ToffCap's Monday Monitor #54

Actionable event-driven and special situations

ToffCap’s Monday Monitor is our weekly overview of actionable event-driven trades and special situations.

Disclaimer. ToffCap’s Monday Monitor is provided for informative purposes only. No due diligence has (yet) been performed on the names on this list. The list might change strongly on a regular basis. This overview does not constitute advice; always do your own due diligence. The list is dynamic; it continues to grow and change. If you have interesting additions to the list, feel free to contact us at contact@toffcap.com or on Twitter.

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This week’s additions and highlights

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1. SPIN-OFFS

• Maple Leaf Foods (MFI Canada). Maple Leaf will soon spin its pork operations to form Canada Packers. The shareholder meeting is set for June 11, with more info coming over the next few weeks.

• Lions Gate Entertainment (LGF/A US). Shareholders approved the split of Lionsgate (LION) and Starz (will trade under STRZ). A reminder that Starz was acquired for $4.4bn in 2016. The split eliminates the dual-class listing, creating a cleaner structure. Upcoming slate should help improve overall results.

• Continental (CON Germany). Continental approved the spin of its Automotive unit, which is seen to be targeted for Q3. The automotive unit will receive €1.5bn in cash and a €2.5bn credit facility, and targets a dividend payout ratio of 10-30% of net income. Shareholders will vote on the spinoff plans in April, and the company will update investors on strategies for the unit and the remaining company in June.

  UPDATE (May 5, 2025) Spin to be called Aumovio and scheduled to list in September.

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2. STRATEGIC ALTERNATIVES & REVIEWS

(Potential take-outs, asset sales, M&A, etc.)

• Mural Oncology (MURA US). Today's heavily net-cash, semi-busted biotech. Just 'semi-' though, as Mural is trading roughly 30% lower since its Nov. 2023 spin. The company recently announced it will discontinue development, cut 90% of the workforce and look for strategic acquisitions, with language much gearing towards a (reverse) merger it seems.