Market Cap: $1.68 B

Deal Value: $2.4 B

Sila Realty Trust, a healthcare-focused REIT, entered into a merger agreement on April 20, 2026, to be acquired by Blue Owl Capital (OWL) in a deal valued at $2.4 billion. It is absolutely fascinating to see Blue Owl strike this deal at a time when private credit is the fear du jo…

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Market Cap: $331.23M

Enterprise Value: $352.34M

Introduction

Insider buying spiked significantly last week but most of the increase was related to insider buying in IPOs. We find insider buying in IPOs unusual as it is usually a liquidity event for existing investors and their decision to buy more in the IPO is notable.

Last week …

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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

• American Airlines (AAL): A bipartisan group of senators is raising concerns that a merger between United Airlines (UAL) and American Airlines could harm travelers. (WSJ)

• Brown-Forman (BF.A)(BF.B): The family that owns the maker of Jack Daniel’s whiskey favors a potential sale to the French distiller Pernod Ricard over an alternative proposal from its closely held American rival Sazerac. (Bloomberg)

• Caesars Entertainment (CZR): Has extended exclusive talks with Tilman Fertitta about an $18 billion takeover, as new details about the deal emerge. (Bloomberg)

• Franklin Street Properties (FSP): Has expanded its ongoing strategic alternatives review process to include BofA Securities and Jones Lang LaSalle Securities as co-financial advisors in an expansion of its ongoing strategic review process. (Press Release)

• Investcorp Credit Management BDC (ICMB): Has engaged Houlihan Lokey as its financial advisor to assist the Special Committee of Independent Directors in its ongoing review of strategic alternatives. (Press Release)

• Organon (OGN): Sun Pharma has submitted a binding $13 billion offer to acquire Organon. (ET)

• Perfect (PERF): The independent special committee has selected Kroll as its financial advisor and DLA Piper as its international legal counsel. (Press Release)

• Rayonier Advanced Materials (RYAM): Is engaged in a formal process to explore strategic alternatives to maximize shareholder value. (Press Release)

• Seer (SEER): Bradley Radoff and Michael Torok (The Radoff-JEC Group) submitted an improved non-binding proposal to acquire the company for $2.35 per share in cash plus a contingent value right. (Press Release)

• SOLAI (SLAI): Received a revised preliminary non-binding proposal from Chaince Digital to acquire all of the Class A and B ordinary shares, including shares represented by American depositary shares, for a proposed purchase price of $0.03162 per ordinary share, or $3.162 per ADS, in cash in a going-private transaction. (Press Release)

• Teleflex (TFX): CVC Capital Partners and GTCR have teamed up and submitted a takeover offer for medical equipment provider Teleflex. (Bloomberg)

Rumors

• BNB Plus (BNBX): The Board has authorized a formal review of strategic alternatives to maximize shareholder value. (Press Release)

• iHeartMedia (IHRT): Is holding talks about a possible sale to Sirius XM (SIRI). (Bloomberg)

• T-Mobile US (TMUS): Deutsche Telekom AG is considering a full combination with its American arm, T-Mobile US. (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

• Americold Realty Trust (COLD): Sieve Capital urged Americold Realty Trust shareholders to vote against the re-election of Mark Patterson and Andrew Power to the Board. (Press Release)

• NN (NNBR): Corre Partners Management said it has had discussions with certain representatives of the company and management. (13D Filing)

• TPG RE Finance Trust (TRTX): Gratia Capital believes that the company’s share price does not accurately reflect the short and long-term prospects. (13D Filing)

• Voya Financial (VOYA): Is facing pressure from Toms Capital to sell all or parts of its $1.1 trillion pension and insurance products empire. (FT)

• WEX (WEX): Impactive Capital announced that leading proxy advisory firm Glass Lewis has recommended that shareholders vote FOR the election of Impactive director nominees Kurt Adams and Lauren Taylor Wolfe to the Board and WITHHOLD on Board Chair and CEO Melissa Smith and director and Compensation Committee Chair Stephen Smith. (Press Release)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.

Update on Other Special Situations

• Associated British Foods (ASBFF): Associated British Foods announced it will demerge Primark from its food business, creating two separately listed companies, with shareholders owning both. The dividend demerger is targeted for completion by the end of 2027, subject to approvals, with both entities expected to list on the London Stock Exchange. (Press Release)

• Genuine Parts Company (GPC): Genuine Parts Company announced that it is still on track to separate into two independent, publicly traded companies, Global Automotive and Global Industrial (Motion), in Q1 2027. (Press Release)

• Honeywell International (HON): Honeywell International has updated the timing for the spin-off of its Aerospace business, now expected to be completed on June 29, 2026. The standalone aerospace entity will trade on Nasdaq under the ticker HONA. Ahead of the separation, the company has scheduled dedicated investor events, including an Aerospace investor day on June 3, 2026 in Phoenix and an Automation business investor day on June 11, 2026 in New York, to outline the strategy and outlook for both 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

Healthcare

• TruBridge, Inc. (TBRG) / Inventurus Knowledge Solutions - $557.27 mn, Q3 2026 (Press Release, Merger Agreement)

Industrials

• TopBuild (BLD) / QXO (QXO) - $17 bn, Q3 2026 (Press Release, Merger Agreement)

Real Estate

• Sila Realty Trust (SILA) / Blue Owl Capital (OWL) - $2.4 bn, Q3 2026 (Press Release, Merger Agreement)

Technology

• Electro-Sensors (ELSE) / steute Technologies - $8.9 mn, H1 2026 (Press Release)

• LivePerson (LPSN) / SoundHound AI (SOUN) - $250 mn, H2 2026 (Press Release, Merger Agreement)

Check out a list of over 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. 

• American Shared Hospital Services (AMS): Chief Executive Officer Gary Delanois resigns effective April 24, 2026. (Filing)

• Beyond Meat (BYND): Chief Operations Officer Jonathan Nelson resigns effective May 17, 2026. (Filing)

• Clean Energy Fuels (CLNE): President and Chief Executive Officer Andrew J. Littlefair resigns effective April 22, 2026. (Filing)

• Expedia Group (EXPE): Chief Financial Officer Scott Schenkel resigns effective May 11, 2026. (Filing)

• Fermi (FRMI): Chief Financial Officer Miles Everson resigns effective April 19, 2026. (Filing)

• Intel (INTC): Chief Accounting Officer Scott Gawel resigns effective April 24, 2026. (Filing)

• Nine Energy Service (NINE): Chief Financial Officer Guy Sirkes resigns effective May 11, 2026. (Filing)

• Snap (SNAP): Chief Financial Officer Derek Andersen resigns effective May 8, 2026. (Filing)

• Trump Media & Technology Group (DJT): Chief Executive Officer Devin Nunes resigns effective April 21, 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.

The 2026 Berkshire Hathaway annual meeting will be held on Saturday, May 2nd at the CHI Health Center in Omaha. Warren Buffett will be there but the meeting will mostly be led by new CEO Greg Abel. I wrote an article called The End of Berkshire As We Know It after attending the last meeting.

The exhibition center is open the day before on Friday afternoon to allow shareholders to shop from Berkshire companies at discounted prices. If you haven’t already received your tickets by mail (you can order up to four tickets per shareholder), you can also pick them up at the CHI Health Center on Friday between 11 AM and 5 PM.

Below is a list of events that I plan to attend. Some require invites and some are paid events but a large number are were open to all with a quick registration.

1. The Berkshire Soiree by Matt Peterson (Peterson Capital Management) – Thursday April 30th from 5 PM to 8 PM CST @ The Omaha Press Club (Invite only)

2. The CFA Society of Nebraska Dinner with Meb Faber – Thursday April 30th from 5:30 PM to 9 PM @ Omaha Marriott Downtown at the Capitol District ($)

3. Gabelli Omaha Value Investor Conference Breakfast – Friday May 1st from 8 AM to Noon CST @ The Hilton Omaha

4. ValueX BRK by Guy Spier – Friday May 1st from 10 AM to 3 PM CST (possibly at Omaha Marriott Downtown – Invite only)

5. Berkshire Hathaway annual general meeting – Saturday, May 2nd from 7 AM to 4 PM CST @ CHI Health Center

6. Robotti/Fordham Gabelli School of Business Omaha Gathering – Saturday, May 2nd from 1 PM to 4 PM @ Hilton Omaha

7. The Intellectual Investor Breakfast with Vitaliy Katsenelson – Sunday, May 3rd from 8:45 AM to 12 PM CST @ Omaha Marriott Downtown

If you decide to go and haven’t yet found your way to Buffett’s home, take a short trip to 5505 Farnam St, Omaha, like I did a couple of years ago with these fine folks:

If you are at any of these events, please stop by and say hello! Let me know if there are other events you plan to go to that I missed and I’ll update this post.

Paul Nary is the Assistant Professor of Management at The University of Pennsylvania’s Wharton School, where he focuses on Corporate Strategy, M&A and Private Equity.

Episode 63 of our weekly Special Situations Report Podcast with Paul Nary is out today and can be found on Spotify, YouTube and Apple Podcasts.

Dr. Nary’s work has been published in top strategy journals, including the Strategic Management Journal and Academy of Management Review, and he is frequently quoted in top media outlets, including American Banker, Associated Press, Barron’s, CNBC, NPR’s Marketplace, and The Wall Street Journal.

Our conversation with Dr. Nary centered around four key topics. We spoke extensively about:

• The bidding and sales process for Warner Bros. Discovery as well as the recent increase in the deal spread (WBD)

• Irenic Capital’s activist campaign for Snap (SNAP)

• Bill Ackman’s complex offer for Universal Music Group (UMG)

• Dr. Nary’s research on private equity acquisitions and a potential deal for Commvault Systems (CVLT)

We learned so much from this discussion, and we hope you will too!

You can find Professor Nary at the following locations:
Wharton: Paul Nary
Website: PaulNary.com
X/Twitter: https://x.com/ProfPaulNary

Disclaimer: This podcast is for general informational and educational purposes only. The content does not constitute financial, investment, legal, or tax advice. We do not warrant the completeness or accuracy of the content or data provided in this podcast. The views, opinions, and statements expressed by guests on this podcast are their own and do not necessarily reflect the views, opinions, or positions of the hosts, producers, or affiliates of this show. The hosts’ inclusion of a guest on this podcast does not imply endorsement of the guest or their views. Nothing discussed in this podcast should be interpreted as a recommendation to buy, sell, or hold any investment or security. Investing involves substantial risks, including the potential loss of principal. You should conduct your own research and due diligence before making any investment decisions.

Market Cap: $10.29 B

Deal Value: $11.68 B

Amazon.com, Inc. (AMZN) entered a merger agreement on April 14, 2026, to acquire satellite operator Globalstar in a deal valued at $11.68 billion.

We previously wrote about Globalstar in a March 2025 Insider Weekends article and added it to our model portfolio. We exited the position …

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Market Cap: $1.59B

Enterprise Value: $1.29B

Introduction

Insider activity remained muted last week, with aggregate insider buying declining sharply to just $32.37 million. Naturally, this made it quite difficult to pick a single company from our list of top five insider purchases and sales to feature in our article today, for…

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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

• Brown-Forman (BF.A)(BF.B): Sazerac offered to buy Brown-Forman for around $15 billion. (WSJ)

• Commerce.com (CMRC): The Board adopted a limited-duration stockholder rights plan (poison pill) in response to Rezolve AI’s (RZLV) unsolicited acquisition proposal. (Press Release)

• Papa John’s International (PZZA): Qatari investment firm Irth has been in talks with Papa John’s and was conducting due diligence on a potential acquisition over the last ​month. (Reuters)

Rumors

• American Airlines (AAL): United Airlines (UAL) CEO Scott Kirby pitched the ​potential for merging with American Airlines in a meeting with U.S. President Donald Trump in late February. (Reuters)

• LCI Industries (LCII): Patrick Industries (PATK) is in discussions with LCI Industries regarding a potential merger of equals. (Press Release)

• Organon (OGN): Sun Pharmaceutical Industries and Germany’s Grünenthal are among firms vying for New York-listed women’s health-care company Organon. (Bloomberg)

• Repay Holdings (RPAY): Forager Capital Management sent a letter to the Board offering $4.8 per share in cash in a proposal to acquire the company. (Press Release)

• Seer (SEER): Bradley Radoff and Michael Torok (Radoff-JEC Group) submitted a non-binding proposal to acquire the company for $2.25 per share in cash plus a contingent value right. (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

• Genco Shipping & Trading (GNK): Diana Shipping (DSX) sent a letter to Genco shareholders for its campaign to elect six independent director nominees to Genco’s Board at the 2026 Annual Meeting. (Press Release)

• OraSure Technologies (OSUR): Appointed John Bertrand to its Board as an independent director, effective immediately; and entered into a Cooperation Agreement with Altai Capital. (Press Release)

• Vera Bradley (VRA): The Board approved an amendment to the shareholder rights plan under which the final expiration date has been accelerated from October 11, 2026, to April 17, 2026. (Press Release)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.

Update on Other Special Situations

• FedEx (FDX): FedEx CFO John Dietrich will step down following the completion of the company’s planned freight spinoff. He will leave the CFO role on June 1 and depart the company on July 31. (Bloomberg)

• Corteva (CTVA): Corteva announced the leadership team for “New Corteva,” the crop protection business that will remain the parent post-separation, with the spin-off still on track for Q4 2026. Luke Kissam will serve as CEO, with Greg Page as Chair. New Corteva leadership will host an Investor Day on September 15, 2026. (Press Release)

• AB Foods (ASBFY): Associated British Foods is expected to outline ‌plans to separate its Primark fashion chain from its food businesses when it gives an update on a review of the group’s structure on April 21, 2026. AB Foods launched a review of its structure last year, assisted by Rothschild, with ​a view to maximizing long-term value. (Reuters)

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

• Globalstar (GSAT) / Amazon.com (AMZN) - $11.68 bn, 2027 (Press Release, Merger Agreement)

Consumer Cyclical

• Leggett & Platt (LEG) / Somnigroup (SGI) - $2.5 bn, Year-end 2026 (Press Release, Merger Agreement)

Healthcare

• Avanos Medical (AVNS) / American Industrial Partners - $1.27 bn, H2 2026 (Press Release, Merger Agreement)

Check out a list of over 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. 

• Achieve Life Sciences (ACHV): Chief Executive Officer Richard Stewart resigns effective April 18, 2026. (Filing)

• AES Corp (AES): Chief Accounting Officer Sherry Kohan resigns effective May 7, 2026. (Filing)

• Fermi Inc. (FRMI): Chief Executive Officer Toby Neugebauer resigns effective April 17, 2026. (Filing)

• Mimedx Group (MDXG): Terminates Chief Operating Officer Ricci Whitlow effective April 14, 2026. (Filing)

• SmartKem (SMTK): Chief Technology Officer Simon Ogier resigns effective April 13, 2026. (Filing)

• Solana Company (HSDT): Chief Medical Officer Antonella Favit-Van Pelt resigns effective April 8, 2026. (Filing)

• Spok Holdings (SPOK): Chief Financial Officer Calvin C. Rice resigns effective April 14, 2026. (Filing)

• Starz Entertainment (STRZ): General Counsel Audrey Lee retires on May 1, 2026. (Filing)

• World Acceptance (WRLD): President and Chief Executive Officer Chad Prashad resigns effective April 10, 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 Fear & Greed Index, which had dipped into deep fear territory when we wrote…

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Market Cap: $971.30M

Deal Value: $1.7 B

U.S. shopping center owner Whitestone REIT entered a merger agreement on April 9, 2026, to be acquired by funds managed by Ares Management (ARES) in a deal valued at $1.7 billion.

Ares Real Estate Funds will acquire all outstanding Whitestone common shares and operating partnership units f…

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Market Cap: $4.30B

Enterprise Value: $2.03B

Introduction

Insider activity remains muted as companies prepare their earnings releases for the first quarter of 2026. For some companies the start of the new year has been quite volatile, and Oscar Health (OSCR) fits the bill perfectly. Just looking at a picture of the company’s p…

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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

• Brown-Forman (BF.A)(BF.B): Sazerac recently approached Jack Daniel’s maker Brown-Forman about a potential deal. (WSJ)

• Xponential Fitness (XPOF): The Board has initiated a review of strategic alternatives to maximize shareholder value. (Press Release)

Rumors

• AstroNova (ALOT): The Board has initiated a review and evaluation of strategic alternatives to maximize shareholder value. (Press Release)

• Commerce.com (CMRC): Rezolve AI (RZLV) proposed an all-stock combination at a fixed exchange ratio of 2 shares of Commerce.com Series 1 common stock for one ordinary Rezolve AI share. (Press Release)

• Commvault ‌Systems (CVLT): Is exploring a sale after receiving takeover interest from multiple parties. (Reuters)

• Playtika Holding (PLTK): A Special Committee of the Board, comprised solely of independent directors, is conducting a comprehensive review and evaluation of strategic alternatives across its portfolio. (Press Release)

• SUNation Energy (SUNE): The Board has authorised the review of a full range of strategic alternatives aimed at increasing shareholder 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

• CarMax (KMX): Will add two members to its board following discussions with activist investor Starboard Value, which agreed to withdraw its director nominations ahead of the company’s annual shareholder meeting. (Press Release)

• CoStar Group (CSGP): Daniel Loeb’s hedge fund, Third Point, will not pursue ​a proxy fight at real estate data company CoStar Group and sold its entire stake in the owner of Apartments.com and Homes.com. (Press Release)

• Evotec (EVO): Activist fund MAK Capital, led by Michael Kaufman, has urged the leadership of German biotech firm Evotec to list its US unit and speed up its cost-cutting program after the shares have lost about 85% over the past five years. (Letter)

• GeoPark (GPRK): Parex withdrew its nomination of six independent candidates for election to the Board at the 2026 annual general meeting. (13D Filing)

• Lulu’s Fashion Lounge Holdings (LVLU): Friedland Enterprises believes the shares of the company are undervalued and represent an attractive investment opportunity. (13D Filing)

• Neuronetics (STIM): Jorey Chernett in a letter to the Board, called for the immediate initiation of a comprehensive review of strategic alternatives, including the potential sale of the company’s TMS business. (Press Release)

• Novavax (NVAX): Shah Capital sent a letter to the board declaring a notice of intention to vote against Board Nominees and Executive Compensation. (Letter)

• WEX (WEX): Impactive Capital said it is not pushing to oust Smith as CEO but rather to ⁠replace her on the board and to split the CEO and chair roles. (Reuters)

Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.

Update on Other Special Situations

• Evotec SE (EVO): Activist fund MAK Capital, led by Michael A. Kaufman, has urged the leadership of German biotech firm Evotec SE to list its U.S. unit and speed up its cost cutting program after the shares have lost about 85% over the past five years. (Bloomberg)

• FedEx (FDX): Freight hosted its inaugural investor day ahead of its planned spinoff from FedEx Corporation, outlining its strategy as a standalone company focused on network efficiency, technology investments and disciplined capital allocation. The company also introduced a medium-term outlook targeting 4% to 6% revenue growth and 10% to 12% operating income growth, with annual free cash flow expected to exceed $1 billion. Separation remains on track for completion on June 1, 2026. (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

Healthcare

• Assertio Holdings (ASRT) / Garda Therapeutics - $125.1 mn, Q2 2026 (Press Release, Merger Agreement)

• Soleno Therapeutics (SLNO) / Neurocrine Biosciences (NBIX) - $2.9 bn, July 2026 (Press Release, Merger Agreement)

Real Estate

• Whitestone REIT (WSR) / Ares Real Estate Funds (ARES) - $1.7 bn, Q3 2026 (Press Release, Merger Agreement)

Check out a list of over 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. 

• ATN International (ATNI): Chief Executive Officer Brad Martin resigns effective April 6, 2026. (Filing)

• BayCom (BCML): Terminates Chief Executive Officer George J. Guarini, Chief Operating Officer Janet L. King and Chief Financial Officer Keary L. Colwell effective April 7, 2026.(Filing)

• Caterpillar (CAT): Chief Financial Officer Andrew R.J. Bonfield resigns effective May 1, 2026. (Filing)

• FactSet Research Systems (FDS): Chief Financial Officer Helen Shan resigns effective April 13, 2026. (Filing)

• FinWise Bancorp (FINW): Chief Executive Officer Kent Landvatter resigns effective April 6, 2026. (Filing)

• Forward Industries (FWDI): Chief Financial Officer Kathleen Weisberg resigns effective April 13, 2026. (Filing)

• HealthEquity (HQY): Terminates Chief Technology Officer Eli Rosner effective April 17, 2026. (Filing)

• Kura Sushi USA (KRUS): Chief Financial Officer Jeffrey J. Uttz resigns effective April 28, 2026. (Filing)

• Nerdy (NRDY): Chief Financial Officer Jason Pello resigns effective April 3, 2026. (Filing)

• PSQ Holdings (PSQH): Chief Financial Officer James Rinn resigns effective April 30, 2026. (Filing)

• Solo Brands (SBDS): Chief Accounting Officer David McGuire resigns effective May 1, 2026. (Filing)

• Treasure Global (TGL): Chief Executive Officer Carlson Thow resigns effective March 31, 2026. (Filing)

• Valmont Industries (VMI): Chief Financial Officer Thomas Liguori resigns effective April 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.

One of these two companies based in Idaho makes memory chips and the other one makes potato chips (borrowing from the British who call french fries, chips). And the one making memory chips is nearly 100 times the size of the other. Investors doubling down on the AI “picks and shovels” trade and cutting back on food in this new world of GLP-1 drugs partially explains the huge chasm between the two.

One of them saw its quarterly revenue increase 196%, while the other one barely kept pace with the GDP growth rate.

I have a long position in one of them and the second one has been on my watchlist for a long time.

Insiders, Activists and Stock Buybacks

I was once again reminded of the Idaho-based potato products company Lamb Weston (LW) last night when we were looking at the latest crop of insider purchases. The activist investor Jana Partners added to their Lamb Weston stake to the tune of nearly $10 million. They were not the only insiders that were buying. Since the start of this year four different insiders have purchased shares including three this month.

Jana Partners has been involved with Lamb Weston since October 2024 and wanted the company to put itself up for sale. They also wanted Lamb Weston to improve operations and capital allocation. A few months later, Post Holdings (POST), the maker of mashed potatoes and cereals like Honey Bunches of Oats, started working with investment bankers to see if they could acquire Lamb Weston. By this point you had two special situations in play including activist involvement and the potential of an acquisition but unfortunately a sale did not materialize.

The company did however increase its stock buyback authorization by $250 million in December 2024, adding to its existing $500 million share repurchase authorization. The company did go ahead and execute on part of this buyback and has retired 2% of shares in the last five quarters.

Jana is not the only activist interested in the company and last month The Wall Street Journal reported that Starboard Value has built a sizable stake in Lamb Weston and is pushing the company to speed up improvements and cost-cutting to boost its underperforming stock.

Starboard is now one of the biggest shareholders in Lamb Weston. Starboard has been an investor in the company for a while and recently saw an opportunity to scoop up even more shares with the business looking undervalued.

I wrote about Lamb Weston for our November 2023 Special Situations Newsletter. The TLDR version of that writeup was:

• Lamb Weston is a successful spinoff story with the company outperforming the S&P 500 by more than 100% since its spinoff from Conagra Brands (CAG) in November 2016.

• The company has a long established leadership team with CEO Tom Werner working at Conagra for 17 years and shepherding Lamb Weston through the spinoff process.

• Lamb Weston is one of the largest producers and processors of frozen potato products, including #1 in North America and #2 globally in the frozen potato category.

• The company reported first quarter fiscal 2024 results that would turn even high growth SaaS companies green with envy. Net sales were up 48% and net income from operations was up 106%.

• Net income margin of 14% is surprisingly strong for a food company.

• The company recently announced a $500 million buyback program representing around 2.8% of its market cap at announcement.

I concluded the write up as follows:

“There is a lot to like about Lamb Weston including the fact that the company beat earnings estimates for eight quarters in a row and analysts have recently revised their estimates upwards. The main thing that gives me pause is the amount of debt they have on their balance sheet.

If we remain in a “higher for longer” interest rate environment, debt that matures will have to be refinanced at much higher rates. The company has also benefited from lapping results from a bad potato crop in 2022 and revenue growth may not continue at the pace we have seen in the recent past.

I am going to add the company to our watchlist to observe for a couple of quarters before making a decision about adding it to the model portfolio.”

Holding off on investing in Lamb Weston turned out to be the right decision as the stock lost more than half its value and declined from $89.52 to the current $42.34. Both revenue and earnings appear to have stabilized and the company is trading at a forward P/E below 14.

While some investors might find this confluence of special situations (activists, insider buying and buybacks) interesting, it is the other chip company from Idaho that I have in my personal portfolio. Incidentally, despite a triple digit revenue growth rate and a net income margin that would turn most companies green with envy, the stock trades at a forward P/E of 7. Investors are concerned that this cyclical industry will once again see a big increase in supply and this company will come back down to earth.

Micron Technology (MU) has also seen insider buying this year and some of what we wrote about the company in an Insider Weekends article in January is as follows:

“Founded in Boise, Idaho in 1978 and the holder of over 60,000 patents, Micron Technology is a company that focuses on computer memory. They primarily sell two kinds of memory including the type that is used for your computer’s drive to store data (NAND) and the more rapid-access RAM memory that your computer uses (DRAM) as its temporary “working memory” while the CPU or GPU is computing data.

Think of the distinction as your brain using working memory to keep track of which cards have been previously played in a game of bridge or blackjack (DRAM or working memory that is not retained after the power is turned off) and the words you need to remember as you are learning a new language (NAND or stored memory that is still accessible after your phone or computer are switched off).

The stock, which at one point during the tariff-related fears of last April, had dipped below $65 has recently gone parabolic and trades at $362.75. Incidentally the company also scores a perfect 100 in our IA Score quant model.”

Why the Sudden Acceleration?

At an investor pitch lunch in July 2024, a friend who works at Google pitched Micron because he felt that the “high bandwidth memory” or HBM, which was specifically developed for applications like AI/machine learning and high-performance computing in conjunction with GPUs, would benefit companies like Micron that produce them.

He mentioned that NVIDIA’s Blackwell B200, which was announced in 2024 would have 192 GB of onboard memory. Another friend, also picked Micron during an investor lunch in early 2025 for the same reason. NVIDIA Blackwell Ultra B300, which was announced in March 2025 had capacity for 288 GB of onboard memory.

While traditional NAND memory was going through pricing pressures due to the cyclical nature of flash memory, HBM had pricing power due to the big increase in demand related to GPUs and Google’s custom developed processors Tensor Processing Units (TPUs).

All of that changed towards the end of 2025 as demand for GPUs and memory started going through the roof with projects like OpenAI’s Stargate locking up supply. Micron mentioned that it is sold out of memory for 2026 and has had to move production from traditional memory for computers and devices, to HBM. This CNBC article sums up the situation well.

This shift created a tailwind for NAND memory as well and was a contributing factor in SanDisk’s (SNDK) 751% rise since its spinoff from Western Digital (WDC) last February. We covered that spinoff in the October 2024 newsletter.

Insider Purchase

The insider purchase last week that prompted us to pick Micron for this week’s Insider Weekends article was the largest purchase Micron has ever seen over the last fifteen years. Director Teyin Liu had 2,710 shares before he decided to pick up 23,200 shares at an average price of $337.14 for $7.82 million.

This is his first insider purchase of Micron since he joined the board in March 2025 and is also the first insider purchase of any kind at Micron in over eight years. The only other insider who purchased shares during the last fifteen years was Micron’s former CFO Ernest Maddock who picked up shares between 2015 and 2017 in a series of small transactions and then retired from the company in 2018.

On a related note, Ernest Maddock scores a perfect 100 in our system that ranks insiders and has generated an IRR of nearly 165% on his infrequent insider purchases of Micron (MU), Ouster (OUST), Teradyne (TER) and Ultra Clean Holdings (UCTT).

Who is Teyin Liu?

Last week as we were working through the insider transactions filed on Thursday to get the Event-Driven Monitor for January 16th ready, we were struck by both the size of this Micron purchase and the fact that an insider was willing to buy after such a big run-up in the stock. I clicked on the AI Chat button on Teyin Liu’s page to see when he joined Micron’s board (new directors often buy stock and we view that as a weak signal) and what his background was.

Mr. Liu spent 30 years at TSMC where he was the Co-COO from 2012 to 2013 and then Co-CEO from 2013 to 2018 before becoming the Executive Chairman from 2018 to 2024. He received his Ph.D. in Electrical Engineering and Computer Science from University of California, Berkeley and started his career at Intel.

Given his vast experience, his insider purchase signals that he sees additional value in Micron in the upcoming quarters.

I believe that the trend we are seeing in memory demand is likely to continue but am not so sure the industry will become a secular growth story like we saw with the broader semiconductor industry, which itself transitioned from cyclical to secular growth. If you think the AI hype is overblown and would prefer to invest in real businesses, then it would be worth exploring why both Starboard Value and Jana Partners are excited about Lamb Weston and if there is a potential acquisition on the horizon.

Disclaimer: I hold a long position in Micron. 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: $5.34B

Deal Value: $6.3B

Eli Lilly (LLY) entered a merger agreement on March 31, 2026, to acquire sleep drug maker Centessa Pharmaceuticals in a deal valued at $6.3 billion, as the U.S.-based drugmaker seeks to broaden its focus beyond metabolic therapies and move into developing treatments for sleep …

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Market Cap: $1.28B

Enterprise Value: $934.69M

Introduction and A Unique Insider

We’ve once again entered the quiet period, the time around the end of the quarter where insider activity slows down as companies prepare for their earnings releases. Often, around the quiet period, we find it difficult to pick a stock to featur…

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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

• Globalstar (GSAT): Amazon (AMZN) is in talks to acquire the satellite telecommunications group Globalstar. (FT)

Rumors

• SBA Communications (SBAC): Is exploring options, including a potential sale, after the tower owner and operator received preliminary 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

• Americold Realty Trust (COLD): Sieve Capital announced that it is initiating a public campaign focused on Chairman Mark Patterson and his boardroom allies. (Press Release)

• Snap (SNAP): Activist investor Irenic Capital Management has built a position in social media company Snap and is pushing for changes to improve financial and operating performance. (Bloomberg)

• Sturm Ruger (RGR): Beretta Holding sent a letter to Ruger’s Board in response to the Board’s letter rejecting Beretta’s exemption from the shareholder rights plan. (Press Release)

• Teladoc Health (TDOC): Pineal urged the board to undergo cost-cutting initiatives to expand margins, initiate a share buyback program, and initiate a full strategic review of the business, including exploration of a break-up of the two core businesses, Integrated Care and BetterHelp, into separate entities, via a sale or spin-off transaction. (Press Release)

• Unilever (UL): Artisan Partners welcomed Unilever’s decision to merge its food business with McCormick (MKC), saying the Dove soap maker should now be able to “more effectively manage” its core personal care and home brands. (Reuters)

• Xponential Fitness (XPOF): Kanen Wealth Management urged the Board to immediately initiate a formal review of strategic alternatives, including a sale of the company. (Press Release)

Update on Other Special Situations

• Unilever (UL): Unilever announced the combination of its Foods business with McCormick & Company, with the separation now structured as a Reverse Morris Trust merger. As part of the transaction, Unilever will receive $15.7B in cash and retain a 65% equity stake in the combined company, with post-close ownership split between 55.1% Unilever shareholders, 35.0% McCormick shareholders, and 9.9% held by Unilever. The deal is expected to close by mid-2027, subject to customary approvals. (Press Release)

• Keurig Dr Pepper (KDP): Keurig Dr Pepper acquired a 96.22% stake in JDE Peet’s and plans to split into “Beverage Co.” and “Global Coffee Co.” Rafael Oliveira will lead the coffee company and Tim Cofer the beverage business, with the spinoff targeted by the end of 2026. (Press Release)

• Aptiv (APTV): Versigent (VGNT) announced the completion of its separation from Aptiv and its launch as an independent, publicly traded company. Aptiv shareholders received one ordinary share of Versigent for every three shares of Aptiv common stock held. Versigent will announce its first-quarter business results on May 5, 2026. (Press Release)

• Honeywell (HON): Honeywell set investor events ahead of its Aerospace spin-off (expected Q3 2026). Aerospace (“HONA”) will host its inaugural conference on June 3, 2026, followed by Honeywell’s automation investor day on June 11, 2026. (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

• Affinity Bancshares (AFBI) / Fidelity BancShares - $142.8 mn, Q3 2026 (Press Release, Merger Agreement)

Healthcare

• Apellis Pharmaceuticals (APLS) / Biogen (BIIB) - $5.6 bn, Q2 2026 (Press Release, Merger Agreement)

• Centessa Pharmaceuticals (CNTA) / Eli Lilly (LLY) - $6.3 bn, Q3 2026 (Press Release, Merger Agreement)

• Forian (FORA) / CEO Max Wygod-led Consortium - $68 mn, Q2 2026 (Press Release, Merger Agreement)

• Kezar Life Sciences (KZR) / Aurinia Pharmaceuticals (AUPH) - $50.93 mn, Q2 2026 (Press Release, Merger Agreement)

Check out a list of over 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. 

• Alphabet (GOOG): Principal Accounting Officer Amie Thuener O’Toole resigns effective April 9, 2026. (Filing)

• Amrize (AMRZ): Chief Financial Officer Ian Johnston resigns effective April 1, 2026. (Filing)

• Beyond Air (XAIR): Chief Executive Officer Steven A. Lisi resigns effective March 27, 2026. (Filing)

• CitroTech (CITR): Chief Technology Officer Stephen Conboy resigns effective March 31, 2026. (Filing)

• Commercial Vehicle Group (CVGI): Chief Financial Officer Andy Cheung resigns effective April 15, 2026. (Filing)

• Elauwit Connection (ELWT): Chief Financial Officer Sean Arnette resigns effective April 2, 2026. (Filing)

• Goosehead Insurance (GSHD): General Counsel John O’Connor resigns effective March 30, 2026. (Filing)

• Inogen (INGN): Chief Financial Officer Michael Bourque resigns effective April 6, 2026. (Filing)

• InTest (INTT): President and Chief Executive Officer Richard N. Grant, Jr. resigns effective March 31, 2026. (Filing)

• Kiora Pharmaceuticals (KPRX): Chief Development Officer Eric J. Daniels resigns effective April 17, 2026. (Filing)

• Neogen (NEOG): Chief Legal and Administrative Officer Amy Rocklin resigns effective March 31, 2026. (Filing)

• ProCap Financial (BRR): Chief Investment Officer Jeff Park resigns effective April 3, 2026. (Filing)

• Rallybio (RLYB): Chief Medical Officer Steven Ryder resigns effective March 31, 2026. (Filing)

• Sally Beauty (SBH): Chief Financial Officer Marlo Cormier resigns effective April 11, 2026. (Filing)

• Tyson Foods (TSN): Chief Accounting Officer Lori Bondar resigns effective April 6, 2026. (Filing)

• Vanda Pharmaceuticals (VNDA): General Counsel Timothy Williams resigns effective April 10, 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 we have done for the last two years, this year’s April newsletter is also dedicated to updating our analysis of potential or pre-deal situations, or “deals-in-the-works” (DITW) as we like to call them. This time around, our filtered database of DITW situations, which goes back to 2017, has 1,109 potential deals. When reviewing the April 2…

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Steven Kiel is the President and Chief Investment Officer for Arquitos Capital Management, a firm he founded in 2012. He also serves on the board of directors of ENDI Corp, a holding company primarily focused on asset management. Prior to these roles, Steven served in the Army Reserves for 21 years and also served as a Trial Defense Attorney until his retirement in 2021.

Viral Kothari is a Portfolio Manager at VKKapital, and has previously worked as a Portfolio Manager at companies such as Morgan Stanley and PIMCO. He’s also worked across Wall Street in the credit space, equity and commodity option markets, and other trading operations.

Episode 60 of our weekly Special Situations Report Podcast with Steven Kiel and Viral Kothari is out today and can be found on Spotify, YouTube and Apple Podcasts.

Our conversation with Steven and Viral centered around the case for Liquidia (LQDA), a biotech company embroiled in a legal struggle with United Therapeutics (UTHR). We covered the commercial stage and Phase 3 drugs that Liquidia currently markets or is developing, the various legal cases between United Therapeutics and Liquidia, the broader PAH and PH-ILD addressable markets (the disease space in which Liquidia operates), and so much more. This was an incredibly comprehensive deep dive into a unique legal special situation, and we hope our listeners enjoy this as much as we enjoyed recording it!

You can find Steven at the following locations:
Arquitos: https://www.arquitos.com/

X/Twitter: https://x.com/Steven_Kiel

You can find Viral here:
LinkedIn: Viral Kothari
X/Twitter: https://x.com/CFAs4CFPs

Disclaimer: This podcast is for general informational and educational purposes only. The content does not constitute financial, investment, legal, or tax advice. We do not warrant the completeness or accuracy of the content or data provided in this podcast. The views, opinions, and statements expressed by guests on this podcast are their own and do not necessarily reflect the views, opinions, or positions of the hosts, producers, or affiliates of this show. The hosts’ inclusion of a guest on this podcast does not imply endorsement of the guest or their views. Nothing discussed in this podcast should be interpreted as a recommendation to buy, sell, or hold any investment or security. Investing involves substantial risks, including the potential loss of principal. You should conduct your own research and due diligence before making any investment decisions.

This week, we saw two bidding wars that came to different conclusions, but in both cases, it mean…

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Market Cap: $119.23B

Enterprise Value: $115.16B

Introduction and Company Overview

There are times when, as we are compiling our list of daily insider purchases to include in the Event Driven Monitor, we see an insider transaction and pretty much immediately recognize that we’ll be featuring the company later in an Insi…

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