|Over a quarter ago|
Acacia Research reports Q1 EPS ($1.61) vs. ($2.81) last year » 08:0605/1205/12/22
Reports Q1 revenue $13.5M…
Reports Q1 revenue $13.5M vs. $5.8M last year. Clifford Press, Chief Executive Officer, stated, "Experience has shown that dislocations in the capital markets, such as those we are currently seeing, create significant opportunities for Acacia. Our strong capital position and team of seasoned M&A professionals, working alongside our strategic partners at Starboard Value, LP, should enable us to generate attractive acquisitions. As we look for such opportunities, our own stock continues to represent an attractive value relative to our book value, and we have been repurchasing our own shares under the recently expanded $40 million buyback authorization."
Acacia Research does not intend to make offer for Arix » 13:4805/0405/04/22
Acacia Research issued…
Acacia Research issued the following statement regarding Arix Bioscience plc to the London Stock Exchange: "Acacia announces that it has notified Arix of an acquisition of a further 646,832 shares in the company, increasing its ownership to 27,182,317 shares, which represents approximately 21.0% of Arix's issued share capital. Acacia has notified the Board of Arix that it does not intend to make an Offer for Arix and will be bound by that statement for the purposes of Rule 2.8 of the UK's Takeover Code." Clifford Press, CEO and President of Acacia, stated: "We are pleased to take this opportunity to increase our shareholding in Arix. In the last year, Arix has undertaken a number of steps to improve its performance and corporate governance and we remain fully supportive of management's strategy."
Franchise Group tells Kohl's willing to pay $69 per share, Reuters reports » 08:2904/1204/12/22
KSS, FRG, ACTG
Franchise Group (FRG) has…
Franchise Group (FRG) has informed Kohl's (KSS) it would be willing to pay $69 per share or $9B to acquire the company, subject to due diligence, Svea Herbst-Bayliss of Reuters reports, citing three people familiar with the matter. However, the bid is not the highest offer, as Hudson's Bay Company has indicated it is willing to pay at least $70 per share for Kohl's, sources told Reuters. A consortium backed by private equity firm Leonard Green & Partners, which includes Authentic Brands, has also made a bid for Kohl's, the people added. Sycamore Partners and a group that includes Acacia Research Corp (ACTG) made offers for Kohl's during the first round of bidding, the sources said. Franchise Group has a market value of $1.6B so its s ability to carry out the deal would largely depend on the backing of Vintage Capital Management, Herbst-Bayliss notes. Shares of Kohl's are up 5% to $60.00 in premarket trading. Reference Link
Acacia Research appoints Martin McNulty as COO, Wesley Golby as CIO » 08:4303/1503/15/22
Acacia Research (ACTG)…
Acacia Research (ACTG) announced that it has appointed Martin McNulty, Jr. as COO and Head of M&A and that Wesley Golby has been promoted to CIO. The appointments are effective immediately. McNulty most recently served as the Chief Executive Officer and a member of the board of directors at Starboard Value Acquisition Corp. (SVAC). Golby has served as Director of Research at Acacia since August 2020.
Acacia Research appoints Martin McNulty as COO, promotes Wesley Golby to CIO » 08:0503/1503/15/22
Acacia Research announced…
Acacia Research announced that it has appointed Martin McNulty as COO and head of M&A and that Wesley Golby has been promoted to chief investment officer, or CIO. The appointments are effective immediately. McNulty most recently served as the CEO and a member of the board of directors at Starboard Value, where he led the transaction through which SVAC combined with Cyxtera Technologies. Golby has served as director of research at Acacia since August 2020.
Comtech board rejects Acacia Research proposal to acquire the company » 08:4901/2501/25/22
Comtech (CMTL) announced…
Comtech (CMTL) announced that the company's board of directors has unanimously rejected the unsolicited proposal to acquire Comtech received from Acacia Research (ACTG) on October 29, 2021. The Comtech board of directors, including the recently appointed members, carefully evaluated the proposal in consultation with the board's independent advisors and determined that the proposal undervalues the company and is not in the best interests of Comtech's shareholders. The company said, "The Comtech Board's unanimous conclusion regarding the inadequacy of Acacia's proposal is based on the following key considerations: Comtech has made strategic investments in innovative technologies that position the Company to capitalize on large, long-term renewal cycles in the 911 public safety and satellite and space communication markets. Structural changes in these markets are expected to drive significant long-term growth driven by multi-year investment cycles that are well-aligned with Comtech's core capabilities, products, and services. Comtech is already beginning to see the long-term benefits of these investments and end market trends, which have created a number of large-scale opportunities being pursued by the Company. As such, the Company's Board and management remain highly confident in Comtech's long-term business outlook and believe the Company is well positioned to create significant value for its shareholders. Based on the foregoing considerations, among others, the Board unanimously determined that the non-binding Acacia proposal grossly undervalues the Company, does not reflect the transformational changes underway in the Company's end-markets and the significant inherent value in the Company's plan, and, thus, is not in the best interests of the Company and its shareholders."
Comtech rejects unsolicited offer from Acacia Research 08:4601/2501/25/22
Kohl's board may consider sale best option, says Morgan Stanley » 08:4001/2501/25/22
Following reports indicating that Starboard-backed Acacia Research (ACTG) and Sycamore Partners put in offers to acquire Kohl's (KSS) for about $9.4B-$9.6B, and the company having issued an official press release to confirm its board has received offers and is reviewing the details, Morgan Stanley analyst Kimberly Greenberger argued that the board may consider a sale its best option given unsuccessful plans to reignite sales, a declining EPS path and the ongoing investor calls for strategic action. The $64-$65 per share acquisition bids reported, if confirmed, would be only $3-$4 below her bull case and "could offer a compelling starting point for a sale process," said Greenberger, who has an Underweight rating and $50 price target on Kohl's shares.
Kohl's shares surge 27% premarket as Acacia, Sycamore show takeover interest 07:4001/2401/24/22
Kohl's suitors include Sycamore, willing to pay at least $65/share, CNBC says » 07:3901/2401/24/22
Kohl's (KSS) is…
Kohl's (KSS) is fielding takeover offers from at least two suitors, CNBC's Lauren Thomas and Leslie Picker reports. Sycamore is willing to pay at least $65 per share for Kohl's, people familiar with the matter tell CNBC. The offer from Sycamore came two days after Acacia Research (ACTG), which is backed by activist investment firm Starboard Value, offered to pay $64 a share for Kohl's, sources said. According to the sources, Acacia and Starboard would likely partner with Oak Street Real Estate Capital to try and sell off Kohl's real estate to raise more money. Reference Link