Market Cap: $436.67 M

Deal Value: $500 M

After another week of slow progress in the M&A world, we decided to discuss an older deal with a somewhat attractive spread.

It’s the acquisition of International Money Express by Western Union (WU) for $500 million. Though it was a simple cash deal at $16 per share, t…

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Market Cap: $23.96B

Enterprise Value: $30.30B

Introduction and Business Overview

This week, we decided to look beyond our list of top five insider purchases and sales and instead focus on a business that we’ve covered in the past, but has repeatedly popped up on our radar since. In the last month alone, we’ve seen eleven different …

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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

• Array Digital Infrastructure (AD): Telephone and Data Systems (TDS) announced that it is no longer pursuing the acquisition of Array Digital Infrastructure and has withdrawn its proposal. (Press Release)

• Aurora Cannabis (ACB): Urged shareholders to reject the unsolicited takeover bid from Curaleaf Holdings (CURLF), warning that the hostile bid would put Aurora shareholders’ value and future upside at risk. (Press Release)

• GoPro (GPRO): Entered into a merger agreement with Starman Optical. (Press Release)

• T-Mobile US (TMUS): Elliott Investment Management has built a sizeable stake in Deutsche Telekom and indicated the German telecommunications giant should ditch a potential merger with its American arm T-Mobile US. (Bloomberg)

• Varonis Systems (VRNS): Thoma Bravo-backed Proofpoint is in talks to acquire cybersecurity company Varonis Systems. (Bloomberg)

Rumors

• Definitive Healthcare (DH): Advent International submitted a non-binding offer to buy all remaining shares and related ownership interests that are not already owned by Advent and founder Jason Krantz. (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

• Dynatrace (DT): Pictet Asset Management increased its stake in Dynatrace to 5% from 4.5%. (13D Filing)

• Empery Digital (EMPD): ATG Capital Management announced that on August 28, the Delaware Court of Chancery issued a decision regarding the lawsuit filed by ATG Fund against Empery Digital’s Board. (13D Filing)

• EPAM Systems (EPAM): Activist hedge fund Engine Capital is pushing for technology consultancy group EPAM Systems to boost share buybacks or consider putting itself up for sale. (Press Release)

• Seer (SEER): Bradley Radoff and Michael Torok requested that director Meeta Gulyani immediately resign from the Board. (Open Letter)

• Starfighters Space (FJET): Founder and former CEO Richard William Svetkoff revealed a 23.85% position in Starfighters Space for the purpose of a business combination and acquisition. (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

• Corteva (CTVA): Vylor issued $1.1 billion of senior notes to support Corteva’s planned separation of its seed business. Proceeds will primarily fund a cash distribution to EIDP as partial consideration for transferring the seed business to Vylor. The notes must be redeemed at 101% of principal if the separation is not completed. (Filing)

  • Vylor, which is set to spin off from Corteva on October 1, launched Vylor Edge, an agricultural technology investment platform that will take over investments and partnerships previously held by Corteva Catalyst. (Press Release)

• Flex (FLEX): Flex shared an update on its planned spin-off of the Cloud and Power Infrastructure (CPI) business into a separate publicly traded company. Flex plans to seek shareholder approval through a Schedule 14A proxy statement, while the new company is expected to file a Form 10 with the SEC. (Filing)

• Madison Square Garden Sports (MSGS): Madison Square Garden Sports filed an amended Form 10 for its planned tax-free spin-off of the New York Rangers into MSG Rangers Corp., with the remaining parent to be renamed MSG Knickerbockers Corp. (Filing)

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

For a second week in a row, no new mergers were announced.

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. 

• Advasa (ADBT): Chief Financial Officer Katharyn Field resigns effective August 27, 2026. (Filing)

• Amrize (AMRZ): Chief Accounting Officer Richard Hoffman resigns effective September 1, 2026. (Filing)

• Bally’s Corporation (BALY): Chief Financial Officer Mira Mircheva resigns effective September 4, 2026. (Filing)

• BlackRock TCP Capital (TCPC): Chief Executive Officer and Co-Chief Investment Officer Philip Tseng resigns effective August 31, 2026. (Filing)

• iSpecimen (ISPC): Chief Executive Officer Katharyn Field resigns effective August 26, 2026. (Filing)

• Nixxy (NIXX): Chief Financial Officer MeiLin Yu terminated effective September 1, 2026. (Filing)

• SmartKem (SMTK): Chief Operating Officer Jonathan Watkins resigns effective August 31, 2026. (Filing)

• The Hershey Company (HSY): Chief Financial Officer Steven E. Voskuil resigns effective September 2, 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 the things that jumped out to us in August was the consistent buying by insiders of energy companies. The buying was broad-based across:

i) upstream (the exploration and production companies like Matador Resources and Gulfport Energy)

ii) midstream (the pipeline transportation and storage companies like Energy Transfer and DT …

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Market Cap: $72.13 B

Deal Value: $110 B

The last time we wrote about the Paramount Skydance (PSKY) – Warner Bros. Discovery merger was when Paramount successfully swooped in and took Warner Bros. from Netflix’s (NFLX) hands. That was at the end of February 2026, and since then, the developments in this odyssey hav…

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Market Cap: $5.38B

Enterprise Value: $2.55B

Introduction and the Pre-IPO Story

Insider buying increased to over $333 million this week, compared to around $103 million the week prior. A large portion of this total was driven by the $219 million purchase of Madison Air Solutions Corporation (MAIR) by 10% owner and Swiss billio…

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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): Alexandre Ricard, Pernod Ricard’s CEO, rejected the suggestion that the company is in renewed discussions with Brown-Forman over a possible deal. (Bloomberg)

• Destination XL Group (DXLG): Zodiac Partners II announced that the tender offer expired without the purchase of any shares. (Press Release)

• PayPal (PYPL): A consortium of buyout firm Advent and payment processor Stripe has decided to abandon its pursuit of PayPal. (Bloomberg)

• Wendy’s (WEN): Nelson Peltz’s Trian Fund Management has no plans to make a take-private bid for Wendy’s at this time. (Reuters)

Rumors

• News Corp (NWSA): Rupert Murdoch’s longstanding wish to reunite his Fox Corp (FOXA) and News Corp could happen in a potential merger that would unite a TV company with a widespread news operation, cementing the family’s control over a smaller empire. (Reuters)

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

• Better Home & Finance (BETR): The Special Committee of the Board urged shareholders to reject former CEO Vishal Garg’s campaign to seize control of the company. (Press Release)

• Biomerica (BMRA): BRC Group Holdings said that Biomerica entered into an engagement letter with B. Riley Securities, an affiliate of BRC and B. Riley Principal Capital. (13D Filing)

• Catalyst Bancorp (CLST): Stilwell Activist Fund served a notice of intent to nominate Mark Alcott for election as a director at the 2027 annual meeting, with Corissa Porcelli as the alternate nominee. (13D Filing)

• CVRx (CVRX): Jorey Chernett urged the Board to launch an immediate and formal process to sell the company to a strategic acquirer. (Letter)

• H.B. Fuller (FUL): The Board unanimously rejected Ancora’s unsolicited, non-binding proposal to acquire its Building Adhesives Solutions business. (Press Release)

• JetBlue (JBLU): Two members of the board, Jesse Lynn and Steven Miller, representatives of Icahn Enterprises, will be departing the board. (Press Release)

• TransAct Technologies (TACT): Charles Gillman believes the company requires an immediate and urgent review of the BOHA business, including an exploration of strategic alternatives. (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

• Siemens Energy (SMEGF): Siemens Energy is preparing to separate its Transformation of Industry (ToI) division into a standalone company. It is considering external investors or a potential capital-markets transaction and plans to retain a meaningful minority stake. No timeline has been announced. (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

No new mergers were announced last week.

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. 

• Build-A-Bear Workshop (BBW): Chief Growth Officer terminated without cause effective August 26, 2026. (Filing)

• CuriosityStream (CURI): CFO steps down effective September 1, 2026. (Filing)

• D-Wave Quantum (QBTS): CFO resigns effective September 2, 2026. (Filing)

• Karman (KRMN): CFO steps down effective September 14, 2026. (Filing)

• Kohl’s (KSS): Chief Marketing Officer resigns effective September 9, 2026. (Filing)

• McEwen Mining (MUX): COO retires effective immediately on August 24, 2026. (Filing)

• Outlook Therapeutics (OTLK): CFO resigns effective September 1, 2026. (Filing)

• Sun Communities (SUI): CFO steps down effective September 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.

Market Cap: $8.06 B

Offer Value: $16.17 B

This week, instead of discussing a recently announced merger, we’d like to focus on a pre-deal situation, or “Deals in the Works”, as we like to call them.

Natural-gas and electricity distributor UGI Corp. recently received a roughly $16.17 billion takeover offer from private-equity ​fi…

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Market Cap: $10.03B

Enterprise Value: $9.20B

Introduction

In last week’s Insider Weekends article about the midstream giant Western Midstream Partners LP (WES), we spent quite a bit of time discussing another major midstream player: Energy Transfer LP (ET). In fact, we had the following to say about Energy Transfer’s historic in…

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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

• Aurora Cannabis (ACB): Curaleaf (CURLF) announced that it has commenced its proposal to purchase all of the issued and outstanding common shares of Aurora Cannabis. (Press Release)

• CCC Intelligent Solutions (CCC): Copart (CPRT) is in talks to acquire CCC Intelligent. (Bloomberg)

Rumors

• Ocean Power Technologies (OPTT): The Board has initiated a review of strategic alternatives. (Press Release)

• Pilgrim’s Pride (PPC): JBS N.V. (JBS) announced that it has submitted a non-binding proposal to the Board of Pilgrim’s Pride to acquire all of the outstanding shares that are not owned by JBS for a fixed exchange ratio of 2.086 JBS Class A common shares for each Pilgrim’s Pride share, pricing it at roughly $28.49 per Pilgrim’s Pride share. (Press Release)

• UGI (UGI): Received a roughly $9 billion takeover offer from KKR (KKR). (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

• Better Home & Finance (BETR): The Special Committee of its Board has approved the adoption of a limited-duration shareholder rights plan to protect the best interests of Better shareholders against former CEO Vishal Garg. (Press Release)

• GEE Group (JOB): Entered into a cooperation agreement with Star Equity Fund. (Press Release)

• JetBlue Airways (JBLU): Icahn Enterprises lowered its stake in JetBlue Airways to 3.32%. (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

• Corteva (CTVA): Vylor, which is being spun off from Corteva, is raising $1.1 billion through bond sales to help fund a payment to Corteva as part of the separation. (Bloomberg)

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

• Blue Ridge Bankshares (BRBS) / HomeTrust Bancshares (HTB) - $448.1 mn, Q1 2027 (Press Release, Merger Agreement)

Technology

• Weave Communications (WEAV) / Francisco Partners - $650 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. 

• Coty (COTY): CFO Laurent Mercier resigns effective August 31, 2026. (Filing)

• DarioHealth (DRIO): President and Chief Commercial Officer Steven Nelson resigns effective September 1, 2026. (Filing)

• Enovix (ENVX): CEO Dr. Raj Talluri resigns effective August 13, 2026. (Filing)

• L3Harris Technologies (LHX): CEO and Chairman Christopher Kubasik terminated for cause effective August 17, 2026. This is one of the few departures we have seen where the executive will receive no severance or accelerated vesting of unvested equity awards. (Filing)

• New Fortress Energy (NFE): CFO Christopher S. Guinta resigns effective August 21, 2026. (Filing)

• NexGel (NXGL): CEOAdam R. Levy terminated effective August 21, 2026. (Filing)

• PDS Biotechnology (PDSB): CFO Lars Boesgaard resigns effective September 12, 2026. (Filing)

• Synaptics (SYNA): CFO Ken Rizvi resigns effective August 21, 2026. (Filing)

• XTI Aerospace (XTIA): CEO and Chairman Scott Pomeroy resigns effective August 17, 2026. (Filing)

• Xylem (XYL): CFO William K. Grogan resigns effective August 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: $1.15 B

Deal Value: $1.5 B

MarineMax entered a merger agreement on August 10, 2026, to be acquired by Blackstone Infrastructure’s Safe Harbor Marinas, the world’s largest owner and operator of marinas, for $1.5 billion.

MarineMax shareholders will receive $53 per share in cash, representing a premium of 48.54% over …

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Table of Contents:

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

• Bristol Myers Squibb (BMY): AstraZeneca’s (AZN) chief Pascal Soriot reached out to Chris Boerner, CEO of Bristol Myers Squibb, and the two companies held talks throughout the spring and summer. (FT)

• eBay (EBAY): GameStop (GME), led by Chief Executive Officer Ryan Cohen, is considering withdrawing its $56 billion bid for eBay. (Bloomberg)

• Genco (GNK): Diana Shipping (DSX) announced that it has withdrawn its offer to acquire Genco. (Press Release)

• PayPal (PYPL): Is in talks to sell itself to a group that includes Stripe and the private-equity firm Advent International. (WSJ)

• Penske Automotive Group (PAG): The special committee of the Board has retained Moelis & Co to act as its independent financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison to act as its independent legal counsel. (Press Release)

• Wendy’s (WEN): Billionaire investor Nelson Peltz is preparing a takeover offer for Wendy’s. (FT)

Rumors

• ACV Auctions (ACVA): Is exploring strategic options including a potential sale after receiving takeover interest. (Bloomberg)

• Ardagh Metal Packaging S.A. (AMBP): Ardagh Holdings, which owns 100% of Ardagh Group, instructed its advisers to prepare for a potential sale of Ardagh Metal Packaging, a subsidiary of Ardagh Group, to a third-party buyer. (13D Filing)

• Aurora Cannabis (ACB): Curaleaf (CURLF) announced its intention to make an offer to purchase all of the issued and outstanding common shares of Aurora Cannabis for consideration consisting of subordinate voting shares of Curaleaf and cash. (Press Release)

• Phillips 66 (PSX): Phillips 66 and Marathon Petroleum (MPC) held merger talks earlier this year in a deal that would have created a $180 billion oil-and-gas giant. (Semafor)

• Rocky Mountain Chocolate Factory (RMCF): Interim CEO Al Harper, during a meeting with employees and franchisees, outlined the company’s strategic outlook, including that the Board may be evaluating a potential sale as part of its ongoing review of strategic alternatives. (Press Release)

• TherapeuticsMD (TXMD): Is evaluating a variety of strategic alternatives that may include an acquisition, merger, other business combination, sale of assets, or other strategic transactions involving the company. (Press Release)

• Workday (WDAY): Private equity firm Silver Lake is in talks to acquire Workday. (Reuters)

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

• H.B. Fuller (FUL): Ancora Holdings is pursuing an acquisition of H.B. Fuller’s building adhesives unit for up to $1.2 billion. (Bloomberg)

• H.B. Fuller (FUL): Engine Capital believes that Ancora’s proposal is a positive development, and the Board should engage with it seriously. (Press Release)

• InMode (INMD): Haifa District Court in Israel denied Steel Partners’ request for temporary injunctive relief in its entirety in favor of InMode and awarded the company and its directors certain costs incurred in the preparation of their response. (Press Release)

• Lionsgate (LION): Activist investor Anson Funds is pushing movie studio Lionsgate to redefine itself for “the AI era” or put itself up for sale. (Semafor)

• Sphere 3D (ANY): The board has approved the adoption of a limited-duration shareholder rights plan. (Press Release)

• UMH Properties (UMH): Erez Asset Management is pushing UMH Properties to explore a sale, ramping up the activist’s campaign against the real estate investment trust. (Bloomberg)

• Wearable Devices (WLDS): J.B.D Innovation announced that on August 7, it entered into a Cooperation Agreement with Wearable Devices to resolve the matters raised in CEO Nissim Daniel’s demand letter requesting that the company convene a special general meeting of shareholders and the legal proceedings commenced by the investor regarding the private placement. (13D Filing)

• Zevia PBC (ZVIA): Kanen Wealth Management urged the Board to immediately initiate a formal review of strategic alternatives, including a sale of the company. (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

• Madison Square Garden Sports (MSGS): Filed Form 10 for the planned spin-off of its sports businesses into MSG Rangers, which will be listed on the NYSE. (Filing)

• Corteva (CTVA): Filed the first amendment to Vylor’s Form 10 registration statement for the planned spin-off of Corteva’s seed business into an independent public company. (Filing)

• ABVC BioPharma (ABVC): BioKey spin-off distribution postponed from August 3 to August 21, 2026. The July 24 record date and 0.169464 BioKey shares per ABVC share distribution ratio remain unchanged. The ex-dividend date will be revised. (Filing)

• Barrick Mining (B): Faces shareholder opposition to its planned IPO of a minority stake in its North American gold assets, which could dilute existing shareholders’ exposure by up to 15%. (Bloomberg)

  • Barrick Mining settled its dispute with Newmont for $1.95 billion, clearing the way for Barrick’s planned IPO of its North American gold assets. (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

• Harte Hanks (HHS) / Star Equity Holdings (STRR) - $68.2 mn, 60 to 90 days (Press Release)

Consumer Cyclical

• MarineMax (HZO) / Safe Harbor Marinas - $1.5 bn, End of 2026 (Press Release, Merger Agreement)

Financial Services

• Accelerant (ARX) / Thoma Bravo - $4 bn, H1 2027 (Press Release, Merger Agreement)

Healthcare

• Varex Imaging (VREX) / Teledyne Technologies (TDY) - $1.1 bn, Early 2027 (Press Release, Merger Agreement)

Industrials

• Bowman Consulting Group (BWMN) / Bernhard Capital Partners - $1 bn, Q1 2027 (Press Release, Merger Agreement)

Real Estate

• Cherry Hill Mortgage Investment (CHMI) / TPG Mortgage Investment Trust (MITT) - $1.69 bn, Q4 2026 (Press Release, Merger Agreement)

Utilities

• ReNew Energy (RNW) / CPP Investments and CEO Sumant Sinha - $10.2 bn, Q1 2027 (Scheme of Arrangement)

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. 

• Aura Biosciences (AURA): Chief Financial and Business Officer Anthony Gibney resigned effective September 1, 2026. (Filing)

• B&G Foods (BGS): President and CEO Kenneth C. Keller retired effective August 7, 2026. (Filing)

• Carriage Services (CSV): Chief Information Officer Rob Franch resigned effective August 13, 2026. (Filing)

• Centuri (CTRI): Chief Financial Officer Gregory A. Izenstark and Chief Legal & Administrative Officer Jason S. Wilcock resigned effective August 12, 2026. (Filing)

• CVRx (CVRX): Chief Revenue Officer Robert John resigned effective August 11, 2026. (Filing)

• Lincoln National (LNC): Chief Financial Officer Christopher Neczypor resigned effective August 6, 2026. (Filing)

• PowerFleet (AIOT): Chief Financial Officer David Wilson was terminated effective August 10, 2026. (Filing)

• Sight Sciences (SGHT): Chief Legal Officer Jeremy Hayden resigned effective August 10, 2026. (Filing)

• Wheels Up Experience (UP): Chief Sales Officer Mark Briffa resigned effective September 1, 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: $20.21B

Enterprise Value: $29.39B

Introduction

One of my longest-held positions is the Alerian MLP ETF (AMLP), which is an exchange-traded fund that invests in energy infrastructure Master Limited Partnerships (MLPs). It tracks the Alerian MLP Infrastructure Index, focusing on midstream companies that …

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“Industries in crisis provide fantastic opportunities if you are willing to wait patiently for some of the dust to settle and don’t mind temporary drawdowns as it is nearly impossible to pick bottoms.”

I was reminded of that line last week when I saw, after a …

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Market Cap: $906.94 M

Deal Value: $2.2 B

Dream Finders Homes, Inc. (DFH) entered into a merger agreement on August 7, 2026, to acquire its peer, Beazer Homes, in a deal valued at $2.2 billion, as it scales up to become the sixth-largest U.S. homebuilder amid a challenging housing market.

Founded in 2008, Dream Finders is…

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Market Cap: $12.25B

Enterprise Value: $12.16B

Introduction

It was interesting looking at the crop of insider transactions that popped up over the last week, with the largest insider purchases concentrated almost entirely among large-cap names. We were having trouble deciding between two of these large-cap businesses to spot…

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Aloha from the garden island of Hawaii! The post this week is a few hours late because I was on island time in beautiful Kauai and got a chance to publish it on Sunday morning instead of my usual Saturday night.

Table of Contents:

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

• Alkami Technology (ALKT): Has formally launched a sale process after drawing acquisition interest from potential buyers amid mounting pressure from activist investor Jana Partners. (Reuters)

• Ashland (ASH): Is exploring a potential sale after receiving takeover interest. (Bloomberg)

• Driven Brands (DRVN): The Board rejected ADW Capital’s non-binding and unsolicited proposal to acquire Driven Brands for $18 per share in cash. (Press Release)

• Papa John’s (PZZA): Conducted a review of its business, including a possible sale, and after 18 months of exploring options, the company’s management and board opted to stick with its current turnaround strategy. (WSJ)

Rumors

• Bioventus (BVS): Following receipt of a recent unsolicited acquisition proposal and multiple other expressions of interest, the company has initiated a review of strategic alternatives. (Press Release)

• Bristol Myers Squibb (BMY): AstraZeneca (AZN) has been exploring a deal to combine with Bristol Myers Squibb in a tie-up that would create one of the world’s biggest pharmaceutical group valued at nearly $400 billion. (FT)

• Digital Brands (DBGI): Initiated a review of strategic alternatives to maximize shareholder value. (Press Release)

• Lisata (LSTA): The Board is evaluating strategic alternatives to enhance stockholder value, which will include an acquisition, merger, reverse merger, other business combination, sales of assets, liquidation and dissolution, among other strategic transactions. This follows the failed acquisition of the company by Kuva Labs due to financing-related issues. (Press Release)

• Mobile Infrastructure (BEEP): Bombe Asset Management submitted a preliminary, non-binding indication of interest to acquire all of the issued and outstanding common stock of Mobile Infrastructure in an all-cash take-private transaction. (Letter)

• TNL Mediagene (TNMG): The Board has established a special committee of independent directors to lead the company’s evaluation of potential strategic transactions and alternatives. (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

• Celsius Holdings (CELH): Billionaire founder of Rockstar Energy, Russ Savage, has purchased millions of shares of Celsius and is calling for the ouster of that company’s CEO after its earnings miss this week. (CNBC)

• Ethan Allen Interiors (ETD): DGB Investment nominated a slate of director candidates, including Douglas Bergeron, Anna Brockway, Kristine Miller, Steve Oblak, Lindsay O’Reilly, and Stefanie Tsen Ward, for election to the Board at the 2026 annual meeting. (13D Filing)

• Shake Shack (SHAK): Starboard Value CEO Jeff Smith said his firm has built a new stake in Shake Shack, describing the burger chain as a great, undervalued brand that can grow faster by leaning into US franchising. (Bloomberg)

• Voya Financial (VOYA): Hedge fund Toms Capital Investment Management is ratcheting up the pressure on asset manager Voya Financial by bringing its push for the firm to explore a sale directly to shareholders. (WSJ)

• Wearable Devices (WLDS): Entered into a private placement to sell 1 million shares and warrants at a combined price of $3.285 per share and warrant, prompting J.B.D Innovation CEO Nissim Daniel to challenge the transaction in court after the company rejected his objection, with the Haifa District Court temporarily blocking the offering pending an August 16, 2026 hearing. (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

• Solventum (SOLV): Solventum announced it plans to separate its Health Information Systems business within 12 to 18 months, allowing the software unit to operate independently while Solventum focuses on its MedSurg and Dental Solutions businesses. (Press Release)

• Resideo (REZI): Resideo completed the tax-free spin-off of ADI Global Distribution, with shareholders receiving 1 ADI (ADIG) share for every 2 Resideo shares. The transaction strengthens Resideo’s balance sheet through $900M of Term Loan B repayments, with another $200M expected, while reducing outstanding preferred shares to 350,000. ADI began trading independently under ADIG with Robert Aarnes as CEO and Michael Carlet as CFO. (Press Release)

• Siemens Energy (SMEGF): Siemens Energy will discuss a possible spin-off of its Transformation of Industry division at an extraordinary supervisory board meeting on August 25, Reuters reported. No decision is expected at the meeting, while CEO Christian Bruch confirmed discussions over the division’s future are ongoing. (Reuters)

• Corteva (CTVA): Corteva announced that spin-off subsidiary Vylor has launched exchange offers for EIDP’s outstanding senior notes, allowing eligible holders to exchange them for newly issued Vylor notes as part of the planned separation. The transaction supports Corteva’s expected October 1, 2026, separation into independent Crop Protection and Seed companies, subject to customary conditions. (Press Release)

• Honeywell Aerospace (HONA): Honeywell Aerospace lowered its 2026 organic sales growth forecast to 4%-5% (from 7%-9%) and reduced its earnings outlook as persistent supply-chain constraints limited production. The company said it is prioritizing OEM deliveries to Boeing and Airbus and increasing supply-chain investments, while continuing to absorb separation-related costs following its June 2026 spin-off. (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

Consumer Cyclical

• Beazer Homes (BZH) / Dream Finders Homes (DFH) - $2.2 bn, Q4 2026 (Press Release, Merger Agreement)

Financial Services

• Bowhead Specialty (BOW) / American Family Mutual Insurance - $1.2 bn, 2026 (Press Release, Merger Agreement)

Healthcare

• Integer Holdings (ITGR) / KKR (KKR) - $5.7 bn, 2026 (Press Release, Merger Agreement)

• Lantheus (LNTH) / Curium - $8 bn, H1 2027 (Press Release)

• Supernus Pharmaceuticals (SUPN) / Indivior Pharmaceuticals Inc (INDV) - $3.38 bn, Q4 2026 (Press Release, Merger Agreement)

Industrials

• Atkore (ATKR) / Prysmian - $3.8 bn, 2026 (Press Release, Merger Agreement)

Technology

• DoubleVerify (DV) / Nielsen - $2.15 bn, Q4 2026 (Press Release)

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. 

• Amtech Systems (ASYS): Chief Executive Officer Robert C. Daigle retires effective August 13, 2026. (Filing)

• authID (AUID): Chief Product Officer Erick Soto resigns effective August 5, 2026. (Filing)

• Celularity (CELU): Chief Commercial Officer Rick Gonzalez terminates effective August 5, 2026. (Filing)

• Certara (CERT): President and Chief Commercial Officer Leif E. Pedersen resigns effective August 1, 2026. (Filing)

• Compass Minerals (CMP): Chief Operating Officer Patrick Merrin resigns effective August 3, 2026. (Filing)

• Criteo S.A. (CRTO): Chief Financial Officer Sarah Glickman resigns effective August 10, 2026. (Filing)

• Dave & Buster’s Entertainment (PLAY): Chief Executive Officer Tarun Lal retires effective August 3, 2026. (Filing)

• Destination XL Group (DXLG): President and Chief Executive Officer Harvey S. Kanter resigns effective August 11, 2026. (Filing)

• Lisata Therapeutics (LSTA): Chief Medical Officer Dr. Kristen K. Buck terminates effective August 3, 2026. (Filing)

• Pacific Biosciences of California (PACB): President and Chief Executive Officer Christian Henry resigns effective August 5, 2026. (Filing)

• Palmer Square Capital BDC (PSBD): Chief Compliance Officer Scott Betz resigns effective August 3, 2026. (Filing)

• Salesforce (CRM): President and Chief Engineering and Customer Success Officer Srini Tallapragada resigns effective August 6, 2026. (Filing)

• Steel Dynamics (STLD): President and Chief Operating Officer Barry Schneider resigns effective September 1, 2026. (Filing)

• Zillow Group (Z): Chief Operating Officer Jun Choo resigns effective August 4, 2026. (Filing)

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

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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.

Market Cap: $5.71 B

Deal Value: $5.7 B

The parent of the New York Stock Exchange, Intercontinental Exchange, Inc. (ICE), entered into a merger agreement on July 30, 2026, to acquire bond trading platform MarketAxess in a deal valued at $5.7 billion to strengthen its fixed-income business.

Intercontinental Exchange, m…

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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): The Board received an unsolicited proposal from Sazerac to acquire Brown-Forman, and concluded that Sazerac’s proposal is not actionable. (Press Release)

• Genco (GNK): Diana Shipping (DSX) announced that its tender offer expired on July 24, 2026, and Diana has determined not to extend or reinstate the tender offer. (Press Release)

• GFL Environmental (GFL): CEO Patrick Dovigi said that the company has recently received unsolicited preliminary expressions of interest from multiple parties to take the company private. (Press Release)

• Integer Holdings (ITGR): KKR (KKR) is near a deal to take medical-device outsourcing company Integer private. (WSJ)

• JetBlue (JBLU): CEO Joanna Geraghty said that JetBlue has “never spoken with (United Airlines CEO) Scott Kirby about M&A, but we’ve spoken a lot about the Blue Sky partnership and how we can really bring that to the next level”. (CNBC)

• Lantheus Holdings (LNTH): Curium is in advanced talks to acquire radiopharma company Lantheus in a deal that could be announced in the coming days. (Bloomberg)

• ReNew Energy Global (RNW): CEO Sumant Sinha and Canada Pension Plan Investment Board jointly submitted a revised proposal to the special committee of the Board. (13D Filing)

• SEACOR Marine (SMHI): The Board is evaluating potential strategic alternatives to maximize shareholder value. (Press Release)

• Seer (SEER): Bradley Radoff and Michael Torok submitted an improved non-binding proposal to acquire the company for $2.55 per share in cash plus a contingent value right, an increase from their earlier offer of $2.4 per share plus CVR. (Press Release)

• T-Mobile (TMUS): US executives have told its controlling shareholder, Deutsche Telekom, that they no longer support a proposed $300 billion merger between the two companies, citing both shareholder and potential regulatory concerns. (Semafor)

Rumors

• Ambarella (AMBA): NXP Semiconductors (NXPI) is in talks to buy Ambarella. (FT)

• Delta Air Lines (DAL): United Airlines (UAL) last year approached Delta Air Lines about a merger that would have combined the two most valuable U.S. carriers. (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 contends Alkami Technology is failing to run a true sale process. (Bloomberg)

• Ashland (ASH): Reached a settlement agreement with activist investor Ancora Holdings Group that expands the chemical company’s board of directors. (Press Release)

• Citizens Community Bancorp (CZWI): Gale Hoese said that a group of investors discussed with the management potential changes in the composition of the board and the addition of one or more directors nominated by the activist investors. (13D Filing)

• Dynamix (DYNC): Bulldog Investors demanded that Dynamix distribute all net cash outside the trust account (derived from a $50 million termination fee received from The Ether Machine) to all stockholders (both Class A and Class B) before any redemption of Class A shares occurs. (Letter)

• Evogene (EVGN): L.I.A. Pure Capital demanded that the company convene a Special Meeting to facilitate a comprehensive board refreshment, and rejected a compromise offer of a single board seat. (Letter)

• Fiserv (FISV): Jana Partners is ratcheting up pressure on Fiserv, pushing it to launch a formal review of its entire portfolio rather than sell assets individually. (Reuters)

• KNOT Offshore Partners (KNOP): Astaris Capital Management addressed the potential appointment of additional independent directors to the board. (Letter)

• Luxfer (LXFR): Artisan Partners International Value Group is disappointed by the outcome of the strategic review process. (Press Release)

• ProQR Therapeutics (PRQR): Van Herk Investments filed a petition with the Enterprise Chamber of the Amsterdam Court of Appeal against the company. (13D Filing)

• Sphere 3D (ANY): Endeavor Blockchain intends to engage with the company’s management and Board regarding opportunities to create value. (13D Filing)

• Wearable Devices (WLDS): J.B.D Innovation urged the company to convene a special general meeting of shareholders. (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

• Modine (MOD): Modine said the planned Performance Technologies spin-off and merger with Gentherm remains on track to close by the end of 2026, with progress on the S-4 filing, IRS tax ruling, IT separation, and legal entity reorganization. (Filing)

• HF Sinclair (DINO): HF Sinclair plans to spin off its Lubricants & Specialties segment into a standalone public company within 12–18 months, subject to customary approvals. The new company will operate a capital-light business model, while HF Sinclair will focus on its refining, midstream, marketing, and renewable diesel businesses following the separation. (Press Release)

• Flex (FLEX): Flex announced the leadership teams for Flex and SpinCo, the new company that will be created by spinning off its Cloud and Power Infrastructure business in Q1 2027. Current Flex CFO Kevin Krumm will become SpinCo CFO after the spin-off while continuing as Flex CFO until the separation is completed. Flex is searching for a new permanent CFO before the spin-off closes. (Press Release)

• KBR (KBR): KBR announced that its planned spin-off of the Mission Technology Solutions business will operate under the name Trinzic. The tax-free separation remains on track for January 2027, with Michael LaRouche and Nicholas Veasey set to lead Trinzic as CEO and CFO, respectively. Following the spin-off, KBR will continue operating its Sustainable Technology Solutions (STS) business. (Press Release)

• Comcast (CMCSA): NBCUniversal appointed Christopher Halpin as Chief Financial Officer, effective September 8, 2026, as it prepares to become an independent public company following its spin-off from Comcast. Current CFO Randy Culbertson will transition to a new leadership role after the separation. (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

• MarketAxess (MKTX) / Intercontinental Exchange (ICE) - $5.7 bn, H1 2027 (Press Release, Merger Agreement)

Healthcare

• Forte Biosciences (FBRX) / argenx (ARGX) - $2.2 bn, Q3 2026 (Press Release, Merger Agreement)

• Sanara MedTech (SMTI) / MiMedx Group (MDXG) - $350 mn, 2026 (Press Release, Merger Agreement)

Industrials

• CBIZ (CBZ) / Grant Thornton Advisors - $5 bn, Q4 2026 (Press Release, Merger Agreement)

• Luxfer Holdings (LXFR) / Wynnchurch Capital - $512.81 mn, 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. 

• Clarivate (CLVT): Chief Financial Officer Jonathan Collins resigns, effective August 7, 2026. (Filing)

• Cracker Barrel Old Country Store (CBRL): President and Chief Executive Officer Julie Masino resigns, effective August 10, 2026. (Filing)

• HF Sinclair (DINO): General Counsel Eric Nitcher retires, effective July 31, 2026. (Filing)

• Stride (LRN): Chief Executive Officer James J. Rhyu resigns, effective July 29, 2026. (Filing)

• V.F. Corp (VFC): Chief Financial Officer Paul Vogel resigns, effective August 1, 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.