, and transporting of natural gas, announced that as a result of the receipt of an indication of interest well in excess of $82.5 per share offer by Icahn Enterprises, an American conglomerate, the Southwest Gas Board has authorized the review of a full range of strategic alternatives to maximize stockholder value.
The company will evaluate a sale of the company, as well as a range of alternatives, including, but not limited to, a separate sale of its business units and/or pursuing the previously disclosed spin-off of Centuri.
"As a Board, we determined that the best path forward is to explore a range of strategic alternatives, including a sale of the company, to maximize the value of the company on behalf of all of our stockholders. We plan to move forward expeditiously," Michael J. Melarkey, Southwest Gas Chair of the Board.
Southwest is advised by Lazard, Cravath Swaine & Moore, Morrison & Foerster and Joele Frank. Icahn is advised by Harkins Kovler.
Parag Agrawal, Twitter CEO, sought to reassure employees that the company was not being “held hostage” by news of Elon Musk’s offer to buy the company,
Reuters reported.
Elon Musk, a second-largest shareholder with a 9.1% stake in Twitter, posted a tweet on April 16, 2022, saying “Love Me Tender”, days after he aimed Twitter, an American microblogging and social networking service, with a $43bn takeover offer. Musk tweeted Twitter board’s “economic interests are simply not aligned with shareholders.”
Twitter is advised by Goldman Sachs and JP Morgan. Elon Musk is advised by Morgan Stanley and McDermott Will & Emery.
Flexible Solutions International, a firm that develops, manufactures, and markets specialty chemicals, agreed to merge with Lygos, a developer of a full-stack biological engineering platform. Financial terms were not disclosed.
“This merger provides the opportunity to unlock new high-growth opportunities for our business, our investors, and our customers by connecting our ingredients to existing downstream products. Together, we intend to use our collective resources to expand domestic manufacturing and revive industrial innovation by providing more environmentally friendly ingredients that enable better supply chains for common, everyday downstream products," Eric Steen, Lygos CEO.
Flexible Solutions International is advised by BTIG and Hart & Hart. Lygos is advised by Orrick Herrington & Sutcliffe and Argot Partners.
Metrie, a manufacturer and distributor of millwork solutions, completed the acquisition of EL & EL Wood Products, a distributor of moulding, millwork, and door products across the Southwest US. Financial terms were not disclosed.
“We are excited to complete the acquisition and formally welcome the EL & EL team into the Metrie family. We are better, together. We share the same close-knit, people-first culture, and laser focus on customer experience. This, combined with our strong operational capabilities in manufacturing and distribution, positions us well for continued growth in the millwork industry," Kent Bowie, Metrie President & CEO.
Metrie was advised by Fort Capital Partners and Stoel Rives. EL & EL was advised by Fifth Third Bancorp and Best Best & Krieger.
ArchiMed, an investment firm focused exclusively on the healthcare industry, agreed to acquire Natus Medical, a provider of newborn care, neurology, and hearing and balance assessment healthcare products and services, for $1.2bn.
“The sale of Natus to ArchiMed will provide our shareholders with immediate and substantial cash value, as well as a compelling premium, and the Board has unanimously agreed that this transaction is in the best interests of our shareholders,” Joshua H. Levine, Natus Chairman.
Natus Medical is advised by Stifel and Davis Polk & Wardwell. ArchiMed is advised by Jefferies & Company.
Great Hill Partners-backed Versapay, a financial technology company, completed the acquisition of DadeSystems, an automated AR software provider, from Ten Coves Capital, a private equity firm. Financial terms were not disclosed.
"We are very excited to welcome DadeSystems' employees, customers, and partners to Versapay. Versapay and DadeSystems have enjoyed a successful partnership for some time, and most importantly we share a common vision for the digitization of the AR process. Together, we can accomplish even more to close the digital transformation gap in AR, optimizing our clients' cash flow and driving operational efficiencies," Craig O'Neill, Versapay CEO.
DadeSystems was advised by William Blair & Co and Morris Manning & Martin. Versapay was advised by Alston & Bird.
ARCH Venture, a provider of seed and early stage venture capital, led a $130m Series B funding round in Be Bio, a deverloper of B cells medicines designed to unleash the potential of cell therapies in applications beyond cytotoxicity, with participation from Bristol Myers Squibb, Atlas Venture, RA Capital Management, Alta Partners, Longwood Fund and Takeda Ventures.
The proceeds will advance Be Bio’s proprietary autologous and allogeneic BeCM platforms across multiple therapeutic areas and progress pipeline candidates toward the clinic.
“Our pipeline spans multiple therapeutic areas, and we are inspired and humbled by the potential to transform patients’ lives. With the support of highly regarded investors and the addition of Dr. Gillis to our Board of Directors, Be Bio is in a strong position to advance novel programs across our rare disease and oncology portfolios, further develop our platform and manufacturing capabilities and expand our team," Joanne Smith-Farrell, Be Bio CEO.
Be Bio was advised by Solebury Trout and Ten Bridge Communications.
Harvest Partners-backed Fortis Solutions Group, a provider of high impact printed packaging solutions, completed the acquisition of Profecta Labels, a digital manufacturer of labels. Financial terms were not disclosed.
"We are excited to extend our footprint to Canada and partner with Pierre Roberge and his talented team to deliver additional solutions and capabilities to our customers. Pierre and I share similar business philosophies and we look forward to working together to build upon Profecta's success," John O. Wynne, Fortis President and CEO.
Profecta Labels was advised by Capital Image. Fortis Solutions was advised by Lambert & Co.
CSX, an international freight transportation company, announced that the Surface Transportation Board approved CSX’s application to acquire Pan Am Railways, a holding company that owns and operates regional railroads. CSX will move forward with the acquisition with a planned closing date of June 1, 2022.
“CSX is pleased that the STB approved the proposed acquisition of Pan Am and has recognized the significant benefits this transaction will bring to shippers and other New England stakeholders. We look forward to integrating Pan Am, their employees and the rail-served industries of the Northeast into CSX and to working in partnership with connecting railroads to provide exceptional supply chain solutions to New England and beyond," James M. Foote, Pan Am Railways President and CEO.
CSX is advised by Goldman Sachs and Davis Polk & Wardwell.
AOI Capital, an investment firm, completed the acquisition of RK Logistics, an operator of a full-spectrum supply chain firm. Financial terms were not disclosed.
“RK Logistics Group has a stellar reputation as a high-performance supply chain operator supporting some of the most demanding, complex and mission-driven businesses in Silicon Valley. We welcome RK Logistics to our portfolio and we are confident that with RK’s skilled workforce, collaborative employee culture and a proven, agile approach to customer solutions, together we will build on its track record of sustained, profitable growth," Joe MacLean, AOI Capital CEO.
Activision is cooperating with federal insider trading probes.
Activision Blizzard, an American video game holding company, is cooperating with federal investigations into trading by friends of its CEO shortly before the gaming company disclosed its $68.7bn sale to Microsoft, an American multinational technology corporation.
It received requests for information from the US Securities and Exchange Commission and received a subpoena from a Department of Justice grand jury, Reuters reported.
A court battle that has raised concerns about SPACs.
After 613 SPACs came to market in 2021, just 57 have arrived in 2022. The private companies that SPACs had previously merged with and brought to the public markets have largely cratered, doomed by excessively rosy financial projections, Financial Times reported.
Michael Klein has in recent years taken 4 companies public through mergers with SPACs that he has sponsored. Two of his deals are successes, trading above the base SPAC share price of $10. But one disappointment, the 2020 acquisition of Multiplan, a health insurance company, by his third SPAC, has attracted a shareholder lawsuit that several industry observers believe may shake up the SPAC industry.
