The Special Situation Report #158: 4/20 Roundup
Summary of the Week in Special Situations
Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A
C-Suite Sudden Departures
Powered by InsideArbitrage.
Update on Developing M&A
Allegro MicroSystems (ALGM): Onsemi (ON) terminated its efforts to acquire Allegro and withdrew its all-cash proposal to acquire Allegro for $35.10 per share. (Press Release)
Howard Hughes (HHH): Further extended its standstill agreement with Pershing Square until April 30, 2025. (Press Release)
Theratechnologies (THTX): The Board decided to further evaluate the company's potential sale through an open and non-exclusive process. (Press Release)
VivoPower (VVPR): The proportional takeover offer from Energi is a partial buyout that would result in each shareholder being offered an amount to acquire 8 out of every 10 shares they hold. (Press Release)
Rumors
No new rumors last week
Update on Shareholder Activism
Atea Pharmaceuticals (AVIR): Entered into a letter agreement with the Radoff and JEC Group, under which Atea agreed to appoint Howard Berman to its Board as a Class III director, effective immediately following Atea’s 2025 annual meeting of stockholders, with a term expiring at the 2026 annual meeting. (13D Filing)
Harley-Davidson (HOG): H Partners called for the removal of three long-serving directors—CEO and Chairman Jochen Zeitz, Presiding Director Thomas Linebarger, and Director Sara Levinson—at the company’s 2025 annual meeting. (Letter)
Hertz Global (HTZ): Bill Ackman disclosed a 19.8% stake in Hertz and proposed an AV partnership with Uber (UBER), to which CEO Dara Khosrowshahi responded positively. (Post on X)
Hewlett-Packard Enterprise (HPE): Elliott Investment Management has built a large position worth more than $1.5 billion in Hewlett-Packard, and plans to engage with the software and networking company to help it boost value. (Bloomberg)
PodcastOne (PODC): Galloway Capital Partners urged PodcastOne's management to engage an investment bank or strategic advisor to explore options for enhancing shareholder value, including a possible sale, merger, or acquisition. (13D Filing)
Qiagen NV (QGEN): Activist investor Fivespan Partners has built a stake in Dutch diagnostics firm Qiagen and has engaged in constructive conversations with Qiagen’s management team. (Bloomberg)
Update on Other Special Situations
Safety Shot (SHOT): Safety Shot has postponed the record date for the spin-off of its subsidiary, Caring Brands, originally set for April 7, 2025, due to pending Nasdaq listing approval. The distribution will move forward once approval is secured. (Press Release)
ABB Ltd (ABBNY): ABB announced plans to propose a full spin-off of its Robotics division at its 2026 Annual General Meeting. If approved by shareholders, the division—tentatively named “ABB Robotics”—will be listed as a separate public company in Q2 2026. (Press Release)
DuPont (DD): DuPont announced that Karin De Bondt and Anne Noonan will join the board of directors of the planned independent Electronics company, which is expected to be spun off from DuPont by November 1, 2025. (Press Release)
Costamare (CMRE): Costamare announced it will complete the spin-off of its dry bulk business, Costamare Bulkers Holdings, on May 6, 2025. Shareholders will receive one CMDB share for every five CMRE shares held as of the April 29, 2025 record date. (Press Release)
Toro Corp. (TORO): announced that the spin-off of its Handysize tanker segment to a new Nasdaq-listed company, Robin Energy was completed on April 14, 2025. In the Robin Spin-Off distribution, Toro shareholders received one common share of Robin for every eight Toro common shares held at the close of business on April 7, 2025. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Healthcare
iCAD (ICAD) / RadNet (RDNT) - $103 mn, Q2 or Q3 2025 (Press Release, Merger Agreement)
Sudden Departures
“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days.
Allete (ALE): Principal Accounting Officer Steven W. Morris resigns effective April 16, 2025. (Filing)
Alignment Healthcare (ALHC): Chief Experience Officer Hakan Kardes resigns effective April 15, 2025. (Filing)
Arrowhead Pharmaceuticals (ARWR): Chief Financial Officer Ken Myszkowski retires effective May 13, 2025. (Filing)
Brookdale Senior Living (BKD): President and Chief Executive Officer Lucinda M. Baier resigns effective April 13, 2025. (Filing)
Caterpillar (CAT): Chief Executive Officer James Umpleby III resigns effective May 1, 2025. (Filing)
Carrier Global (CARR): Chief Accounting Officer Kyle Crockett resigns effective May 2, 2025. (Filing)
Franklin Financial Services (FRAF): Chief Executive Officer Timothy G. Henry resigns effective April 29, 2025. (Filing)
Insmed (INSM): Chief Commercial Officer Drayton Wise resigns effective April 17, 2025. (Filing)
Lockheed Martin (LMT): Chief Financial Officer Jay Malave resigns effective April 17, 2025. (Filing)
PennantPark Investment (PNNT): Chief Compliance Officer Frank Galea resigns effective April 15, 2025. (Filing)
Quantum Computing (QUBT): President and Chief Executive Officer William McGann resigns effective May 12, 2025. (Filing)
Sadot Group (SDOT): Chief Investment Officer Kevin Mohan resigns effective May 5, 2025. (Filing)
Sun Country Airlines (SNCY): President, Chief Financial Officer Dave Davis resigns effective April 17, 2025. (Filing)
Sweetgreen (SG): Chief Operating Officer Rossann Williams resigns effective April 17, 2025. (Filing)
Utz Brands (UTZ): Utz Brands Chief Financial Officer Ajay Kataria resigns effective May 1, 2025 (Filing)
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.
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.