Senyek’s Weekly Special Situations

Research evidence excerpt

Senyek’s Weekly Special Situations

ombined entity. Investors have expressed concerns around the size,

complexity, and leverage associated with the deal.

• TOMS Capital, one of Voya Financial’s (VOYA, $7B MC) largest shareholders, publicly called for an

immediate strategic review and potential sale of the company, arguing Voya's leading retirement franchise

and $1T+ of client assets are not reflected in its valuation. The activist criticized management's strategic

execution, including the Benefitfocus acquisition, and urged the board to engage with potential buyers amid

ongoing industry consolidation.

• Activist investor Voss Capital is urging Sempra (SRE, $59B MC) to spin off its ~80% stake in Oncor Electric

Delivery, arguing the transaction could unlock substantial shareholder value. Voss estimates a standalone

Oncor could be worth up to $78B by 2028, implying Sempra’s ownership stake alone would exceed the

company’s current market capitalization and highlighting what it views as a significant conglomerate

discount.

Chris Senyek, CFA, CPA Adam Calingasan, CFA, CPA Drew Barrett, CFA Peter Englert Samuel Kinney

csenyek@wolferesearch.com acalingasan@wolferesearch.com dbarrett@wolferesearch.com penglert@wolferesearch.com skinney@wolferesearch.com

(646) 845-0759 (646) 845-0757 (415) 878-6418 (646) 845-0754 (646) 845-0752

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