This week’s additions and highlights
1. SPIN-OFFS
- National Gas Fuel (NFG US). National Fuel Gas will spin its upstream gas production and gathering business. The idea here is a clear SOTP value unlock, separating exposure to growing natural gas production and simpler, fully regulated utility and pipeline assets.
- Roxmore Resources (RM CN). SSR Mining will acquire Roxmore Resources for $464m. Shareholders will get C$6.75 per share in cash, plus shares in a new exploration company that will hold several of Roxmore’s non-core gold exploration projects. The current share price is roughly C$6.90.
2. STRATEGIC ALTERNATIVES & REVIEWS
(Potential take-outs, asset sales, M&A, etc.)
- PARKEN Sport & Entertainment (PARKEN DC). Big changes at PARKEN S&E, which owns F.C. Copenhagen. The Danish company launched a review of strategic options for its football business. The review also covers its women’s team, stake in Sweden’s FC Rosengård, and related hospitality operations. The company is also exploring a sale of its stadium and associated real estate assets. Very interesting considering the breadth and variability of assets involved…
