My first introduction to generative AI was through the image generation tool DALL-E (a nod to the Pixar movie and robot Wall.E), and it was almost two years later that ChatGPT showed up and AI became a mainstream buzzword. The early versions of DALL-E were disappointing, but things started to improve rapidly as AI models, fed on a steady diet of faster …

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Market Cap: $14.29 B

Offer Value: $13.8 B

Instead of writing about a deal with a definitive merger agreement, we decided to focus on a pre-deal situation that we found more interesting because minority shareholders could potentially end up with a higher price than the initial proposal.

Penske Corp. and Mitsui mad…

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1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

5. C-Suite Sudden Departures

Powered by InsideArbitrage.

Update on Developing M&A

• Brera (SLMT): Forward Industries (FWDI) announced that it does not intend to make an offer for Brera. (Press Release)

• Genco Shipping & Trading (GNK): The board continues to conduct a thorough review of Diana’s (DSX) proposal. (Press Release)

• MarineMax (HZO): Investment firms Blackstone (BX) and Donerail are among the final bidders to acquire MarineMax. (Reuters)

• Seer (SEER): The Special Committee of the Board, consisting of independent directors Meeta Gulyani and Nicolas Roelofs, thoroughly reviewed and unanimously rejected the unsolicited proposal from CEO Omid Farokhzad to acquire all of the outstanding shares for $2.45 per share in cash plus two separate contingent value rights. (Press Release)

Rumors

• KKR Real Estate Finance Trust (KREF): The Board established a strategic review committee to initiate a review of possible strategic alternatives for the company to enhance shareholder value, which may include the sale of the company or its assets, a merger or other strategic transaction, as well as the continuation of its business plan. (Press Release)

• Penske Automotive Group (PAG): Penske Corporation, together with its wholly owned subsidiary Penske Automotive Holdings, and Mitsui & Co., Ltd., along with its wholly owned subsidiary Mitsui & Co. (U.S.A.), have submitted a non-binding proposal to acquire Penske Automotive Group for $210 per share in cash, implying an equity value of approximately $13.8 billion. (Letter)

To access all rumors, a history of updates and the eventual outcomes, check out our Deals in the Works tool that includes data on over 9 years of developing M&A situations:

Update on Shareholder Activism

• Chemed (CHE): Activist investor Barington Capital Group is ramping up its campaign against Chemed, saying the holding company for a hospice service and a plumbing business should conduct a strategic review and refresh its board. (Bloomberg)

• Honeywell Technologies (HON): CEO Vimal Kapur said plans were already underway to reshape the former conglomerate before activist investor Elliott Investment Management took a stake in late 2024 and pushed for a breakup. (Bloomberg)

• Nano Dimension (NNDM): Nano and Murchinson announced a settlement agreement. (Press Release)

• Seer (SEER): The Board recommended that stockholders vote “FOR” only the election of Seer’s seven nominees: Omid Farokhzad, Meeta Gulyani, Robert Langer, Terrance McGuire, Dipchand Nishar, Isaac Ro, and Nicolas Roelofs. (Press Release)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold: https://www.insidearbitrage.com/shareholder-activists-tool

Update on Other Special Situations

• Modine Manufacturing (MOD): Effective April 1, 2026, Modine split its Climate Solutions segment into Data Centers and Commercial HVAC ahead of the planned spin-off of Performance Technologies. The company continues to expect its Reverse Morris Trust transaction with Gentherm to close by the end of 2026. (Filing)

• Honeywell Technologies (HON): Reported its first quarterly results as a standalone company following the Honeywell Aerospace spin-off, with 16% order growth, a $20 billion backlog, and higher 2026 guidance. Honeywell Aerospace posted 5% organic sales growth ahead of its first standalone earnings release on August 5. (Press Release)

• Unilever (UL): McCormick (MKC) outlined the planned operating model, executive team, and proposed London Stock Exchange secondary listing for the combined company following its acquisition of Unilever’s Foods business, which remains on track to close by mid-2027. The combined company will operate through four divisions: Americas Consumer, International Consumer, Global Food Service, and Global Flavor, with leadership drawn from both McCormick and Unilever Foods. (Press Release)

• Flex (FLEX): Flex filed definitive additional proxy soliciting materials containing CEO interviews supporting its planned Cloud & Power Infrastructure spin-off. Management reiterated the transaction remains on track for Q1 2027, with the SpinCo name to be announced in September. (Filing)

  • Flex (FLEX): Flex expects to retain up to a 19.9% ownership stake in SpinCo following the separation. Flex reiterated that SpinCo is expected to generate 65%-75% revenue growth in FY2027. (Filing)

• Click Holdings (CLIK): Click announced plans to spin off its logistics business into a standalone, publicly listed company while retaining its AI-powered HR and Care U senior care businesses. (Press Release)

You can view the full list of upcoming spinoffs including each update since the announcement of the spinoff in our Upcoming Spinoffs List.

Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Consumer Defensive

• Utz Brands (UTZ) / Intersnack Group - $2.9 bn, Q4 2026 (Press Release, Merger Agreement)

Financial Services

• Finward (FNWD) / First Financial (FFBC) - $208 mn, Q4 2026 (Press Release, Merger Agreement)

• Safety Insurance Group (SAFT) / Mapfre - $1.54 bn, Q1 2027 (Press Release, Merger Agreement)

Healthcare

• BioLife Solutions (BLFS) / Repligen (RGEN) - $1.5 bn, Q4 2026 (Press Release, Merger Agreement)

• Neuphoria Therapeutics (NEUP) / Scancell Holdings (SCNLF) - $25 mn, Q4 2026 (Press Release)

• Personalis (PSNL) / Tempus AI (TEM) - $1.5 bn, Early 2027 (Press Release, Merger Agreement)

Real Estate

• LXP Industrial Trust (LXP) / Brookfield Asset Management (BAM) and CPP Investments - $5.2 bn, Q4 2026 (Press Release, Merger Agreement)

Check out a list of nearly 80 active mergers & acquisitions in our Merger Arbitrage Tool. Includes the ability to track specific deals, email alerts for new deals, real-time spreads, annualized returns, all merger updates and spread history charts.

Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• Alpha Modus (AMOD): Chief Strategy Officer Chris Chumas resigns effective July 16, 2026. (Filing)

• American Healthcare REIT (AHR): President and Chief Executive Officer Danny Prosky resigns effective July 21, 2026. (Filing)

• Cingulate (CING): Chief Legal Officer Nilay Patel terminated effective August 3, 2026. (Filing)

• Coastal Financial (CCB): Chief Financial Officer Brandon Soto resigns effective August 15, 2026. (Filing)

• GE HealthCare Technologies (GEHC): Chief Financial Officer James K. (Jay) Saccaro resigns effective August 14, 2026. (Filing)

• Immix Biopharma (IMMX): Chief Medical Officer Richard Graydon terminated effective July 17, 2026. (Filing)

• MediaCo Holding (MDIA): Chief Financial Officer Debra DeFelice resigns effective July 17, 2026. (Filing)

• Nano Dimension (NNDM): Chief Executive Officer David Stehlin resigns effective July 17, 2026. (Filing)

• Neuronetics (STIM): Chief Legal Officer Andrew Macan resigns effective August 15, 2026. (Filing)

• Rayonier Advanced Materials (RYAM): General Counsel Colby Slaughter resigns effective August 7, 2026. (Filing)

• Red Cat Holdings (RCAT): Chief Revenue Officer Geoffrey Hitchcock terminated effective July 23, 2026. (Filing)

Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.

If you enjoyed reading this Report, please do me the huge favor of pressing the “Like” button or sharing it with other investors interested in special situations.

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The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.

As I reviewed stock buyback announcements this week, here are five that stood out to me:

1. The Hartford Insurance Group (HIG) with a massive $4.2 billion new stock buyback authorization, representing nearly 11% of the market cap at announcement.

They have retired 16% of their shares outstanding over the last four years. Scores 86 on our IA Score quantitative model (anything over 70 makes us pay attention).

2. The hospital operator Tenet Healthcare (THC) coming in with a $2 billion increase in their buyback authorization, representing nearly 12% of the market cap at announcement.

They have retired 22% of their shares outstanding over the last four years. Scores 85 on our IA Score quantitative model.

3. The Puerto Rico-based bank and financial services company Popular (BPOP) announcing a $1 billion new buyback authorization, representing nearly 9% of the market cap at announcement.

They have retired over 17% of their shares outstanding over the last four years. Scores 79 on our IA Score quantitative model.

The company is also going through two key management changes with the appointment of a new CEO and CFO. Both were internal promotions. The CFO, Jorge Garcia, was promoted to the role of CEO and the Chief Risk Officer, Lidio Soriano, took on the role of CFO.

4. The construction materials company Armstrong World Industries (AWI) adding to their existing buyback authorization to the tune of $800 million, representing over 12% of the market cap at announcement.

They have retired over 8% of their shares outstanding over the last four years. At 47, this scores the lowest among this group on our IA Score quantitative model.

5. The specialty chemicals and construction products company RPM International (RPM) announcing a $700 million increase in their existing repurchase program, representing over 5% of the market cap at announcement.

They have retired a little over 1% of their shares outstanding over the last four years. Scores 68 on our IA Score quantitative model.

Most of these were covered in more detail on our InsideArbitrage twitter account during the week as these announcements came in.

Brad Jacobs and QXO probably already have AWI and RPM on their radar.

Disclaimer: Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Market Cap: $2.66 B

Deal Value: $2.8 B

Eli Lilly and Company (LLY) entered into a merger agreement on July 16, 2026, to acquire AtaiBeckley in a deal valued at $2.8 billion, joining a growing race among pharmaceutical giants to develop psychedelic therapies for depression and other mental health conditions.

The deal reflects g…

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With the Elevance purchases coming in on Friday afte…

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1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

5. C-Suite Sudden Departures

Powered by InsideArbitrage.

Update on Developing M&A

• eBay (EBAY): GameStop (GME) CEO Ryan Cohen declined to say if he planned to raise his $56 billion offer for online auctioneer eBay, but said: “we’re coming for eBay one way or another.” (Bloomberg)

• Genco (GNK): Diana Shipping (DSX) announced that its tender offer to acquire all outstanding shares of Genco has been extended to July 24, 2026. (Press Release)

• PayPal Holdings (PYPL): Payments company Stripe and private equity firm Advent International have made a joint offer to acquire PayPal Holdings for $60.5 per share, in a deal that would value the payments company at more than $53 billion. (Reuters)

• Repay (RPAY): The Board unanimously rejected the revised unsolicited, non‑binding proposal from Forager to acquire the company for $5.25 per share in cash. (Press Release)

• SkyAI (SKYA): The Special Committee and the Board unanimously concluded that the proposal from Forward Industries (FWDI) was not in the best interests of the shareholders and that the company is not pursuing a transaction at this time. (Press Release)

• Voya Financial (VOYA): Retirement services provider Voya Financial has fielded takeover interest in recent weeks. (Semafor)

Rumors

• Lionsgate Studios (LION): Is exploring a sale and has attracted takeover interest from France’s Bollore Group and Banijay Group. (Reuters)

• Lucid Group (LCID): Hired AlixPartners as financial adviser to help guide its turnaround efforts. (SEC Filing)

• Lulu’s Fashion Lounge Holdings (LVLU): The Board has formed a special committee of independent directors to evaluate strategic alternatives to maximize stockholder value. (Press Release)

To access all rumors, a history of updates and the eventual outcomes, check out our Deals in the Works tool that includes data on over 9 years of developing M&A situations:

Update on Shareholder Activism

• Braemar Hotels & Resorts (BHR): Al Shams Investments has filed a Rule 202 Discovery Petition seeking to depose two former Braemar directors before determining whether there is even a need to depose them. (Press Release)

• Compass Diversified (CODI): ADW Capital Management issued an open letter to the board urging the company to conduct a strategic review. (Letter)

• loanDepot (LDI): Randian Capital sent an open letter to the Board, urging them to consider evaluating strategic alternatives for the company, including a potential sale. (Press Release)

• PayPal (PYPL): Michael Burry said PayPal’s $60.5-per-share takeover bid from Stripe and private equity firm Advent International was “simply too low.” (Substack)

• Repay Holdings (RPAY): Zachary Sadek was appointed to its Board, effective immediately. (Press Release)

• TransAct Technologies (TACT): Poplar Point Capital Management said it has had, and intends to have, discussions with the board and management related to the business of the company, the potential exploration of strategic alternatives for its casino and gaming ticket printer business, segmentation of financial reporting, capital allocation, corporate governance, and board composition. (13D Filing)

• Voya (VOYA): TOMS Capital, on reports of recent takeover interest in Voya, said that the reports further reinforce its long-held view that the Board must fulfill its fiduciary duty by engaging constructively with any interested parties to maximize value for shareholders. (Press Release)

• Xerox Holdings (XRX): STARTEEPO Invest intends to engage more actively and constructively with the management and Board regarding the company’s long-term strategy, capital allocation priorities, and opportunities to enhance shareholder value, including the company’s positioning in higher-growth IT and digital markets. (13D Filing)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold: https://www.insidearbitrage.com/shareholder-activists-tool

Update on Other Special Situations

• Resideo Technologies (REZI): Resideo Technologies held its Investor Day ahead of the planned August 3, 2026, spin-off of ADI Global Distribution. The company set medium-term targets of 4%-5% annual revenue growth, higher profit margins, and continued strong cash flow. The ADI spin-off remains on track, with ADIG expected to begin trading on the NYSE on August 4, 2026. (Investor Presentation)

  • ADI Global Distribution, ahead of its planned August 3, 2026 spin-off from Resideo Technologies, held its inaugural Investor Day and outlined its standalone strategy, targeting 4%-6% annual revenue growth to approximately $6 billion by 2030, 10%+ annual adjusted EBITDA growth, improved margins, and over $1 billion in cumulative operating cash flow by 2030. (Investor Presentation)

• Jet.AI (JTAI): Jet.AI announced plans to spin off its data center business into a new public company (reserved ticker: DCTR). The proposed spin-off is contingent on a planned merger with a private company and remains subject to definitive agreements and approvals. (Press Release)

You can view the full list of upcoming spinoffs including each update since the announcement of the spinoff in our Upcoming Spinoffs List.

Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Financial Services

• TriCo Bancshares (TCBK) / First Hawaiian (FHB) - $1.77 bn, End of 2026 (Press Release, Merger Agreement)

Healthcare

• AtaiBeckley (ATAI) / Eli Lilly (LLY) - $2.8 bn, Q3 2026 (Press Release, Merger Agreement)

Industrials

• Distribution Solutions Group (DSGR) / LKCM Headwater Investments - $2.64 bn, 2026 (Press Release, Merger Agreement)

Check out a list of nearly 80 active mergers & acquisitions in our Merger Arbitrage Tool. Includes the ability to track specific deals, email alerts for new deals, real-time spreads, annualized returns, all merger updates and spread history charts.

Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• Asana (ASAN): Chief Accounting Officer Veronica Sosa resigns effective August 7, 2026. (Filing)

• CoStar Group (CSGP): Chief Financial Officer Christian Lown resigns effective July 31, 2026. (Filing)

• Energy Vault (NRGV): Chief Financial Officer Michael Beer resigns effective July 27, 2026. (Filing)

• Harmony Biosciences (HRMY): Chief Financial Officer Glenn Reicin resigns effective July 16, 2026. (Filing)

• Pentair (PNR): Chief Financial Officer Nicholas J. Brazis resigns effective July 10, 2026. (Filing)

• Shutterstock (SSTK): Chief Executive Officer Paul J. Hennessy resigns effective July 12, 2026. (Filing)

• Spruce Power (SPRU): Chief Legal Officer Jonathan Norling’s employment was terminated, effective July 13, 2026. (Filing)

• Sui Group (SUIG): Chief Investment Officer Stephen Mackintosh resigns effective July 8, 2026.(Filing).

Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.

If you enjoyed reading this Report, please do me the huge favor of pressing the “Like” button or sharing it with other investors interested in special situations.

Share

The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.

Earlier this year I started compiling a list of software and software-adjacent companies that were seeing insider buying after a massive drop in the price o…

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Market Cap: $9.7 B

Deal Value: $14.5 B

Solstice Advanced Materials, Inc. (SOLS) entered into a merger agreement on July 6, 2026, to acquire its peer in the specialty chemicals industry, Element Solutions, in a deal valued at $14.5 billion, as it aims to benefit from growing demand from AI data centers and the semiconduct…

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Insiders of companies are not allowed to trade on material…

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1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

5. C-Suite Sudden Departures

Powered by InsideArbitrage.

Update on Developing M&A

• Beazer Homes USA (BZH): Dream Finders Homes (DFH) announced that it has submitted a revised proposal to the board of Beazer to acquire all outstanding shares of Beazer in an all-cash transaction for $32 per share. (Press Release)

• Destination XL Group (DXLG): The Board, following a review with external legal and financial advisors, unanimously recommends that stockholders reject the revised, unsolicited tender offer for $0.84 per share in cash from Zodiac Partners, and not tender their shares. (Press Release)

• eBay (EBAY): GameStop (GME) announced that its stockholders approved all proposals presented at the 2026 Annual Meeting, including an amendment to the certificate of incorporation increasing the number of authorized shares of Class A common stock. (Press Release)

• InMode (INMD): Steel Partners issued a letter to the Board offering to acquire the company for $16.75 per share in cash. (Press Release)

• MGM Resorts (MGM): Has been negotiating a potential deal with Barry Diller’s People Inc. (PPLI) after the media mogul offered to buy the casino giant. (WSJ)

• Qiagen NV (QGEN): Is drawing early takeover interest from firms including EQT AB and Advent. (Bloomberg)

• Seer (SEER): Bradley Radoff and Michael Torok, in response to CEO Omid Farokhzad’s offer for Seer, said that the Board rejected their proposals without engagement but promptly reviewed Farokhzad’s similar, yet inferior, offer, reinforcing concerns about its independence. (Press Release)

Rumors

• CCC Intelligent Solutions (CCC): Is exploring a sale of the company. (Reuters)

• Criteo (CRTO): Vista Equity Partners and the investment firm Quinti Capital have teamed up on a takeover offer for French advertising-technology company Criteo. (Bloomberg)

• GFL Environmental (GFL): Is considering a potential take-private transaction after drawing interest from buyout firms. (Bloomberg)

To access all rumors, a history of updates and the eventual outcomes, check out our Deals in the Works tool that includes data on over 9 years of developing M&A situations:

Update on Shareholder Activism

• Beazer Homes USA (BZH): The Donerail Group issued an open letter to Beazer’s Board urging the Board to engage with Dream Finders (DFH) and other bona fide prospective acquirers, provide appropriate diligence access, and pursue a competitive strategic process that it believes would maximize value for stockholders. (Press Release)

• Braemar Hotels & Resorts (BHR): In response to demands from Wafic Said, the Principal of Al Shams, Braemar Hotels has begun the process of separating from its external advisor, Ashford, to become a self-managed REIT. They successfully renegotiated the terms of the Company Sale Fee, resulting in a $94.3 million lower payment to Ashford than was contractually due; and hired Ferguson Partners to recruit new and fully independent members to the Board, including installing an independent Chairman. (Press Release)

• CBIZ (CBZ): Reference Equity is urging the accounting firm to re-evaluate its capital allocation, abandon its share buyback plan, and resume pursuing acquisitions. (Bloomberg)

• CCC Intelligent Solutions (CCC): Elliott Investment Management has built a large stake in car-insurance software provider CCC Intelligent Solutions. (Bloomberg)

• Central Plains Bancshares (CPBI): The Boards of the company and Home Federal Savings and Loan Association of Grand Island appointed Dannel Garness and Francis Younes to the Board. (Filing)

• Devon Energy (DVN): Kimmeridge Energy Management criticized Devon Energy’s divestment program for moving too slowly. (Bloomberg)

• Empery Digital (EMPD): The Board approved an amendment to the stockholder rights plan to accelerate the expiration date to July 6, 2026. (Press Release)

• Evogene (EVGN): L.I.A. Pure Capital urged the Board to convene a special general meeting of shareholders. (13D Filing)

• Fermi (FRMI): Toby Neugebauer announced that he is suspending his current proxy campaign following the presiding judge’s last-minute recusal shortly before the scheduled hearing. (Press Release)

• Phunware (PHUN): Goldenwise Capital Group, in an open letter to the Board, raised concerns regarding the company’s poor corporate governance. (Letter)

• StealthGas (GASS): TowerView requested that the company consider a liquidation of its assets and return capital to the shareholders. (Letter)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold: https://www.insidearbitrage.com/shareholder-activists-tool

Update on Other Special Situations

• Middleby (MIDD): Middleby completed the spin-off of its Food Processing business as Midera Food Processing (MFP), effective July 6, 2026. Shareholders received one Midera share for each Middleby share held as of the June 26 record date. Midera will begin regular-way trading on Nasdaq on July 7, 2026. (Press Release)

• Critical Metals (CRML): Critical Metals is considering a potential spin-off or separation of certain businesses to focus on its flagship Tanbreez rare earth project in Greenland. (Press Release)

You can view the full list of upcoming spinoffs including each update since the announcement of the spinoff in our Upcoming Spinoffs List.

Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Basic Materials

• Element Solutions (ESI) / Solstice Advanced Materials (SOLS) - $14.5 bn, H1 2027 (Press Release, Merger Agreement)

Healthcare

• Crinetics Pharmaceuticals (CRNX) / Vertex Pharmaceuticals (VRTX) - $8.8 bn, Q3 2026 (Press Release, Merger Agreement)

Technology

• Perfect Corp. (PERF) / ProjectNY - $65.67 mn, Q4 2026 (Press Release, Merger Agreement)

Check out a list of nearly 80 active mergers & acquisitions in our Merger Arbitrage Tool. Includes the ability to track specific deals, email alerts for new deals, real-time spreads, annualized returns, all merger updates and spread history charts.

Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• Align Technology (ALGN): Chief Legal and Regulatory Officer Julie Coletti resigns effective August 1, 2026. (Filing)

• ARS Pharmaceuticals (SPRY): Terminates Chief Executive Officer Richard Lowenthal effective July 7, 2026. (Filing)

• Cadrenal Therapeutics (CVKD): Chief Medical Officer James J. Ferguson III resigns effective July 31, 2026. (Filing)

• Children’s Place (PLCE): President and Chief Executive Officer Muhammad Umair resigns effective July 6, 2026. (Filing)

• John Wiley & Sons (WLY): Chief Accounting Officer Christopher Caridi resigns effective July 9, 2026. (Filing)

• Lands’ End (LE): Chief Administrative Officer and General Counsel Peter L. Gray resigns effective July 9, 2026. (Filing)

• The Marzetti Company (MZTI): Chief Supply Chain Officer Luis Viso resigns effective July 13, 2026. (Press Release)

• Nixxy (NIXX): Chief Executive Officer Mike Schmidt resigns effective July 2, 2026. (Filing)

• Ovid Therapeutics (OVID): Chief Business and Financial Officer Jeffrey Rona resigns effective July 6, 2026. (Filing)

• Public Storage (PSA): President and Chief Operating Officer Chris Sambar resigns effective July 31, 2026. (Filing)

Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.

If you enjoyed reading this Report, please do me the huge favor of pressing the “Like” button or sharing it with other investors interested in special situations.

Share

The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.

Market Cap: $5.68B

Deal Value: $8B

Rocket Lab Corporation (RKLB) entered a merger agreement on June 29, 2026, to acquire satellite communications ‌provider Iridium Communications in a deal valued at $8 billion, seeking to gain an edge by following SpaceX’s approach of building both its satellites and the rockets t…

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Market Cap: $5.53B

Enterprise Value: $17.41B

Introduction and Company Overview

Nexstar Media owns 265 TV stations that allow the company to reach 80% of U.S. TV households. This level of concentration is usual, especially for a company in a melting ice cube business like local TV. To understand how this happened, we need …

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1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

5. C-Suite Sudden Departures

Powered by InsideArbitrage.

Update on Developing M&A

• Abivax (ABVX): Raised $800 million in an expanded share sale after strong investor demand, valuing the French biotechnology company at nearly $11 billion and easing pressure to pursue a near-term sale. (Reuters)

• Anghami (ANGH): The Board has appointed three new directors: Nathan Scott Fine, Guergui Saykov Stoyanov, and Chiara Marcati to oversee the offer from OSN. (Press Release)

• Genco (GNK): Diana Shipping (DSX) announced an extension of the fully committed financing for the offer to acquire the outstanding shares of Genco. (Press Release)

• InMode (INMD): Steel Partners issued a public letter to the Board highlighting concerns with a value-destructive CEO-led buyout proposal. (Press Release)

• PetMed Express (PETS): SilverCape Investments released an open letter to PetMed calling on the Board to engage with SilverCape on a revised proposal to acquire all outstanding shares of PetMed for $3 per share in cash with no financing contingency. (Press Release)

• Pitney Bowes (PBI): The company is initiating the second phase of its strategic review process. (Press Release)

• Repay Holdings (RPAY): Forager Capital delivered an updated proposal to the Repay Board to acquire the company for $5.25 per share in cash following recent discussions with the company. (Press Release)

• Seer (SEER): Received an unsolicited, non-binding proposal from CEO Omid Farokhzad to acquire all of the outstanding shares of Seer’s Class A common stock for $2.45 per share in cash plus two separate contingent value rights. (Press Release)

Rumors

• Nano Dimension (NNDM): Kevin Tang, on behalf of Tang Capital Management, submitted a proposal to effect a merger between Nano Dimension and an affiliate of Tang Capital whereby the shareholders of Nano Dimension would receive immediate cash proceeds of $1.6 per share. (Letter)

• Owens Corning (OC): Building-products maker Carlisle Companies (CSL) made more than one unsolicited offer to acquire roofing maker Owens Corning in what would be a well-over $10 billion deal. (WSJ)

To access all rumors, a history of updates and the eventual outcomes, check out our Deals in the Works tool that includes data on over 9 years of developing M&A situations:

Update on Shareholder Activism

• Alkami Technology (ALKT): Jana Partners increased its stake in Alkami to 6.3% to have discussions with the Board regarding exploring a sale, including by engaging with multiple parties interested in a potential acquisition of the company, and doing so with grounded views of the company’s ability to realize value in the public market and realistic views of its intrinsic value. (13D Filing)

• Dynatrace (DT): Appointed George Riedel and Dan Streetman to its Board, effective immediately, following constructive and collaborative engagement with Starboard Value. (Press Release)

• Everpure (P): Activist investor Jana Partners has built a new position in the technology company Everpure and is expected to announce the holding in a regulatory filing soon. (Reuters)

• Fortune Brands Innovations (FBIN): Activist investor Garden Investments, which pushed for management changes at Fortune Brands, is lauding the appointment of its new CEO. (Bloomberg)

• Freightos Limited (CRGO): Zvi Schreiber, the founder of Freightos with a 6.1% stake in the company, said he believes that the strategic direction and execution being pursued by the Board, particularly since the first quarter of 2026, are impairing the company’s performance and short-term and long-term shareholder value. (13D Filing)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold: https://www.insidearbitrage.com/shareholder-activists-tool

Update on Other Special Situations

• Comcast (CMCSA): Comcast announced plans to spin off NBCUniversal, including Sky, into a separate publicly traded company in a tax-free transaction expected to close in approximately one year. Comcast shareholders will retain their Comcast shares and receive shares in NBCUniversal. Comcast expects to retain up to a 19.9% stake in NBCUniversal for up to one year after the separation. Mike Cavanagh will serve as CEO of NBCUniversal, while former Comcast CFO Michael Angelakis will become CEO of Comcast following the separation. (Press Release)

• Honeywell (HON): Honeywell completes the spin-off of Honeywell Aerospace, which begins regular-way trading on Nasdaq under the ticker HONA. Honeywell shareholders received 1 HONA share for every 2 HON shares held as of June 15, 2026. Honeywell Technologies also completed a 1-for-2 reverse stock split effective the same day. (Press Release)

• Corteva (CTVA): Corteva disclosed that directors Karen Grimes, Marcos Lutz, Charles Magro, and Kerry Preete will resign from its board immediately before the planned spin-off of Vylor. Each is expected to join the board of Vylor upon completion of the separation. (Press Release)

• The Middleby Corp. (MIDD): Middleby said its planned spin-off, Midera Food Processing, entered into a five-year, $1 billion revolving credit agreement to support its growth strategy as a standalone company. The separation remains on track to close on July 6, 2026. (Press Release)

• S&P Global (SPGI): S&P Global completed the tax-free spin-off of its Mobility division into Mobility Global Inc. (MBGL). Mobility Global began regular-way trading on July 1, 2026. S&P Global shareholders received one MBGL share for each SPGI share held as of June 15, 2026, with S&P Global distributing 100% of Mobility Global. Fractional shares were settled in cash. (Press Release)

• Resideo (REZI): Resideo’s board approved the tax-free spin-off of ADI Global Distribution (ADIG). Shareholders of record on July 20, 2026, will receive one ADIG share for every two REZI shares held, with the distribution scheduled for August 3, 2026. ADIG is expected to begin when-issued trading on July 29 and regular-way trading on the NYSE under ADIG on August 4. Ahead of the separation, ADI completed a $400 million senior notes offering and secured $1.1 billion in credit facilities to support its standalone operations. (Press Release)

• Associated British Foods (ASBFF): Associated British Foods said it continues to prepare for the planned spin-off of Primark. The company reaffirmed guidance across its businesses except for its Sugar division, where it expects a loss amid deteriorating market conditions after third-quarter sales fell 4% due to lower average selling prices in Europe. (WSJ)

You can view the full list of upcoming spinoffs including each update since the announcement of the spinoff in our Upcoming Spinoffs List.

Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Communication Services

• Iridium Communications (IRDM) / Rocket Lab (RKLB) - $8 bn, Mid-2027 (Press Release, Merger Agreement)

Consumer Cyclical

• LCI Industries (LCII) / Patrick Industries (PATK) - $4.08 bn, H1 2027 (Press Release, Merger Agreement)

Healthcare

• Theravance Biopharma (TBPH) / Zymeworks (ZYME) - $929 mn, H2 2026 (Press Release, Merger Agreement)

Check out a list of nearly 80 active mergers & acquisitions in our Merger Arbitrage Tool. Includes the ability to track specific deals, email alerts for new deals, real-time spreads, annualized returns, all merger updates and spread history charts.

Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• Bloomin’ Brands (BLMN): Chief Human Resources Officer Jessica Mitory resigns effective August 17, 2026. (Filing)

• Conduent (CNDT): General Counsel Michael Krawitz resigns effective July 31, 2026. (Filing)

• Lucid Group (LCID): Chief Financial Officer Taoufiq Boussaid resigns effective August 4, 2026. (Filing)

• Papa John’s International (PZZA): Chief Financial Officer Ravi Thanawala resigns effective June 30, 2026. (Filing)

• PEDEVCO (PED): Chief Accounting Officer Paul Pinkston resigns effective June 23, 2026. (Filing)

• Rigel Pharmaceuticals (RIGL): Chief Medical Officer Lisa Rojkjaer resigns effective June 25, 2026. (Filing)

• Scotts Miracle-Gro Company (SMG): Chief Executive Officer James Hagedorn resigns effective June 26, 2026. (Filing)

• Seaport Entertainment Group (SEG): General Counsel Lucy Fato resigns effective June 25, 2026. (Filing)

Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.

If you enjoyed reading this Report, please do me the huge favor of pressing the “Like” button or sharing it with other investors interested in special situations.

Share

The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.

A scene from the movie O Brother, Where Art Thou? starring George Clooney has stayed with me over the decades since I watched it in 2000. I was driving down El Camino Real in the San Francisco Bay Area with some friends heading towards Silicon Valley. On a whim we decided to stop and catch the movie at an Art Deco movie theatre in Menlo P…

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Market Cap: $4.68B

Deal Value: $7B

U.S. chipmaker ON Semiconductor Corporation (ON) entered a merger agreement on June 25, 2026, to acquire Synaptics in a deal valued at $7 billion. The transaction is Onsemi’s largest acquisition to date and is intended to deepen its presence in AI-enabled devices and so-called “physical…

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Type: 9.0% Fixed Rate Cumulative Perpetual Redeemable

Initial Liquidation Price: $25

Current Yield: 11.05%

First Dividend: September 15, 2026

Working through insider purchases every night for our daily Event-Driven Monitor and weekly Insider Weekends posts, requires a significant amount of data …

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1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

5. C-Suite Sudden Departures

Powered by InsideArbitrage.

Update on Developing M&A

• Destination XL Group (DXLG): Zodiac Partners II announced that it has increased its offer price for Destination XL to $0.84 per share. (Press Release)

• eBay (EBAY): GameStop (GME) announced that its Board has granted the request of CEO Ryan Cohen to amend the proxy statement to remove the CEO Performance Award. (Press Release)

• InMode (INMD): The Board received an unsolicited proposal from M.N. Business Strategy to acquire through all of the outstanding ordinary shares of the company for $16.20 per share in cash. (Press Release)

• Neuphoria Therapeutics (NEUP): Is in discussions with Scancell about the potential acquisition of Neuphoria by Scancell, with Scancell becoming a Nasdaq-listed company following the closing of any such transaction. (Press Release)

• SPS Commerce (SPSC): Is exploring ​a sale amid pressure from activist investors. (Reuters)

Rumors

• Anghami (ANGH): OSN Streaming submitted a preliminary non-binding proposal to acquire all the outstanding ordinary shares of Anghami in a going-private transaction. (Letter)

• Biolife Solutions (BLFS): Has attracted takeover interest from parties including diagnostics company Repligen (RGEN). (Bloomberg)

• Edgewell Personal Care (EPC): Rejected an unsolicited takeover offer from private equity firm Yellow Wood Partners. (Bloomberg)

• Jaguar Health (JAGX): The Board has initiated a process to explore and review a range of strategic alternatives. (Press Release)

• Varonis Systems (VRNS): Is exploring options, including a potential sale after receiving takeover interest. (Bloomberg)

To access all rumors, a history of updates and the eventual outcomes, check out our Deals in the Works tool that includes data on over 9 years of developing M&A situations:

Update on Shareholder Activism

• CEA Industries (BNC): CEA and YZILabs entered into a cooperation agreement. (Press Release)

• ENvue (FEED): Christian Michael Glibert announced he has fully liquidated his investment position in ENvue. (13D Filing)

• Equus Total Return (EQS): Howard Todd Horberg urged the company to conduct a strategic review, including a potential merger and the suspension of salary escalators, to protect investor interests. (Letter)

• H.B. Fuller (FUL): Ancora condemned H.B. Fuller’s acquisition of Advanced Medical Solutions. (Press Release)

• Health Catalyst (HCAT): Palogic Value Management sent a letter to the company expressing support for the recent appointment of Ben Albert as Chief Executive Officer and the divestiture of VitalWare. (13D Filing)

• SEACOR Marine Holdings (SMHI): Jorey Chernett, Founder of Pointilist Family Office and the largest shareholder of SEACOR with 7.2% stake, delivered a letter to the Board calling for the evaluation of strategic alternatives, including the sale of the company or a dual-track fleet sale. (Press Release)

• Vale (VALE): Board members of Vale voted against a proposal by one of the company’s largest shareholders, Previ, to remove Daniel André Stieler as chairman. (Bloomberg)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold: https://www.insidearbitrage.com/shareholder-activists-tool

Update on Other Special Situations

• The Middleby Corporation (MIDD): Middleby formally approved the spin-off of its Food Processing business, Midera Food Processing, with the separation set to be completed on July 6, 2026. Middleby shareholders of record as of June 26, 2026, will receive one share of Midera for each Middleby share held. (Filing)

• ABVC BioPharma (ABVC): Plans to spin off 15% of BioKey (Cayman) to shareholders of record on July 24, 2026, while retaining an 85% stake. The distribution of approximately 4.5 million BioKey shares is expected on August 3, 2026. BioKey will operate as a standalone CRO/CDMO and nutraceutical company and plans to seek an OTC listing. The spin-off will be taxable to U.S. shareholders. (Filing)

• KBR (KBR): KBR appointed Michael LaRouche as President and CEO-designate and Nicholas Veasey as Executive Vice President and CFO-designate of the planned spin-off of its Mission Technology Solutions business. Veasey will join KBR on July 1, 2026, while LaRouche will join on September 24, 2026. Both executives are expected to assume their respective roles at SpinCo upon completion of the separation, which is expected on January 4, 2027. (Press Release)

• ADI Global Distribution (ADIG): ADI Global Distribution filed an amended Form 10 with the SEC, updating disclosures related to its planned separation from Resideo Technologies (REZI). (Form 10-12B/A)

You can view the full list of upcoming spinoffs including each update since the announcement of the spinoff in our Upcoming Spinoffs List.

Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Healthcare

• Apogee Therapeutics (APGE) / AbbVie (ABBV) - $10.9 bn, Q3 2026 (Press Release, Merger Agreement)

• Bio-Techne (TECH) / Merck KGaA - $11.3 bn, Early 2027 (Press Release)

Industrials

• Arcosa (ACA) / CRH (CRH) - $8.5 bn, Q1 2027 (Press Release, Merger Agreement)

Technology

• Synaptics (SYNA) / ON Semiconductor (ON) - $7 bn, Mid-2027 (Press Release, Merger Agreement)

Check out a list of nearly 80 active mergers & acquisitions in our Merger Arbitrage Tool. Includes the ability to track specific deals, email alerts for new deals, real-time spreads, annualized returns, all merger updates and spread history charts.

Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• Arvinas (ARVN): Chief Medical Officer Noah Berkowitz resigns effective July 3, 2026. (Filing)

• Atara Biotherapeutics (ATRA): Chief Accounting Officer Yanina Grant-Huerta resigns effective July 17, 2026. (Filing)

• CTS (CTS): President and Chief Executive Officer Kieran O’Sullivan resigns effective July 6, 2026. (Filing)

• Domo (DOMO): Chief Technology Officer Daren Thayne resigns effective July 10, 2026. (Filing)

• Elastic N.V. (ESTC): Chief Product Officer Ken Exner resigns effective July 17, 2026. (Filing)

• GitLab (GTLB): Chief Legal Officer Robin Schulman resigns effective June 30, 2026. (Filing)

• Heartbeam (BEAT): Chief Executive Officer Robert P. Eno resigns effective June 30, 2026. (Filing)

• Lucid Group (LCID): The company eliminated the Chief Operating Officer role, following which Marc Winterhoff departed effective June 22, 2026. (Filing)

• The Goodyear Tire & Rubber Company (GT): Chief Financial Officer Christina L. Zamarro resigns effective June 30, 2026. (Filing)

Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.

If you enjoyed reading this Report, please do me the huge favor of pressing the “Like” button or sharing it with other investors interested in special situations.

Share

The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.

The conference was a lot of fun and I got a chance to catch presentations by Kingsway Corporation (KWY), Pro-Dex (PDEX) and several other companies. What is even more fun is reconnecting with old friends like Sam Namiri, who was recently a guest on Robert’s Planet MicroCap podcast as well as making new friends like Sandeep Singh, Andrei, Alex Cho-Kee and Matt.

I also got a chance to meet with the management teams of a few companies and I wanted to highlight two of them, Armanino Foods (OTC: ARMN) and Crexendo (CXDO).

Armanino Foods of Distinction (OTC: ARMF): $10.20

Market Cap: $317M

For several years, my friend Adib Motiwala has been telling me about one of the largest pesto sauce producers in the U.S., Armanino Foods. The position has been a multi-bagger for his portfolio and while the story sounded interesting, it didn’t fit my event-driven framework. Moreover the stock is traded over-the-counter and I usually don’t invest in OTC stocks.

He mentioned that the company’s production facilities were across the bridge from where I lived in the San Francisco Bay Area and that I should check them out. When I noticed that they were going to be at the Planet Microcap conference, I figured it would be a good idea to learn more about the company. The company, which was family run, hired a new professional CEO last year who previously worked for PepsiCo (PEP). She onboarded a new CFO with an investment banking background six months ago.

C-suite transitions are events we pay attention to and given the background of the new CFO, the potential of an uplisting to an exchange like NASDAQ or NYSE could be another catalyst that would make the situation interesting for me. Considering their production facilities in Hayward, California are just a 15 to 20 minute drive away from where I live, I plan to drive over and check them out. I mentioned to the CEO that I might bring my daughter along as she is a huge fan of pesto sauce.

Armanino Foods produces 250 kinds of sauces that you are likely to find in the frozen foods aisle at grocery stores like Safeway and Albertsons. I was surprised to learn that I would find their sauce in the frozen foods section, and both the CEO Deanna and another professional investor who was in the meeting, explained that the best pesto sauces are usually not found on regular shelves.

This is not a deep dive on Armanino Foods like we do for our spotlight ideas in our monthly special situations newsletters but a quick look at the company. There are five things about the company that stood out to me:

1. They are the largest basil pesto sauce producer in the U.S. with 60% market share. The next largest producer has 6% market share.

2. 90% of their business comes from food service and 10% from retail locations like Safeway, Lucky’s and Costco Business Center.

3. Gross margin of nearly 50% and operating margin of over 30% is unusually high for a packaged food company.

4. They recently leased a new 90,000 square foot facility in Mountain House, California because their existing 26,000 square foot facility in Hayward, California is nearly at capacity.

5. They have a presence in Japan but plan to expand to multiple countries. This will bring down margins over time.

6. I said five things but it is hard not to mention this sixth point. Given the new CEO’s sixteen years of experience at Pepsi, she plans to target quick service restaurants (QSRs as the industry likes to call them) like McDonald’s, Chipotle and others to drive revenue growth.

Crexendo (CXDO): $6.92

Market Cap: $224M

Before meeting with the management team of Crexendo at the Planet Microcap conference, I happened to look at open market purchases by the company’s insiders. As you can see from this link and the image below, several insiders purchased a small number of shares in very well-timed transactions in 2023 and 2024. However one insider, COO Doug Gaylor, also purchased shares last month, after the stock had appreciated quite significantly.

I opened the Form 4 filing and a closer look revealed that the purchase was most likely a sale that was mistakenly filed as a purchase. As it turns out, the folks who were meeting with me were COO Doug Gaylor and CFO Ron Vincent. I showed them the filing and they agreed that it was a mistake that would be fixed through an amended filing.

Crexendo is a company that provides telecommunication services to clients much the same way that companies like RingCentral (RNG), Vonage (acquired by Ericsson for $6.2 billion), 8×8 (EGHT) and Ooma (OOMA). If that was all the company did, I would not have written about them but it was the other part of their business that really caught my attention.

Beyond providing services to retail clients, they also provide a software platform (the wholesale business) that companies can use to provide their own telecommunication services. They have 245 licensees of this platform and their only competition in this space comes from Cisco BroadSoft (about 1,000 licensees) and Microsoft, which sold its Metaswitch division to Alianza (800 licensees).

BroadSoft is no longer a core focus of Cisco and this has provided an opportunity for Crexendo to poach some of these customers from Cisco. Microsoft was planning on sunsetting their Metaswitch division but decided to instead sell it to Alianza.

Just like I did with Armanino Foods, instead of doing a deep dive into Crexendo, I am going to highlight five things about the company that stood out to me:

1. Crexendo picked up 14 licensees for its software platform last year and nine of them came from either BroadSoft or Metaswitch. They haven’t lost a single customer to either of those platforms in seven years.

2. The management team appears to have long tenures and COO Doug Gaylor has been with the company since 2009, while CFO Ron Vincent has been with the company since 2012.

3. The company saw 28% organic growth on the wholesale side last year and 12% in Q1 2026. Organic growth on the retail side was 15% in Q1 2026 but that was helped by a $1 million one-time jump. Historically the retail side has grown 7% year-over-year.

4. AI is a tailwind for the company as they already have a per session revenue model compared to competitors that still have a per seat model. They released their AI receptionist called Crexendo AI Receptionist Operator (CAIRO) in January and expect their average revenue per retail customer to increase by 40% due to contribution from CAIRO (very cool acronym).

5. I tried to highlight to Crexendo that they could take this one step further and reposition themselves as a communication layer for AI agents much the same way Salesforce’s Slack or Twilio’s messaging APIs have become preferred choices for agentic communications.

6. It was too hard to stop at five points and I wanted to highlight their recent ESI acquisition. ESI is a company with $26 million in revenue that had been licensing Crexendo’s software platform for 14 years. Crexendo purchased ESI for a very attractive 1.25 times forward revenue with $27M paid through cash on hand and $8M in stock. Other licensees like ESI represent a fertile fishing pond for future acquisitions.

I don’t have a position in Armanino Foods or Crexendo but will most likely start a position in Crexendo in the coming weeks after I complete my due diligence on the company. I figured I would shares some early thoughts in case other investors are also following these companies and would like to compare notes.

Disclaimer: Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.