TheChek News Flow

PUCK News

Mario Gabelli, the long-suffering investor who has long been the largest of the non-Redstone Class A shareholders in Paramount Global, has just filed suit in Delaware, seeking access to Paramount’s books and records. According to Gabelli, who called me on Friday afternoon to share the news, he isn’t opposed to Shari’s deal to sell the company to the Ellisons and RedBird Capital. He’s also perfectly fine, in principle, with Shari getting a premium for her Class A shares. But he’s concerned about the allocation, noting that Shari has both A shares and B shares, and wants to make sure she’s not getting more for her B shares than others. “I got to represent all investors here,” he told me. Stay tuned…

TKO –

Courthouse News:

Judge in UFC case weighs settlement

Judge Boulware said he would take the arguments under consideration and that he plans to issue a ruling on the settlement sometime next week

https://www.courthousenews.com/judge-weighs-settlement-in-pair-of-ufc-monopoly-lawsuits/#:~:text=A%20Las%20Vegas%20judge%20is,arbitration%20clauses%20in%20their%20contracts.

FTC v KR USDC OR

ORDER: Defendant Albertsons Companies, Inc.'s Motion to Compel, ECF 177 , is GRANTED. Nonparty Target Corporation, Inc., must produce a witness for a deposition on topics three, four, and five of defendant Albertsons Companies, Inc.'s subpoena no later than fourteen days after this order. Ordered by Judge Adrienne Nelson. (joha) (Entered: 07/12/2024)

Politico -

The Federal Trade Commission investigation of DaVita and Fresenius Medical Care follows years of consolidation in the dialysis industry.

Feds tackle dialysis giant with antitrust probe

The Federal Trade Commission is investigating the nation’s two largest dialysis providers over allegations they illegally thwart smaller competitors, according to three people with knowledge of the probe.

The investigation focuses in part on how the companies make it difficult for the physicians who work in their clinics to leave for rivals and start new businesses, said the three people, who were granted anonymity to speak about a confidential matter. The agency is investigating whether noncompete agreements the companies require doctors to sign snarl efforts by rivals that want to make it easier for dialysis patients to be treated at home.

HZO Issues Statement

MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat, yacht and superyacht services company, today issued the following statement in response to recent letters issued by Island Capital Group LLC:

The MarineMax Board of Directors is open-minded and regularly evaluates bone fide opportunities to enhance shareholder value. The Board is always open and responsive to input from key stakeholders and we have spoken with Island Capital on several occasions. The Company will continue to make decisions and take actions that we believe are in the best interest of the Company and our shareholders.

Proposed Spin of Smithfield

PROPOSED SPIN-OFF The board (the ‘‘Board’’) of directors (the ‘‘Director(s)’’) of the Company announces that it has submitted a proposed spin-off application to the Stock Exchange on July 12, 2024 (after trading hours) pursuant to Practice Note 15 of the Listing Rules regarding the proposed spin-off of the businesses of Smithfield Foods, Inc. operated in the United States and Mexico (‘‘Smithfield U.S. and Mexico’’) for separate listing on either the New York Stock Exchange or Nasdaq Stock Market in the United States (the ‘‘Proposed Spin-off’’).

As at the date of this announcement, Smithfield Foods, Inc. is a global food company and a wholly-owned subsidiary of the Company. It is currently expected that Smithfield U.S. and Mexico, after the completion of the Proposed Spin-off, will remain as a subsidiary of the Company and its financial results will continue to be consolidated into the Company’s financial results.

The details of the Proposed Spin-off, including but not limited to the terms of the Proposed Spin-off and assured entitlement for shareholders of the Company (the ‘‘Shareholders’’) required under Practice Note 15 of the Listing Rules, if applicable, have not yet been finalized. The Proposed Spin-off may or may not proceed. The Company will make further announcement(s) in this regard pursuant to the requirements under the Listing Rules and the applicable laws and regulations as and when appropriate.

BB:

Franchise Group Inc. investors sued ex-CEO Brian Kahn and investment partner B. Riley Financial Inc., claiming shareholders were shortchanged in a $2.6 billion take-private buyout of the operator of franchised-retail brands.

Kahn and his allies are accused in the suit of using their control of the company to wrongfully push through a $30-per-share buyout in 2023. The firm’s brands include Vitamin Shoppe and Sylvan Learning.

Investors say in the Delaware Chancery Court suit – unsealed late Friday — that the deal undervalued their shares and Franchise Group’s proxy disclosures about who was behind the leveraged buyout were flawed. They allege that B. Riley aided Kahn in cheating them.

The former chief executive officer publicly acknowledged in a B. Riley analyst call in December that the deal amounted to “an opportunistic acquisition at a bargain-basement price,” according to the 81-page complaint.

Signs LOI for merger with Invest Inc.