Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A
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Update on Developing M&A
Bitfarms (BITF): Riot Platforms (RIOT) issued a letter to fellow shareholders expressing concerns about Bitfarms' recent actions, including board changes and the proposed acquisition of Stronghold Digital Mining (SDIG). (Press Release)
Nordstrom (JWN): The Nordstrom family made a non-binding offer to acquire the company for $23 per share in cash. (13D Filing)
Smartsheet (SMAR): A private equity consortium, including Vista Equity Partners and Blackstone (BX), is in talks to acquire Smartsheet. (Reuters)
Rumors
Targa Resources (TRGP): Rebuffed informal takeover interest from larger rival Williams (WMB) in recent months. (Bloomberg)
Sandy Spring Bancorp (SASR): Working with financial advisers as it considers takeover talks with potential buyers. (Bloomberg)
Vestis (VSTS): Elis confirms it has made a preliminary approach to Vestis regarding a potential acquisition. (Press Release)
Update on Shareholder Activism
Southwest Airlines (LUV): Elliott Investment Management now holds 10% of Southwest Airlines' common stock, crossing the threshold that allows the hedge fund to call a special meeting at the carrier. (Reuters)
News Corp (NWS): Hedge fund Starboard Value has filed a shareholder resolution to do away with the dual-class shares that allow Rupert Murdoch to control News Corp, the publisher of the Wall Street Journal. (Reuters)
Update on Other Special Situations
Fortive (FTV): Fortive announced its intention to pursue a tax-free spin-off of its Precision Technologies segment. Fortive is currently targeting completion of the spin-off in the fourth quarter of 2025. (Press Release)
Topgolf Callaway Brands (MODG): Topgolf Callaway Brands plans to split into two companies. Callaway, focusing on golf equipment and active lifestyle products ($2.5B revenue), and Topgolf, a venue-based golf entertainment business ($1.8B revenue). (Press Release)
Liberty Media (LSXMA): Liberty Media and Sirius XM announce the final exchange ratio for the split-off transactions. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Communication Services
Frontier Communications (FYBR) / Verizon Communications (VZ) - $20 bn, March 2026 (Press Release, Merger Agreement)
SPAR Group (SGRP) / Highwire Capital - $58.22 mm, Q4 2024 (Press Release, Merger Agreement)
Financials
The First of Long Island Corporation (FLIC) / ConnectOne Bancorp (CNOB) - $284 mm, mid-2025 (Press Release, Merger Agreement)
Materials
Gatos Silver (GATO) / First Majestic Silver (AG) - $970 InsideArbitragemm, early 2025 (Press Release, Merger Agreement)
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