Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A
C-Suite Sudden Departures
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Update on Developing M&A
TripAdvisor (TRIP): Liberty TripAdvisor Holdings disclosed that TripAdvisor received third-party takeover interest starting October 2024, with updated terms proposed in January 2025, including $18.00–$19.00 per share for TripAdvisor stock. (Filing)
Beacon Roofing Supply (BECN): Soliciting interest from potential buyers as it looks to fend off an $11 billion takeover bid from rival QXO (QXO). (Bloomberg)
Honda Motor (HMC): Japan's Mitsubishi Motors is considering not joining a planned merger between Nissan and Honda Motor. (Reuters)
Rumors
Sonim Technologies (SONM): Forms a special committee of independent directors to explore and evaluate strategic alternatives to enhance stockholder value. (Press Release)
Nikola (NKLA): Exploring options to stave off a cash crunch, including potentially selling parts or all of the company. (Bloomberg)
Update on Shareholder Activism
Henry Schein (HSIC): Activist investor Ananym Capital Management plans to nominate as many as half a dozen directors to the board at Henry Schein, arguing the dental and medical distributor needs to start searching for a new CEO, cut costs, and optimize capital allocation. (Reuters)
Air Products and Chemicals (ADP): Activist investor Mantle Ridge has won three seats on the board of hydrogen supplier Air Products and Chemicals, with nominees Paul Hilal, Dennis Reilley, and Andrew Evans elected to the board. (Press Release)
Update on Other Special Situations
Aptiv (APTV): Aptiv announced that its Board of Directors has approved a plan to spin off its Electrical Distribution Systems business. The separation is targeted for completion by March 31, 2026. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Information Technology
Logility Supply Chain Solutions (LGTY) / Aptean - $442.75 mn, Q2 2025 (Press Release)
Sudden Departures
“Sudden Departures” highlight executive exits announced with short notice, where the executive is expected to leave within 30 days of announcement.
Arcus Biosciences (RCUS): Chief Medical Officer Dimitry Nuyten resigns effective January 31, 2025. (Filing)
Berry (BRY): Chief Financial Officer Mike Helm resigns effective January 21, 2025. (Filing)
Blue Bird (BLBD): President and CEO John F. Wyskiel resigns effective February 17, 2025. (Filing)
PNC Financial Services (PNC): President Michael P. Lyons resigns effective January 23, 2025. (Filing)
Sunstone Hotel Investors (SHO): In connection with its restructuring, the company has eliminated the Chief Operating Officer role, previously held by Chris Ostapovicz. (Filing)
Techprecision (TPCS): Chief Financial Officer Richard D. Roomberg resigns effective February 14, 2025. (Filing)
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