The Special Situation Report #164: 6/1 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
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Update on Developing M&A
VivoPower (VVPR): Received a revised non-binding proposal from Energi Holdings for a direct strategic acquisition of VivoPower’s subsidiary, Tembo e-LV B.V. (Press Release)
Zeekr (ZK): Five early investors in Zeekr have written to its board that China's Geely is undervaluing its premium electric car unit with the $2.2 billion take-private offer it has made. (Reuters)
Rumors
Bright Scholar Education (BEDU): Received a preliminary non-binding proposal from a buyer group led by Chairperson Hongru Zhou and CEO Ruolei Niu to take the company private for $0.50 per Class A share or $2.00 per ADS in cash. (Press Release)
Hologic (HOLX): Private equity groups TPG (TPG) and Blackstone (BX) made an approach to take Hologic private, offering to purchase the U.S. medical technology group for more than $16 billion. (FT)
Update on Shareholder Activism
BP (BP): After Elliott's constant pressure, BP the appointment of former Devon Energy (DVN) CEO David Hager to its board as a non-executive director with effect from June 2, 2025. (Press Release)
COSCIENS Biopharma (CSCI): Entered into a resolution agreement with Goodwood and Puccetti Funds, under which the company implemented a reconstitution of its board. (Press Release)
Honeywell (HON): The Board elected Elliott's Marc Steinberg as an independent director and audit committee member, effective May 31, 2025. (Press Release)
Keros Therapeutics (KROS): Proxy advisory firm Glass Lewis recommended that Keros stockholders vote “FOR” all three of the company’s director nominees in connection with its Annual Meeting of Stockholders scheduled for June 4, 2025. (Press Release)
ProQR (PRQR): Van Herk objected to the proposed reappointments of James Shannon and Daniel de Boer to the Board at ProQR’s Annual General Meeting scheduled for June 3, 2025. (13D Filing)
Servotronics (SVT): Beaver Hollow Wellness announced it intends to sell up to an additional 148,600 shares of common stock of Servotronics. (13D Filing)
Update on Other Special Situations
ABB (ABBNY): ABB has enlisted Bank of America and UBS Group to explore strategic options for its robotics division. (Bloomberg)
Sony (SONY): Sony's CEO said on Thursday the spin-off of the group's financial services arm will give that business its own fundraising capabilities. (Reuters)
Unilever (UL): Unilever guarantees 3-year employment terms for ice cream workers in Europe and the UK after spinning off its ice cream unit — triple the standard one-year guarantee under EU and UK law. The new company, to be called The Magnum Ice Cream Company, is set to have its primary listing in Amsterdam and is expected to launch under the Unilever umbrella on July 1, with a full demerger by year-end. (Reuters)
Liberty Broadband (LBRDA): Liberty Broadband announced it will host a webcasted Investor Conference Call on Tuesday, June 3, 2025, to discuss the planned spin-off of its GCI business into a new company, GCI Liberty. The spin-off is expected to be completed in summer 2025. (Press Release)
Vivani Medical (VANI): Vivani Medical files Form 10 for planned Q3 2025 spin-off of Cortigent as a standalone Nasdaq-listed neurostimulation company. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Healthcare
Streamline Health Solutions (STRM) / MDaudit - $37.4 mn, Q3 2025 (Press Release, Merger Agreement)
Industrials
Golden Ocean (GOGL) / CMB.TECH (CMBT) - $3.16 bn, Q3 2025 (Press Release, Merger Agreement)
Materials
MAC Copper (MTAL) / Harmony Gold Mining (HMY) - $1.03 bn, End of 2025 (Press Release)
Technology
E2open Parent Holdings (ETWO) / WiseTech Global - $2.1 bn, H2 2025 (Press Release, Merger Agreement)
Informatica (INFA) / Salesforce (CRM) - $8 bn, Early 2026 (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.
Allegion (ALLE): General Counsel Jeffrey Braun transitions to Advisory Counsel, effective June 16, 2025. (Filing)
Apogee Enterprises (APOG): Chief Human Resources Officer Raelyn A. Trende resigns effective June 13, 2025. (Filing)
Cherry Hill Mortgage Investment (CHMI): CFO Michael A. Hutchby resigns effective June 22, 2025. (Filing)
Eos Energy (EOSE): Terminates CFO Eric Javidi effective May 26, 2025. (Filing)
Evolus (EOLS): CFO Sandra Beaver resigns effective June 13, 2025. (Filing)
NetApp (NTAP): Chief Product Officer Harvinder Bhela resigns effective June 20, 2025. (Filing)
Novavax (NVAX): COO John Trizzino resigns effective June 20, 2025. (Filing)
Photronics (PLAB): CEO Frank Lee resigns effective May 28, 2025. (Filing)
Scholastic (SCHL): General Counsel Andrew S. Hedden resigns effective May 31, 2025. (Filing)
Sleep Number (SNBR): Chief Accounting Officer Joel Laing resigns effective June 5, 2025. (Filing)
TeraWulf (WULF): Chief Accounting Officer Kenneth Deane resigns effective June 20, 2025. (Filing)
TriSalus Life Sciences (TLSI): CFO James Young resigns effective May 30, 2025. (Filing)
Urgent.ly (ULY): CFO Timothy C. Huffmyer resigns effective June 6, 2025. (Filing)
V.F. Corp (VFC): Chief Accounting Officer Bryan H. McNeill resigns effective May 27, 2025. (Filing)
Vail Resorts (MTN): CEO Kirsten A. Lynch resigns effective May 22, 2025. (Filing)
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