The Special Situation Report #166: 6/15 Roundup

Summary of the Week in Special Situations

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

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Update on Developing M&A

• BP (BP): Abu Dhabi National Oil Co. (Adnoc) is evaluating whether it can buy some of BP’s (BP) key assets should the embattled British firm decide to break itself up or come under pressure to divest more units. (Bloomberg)

• Forward Air (FWRD): Private equity firms, including Blackstone (BX) and Apollo Global Management (APO), have expressed interest in acquiring LTL trucking company Forward Air. (Reuters)

• Keros Therapeutics (KROS): Concluded its review process to evaluate strategic alternatives to maximize stockholder value for the company and decided to initiate a process to return $375 million of excess capital to stockholders. (Press Release)

Rumors

• Calavo Growers (CVGW): Received a non-binding proposal to acquire all outstanding shares of the company’s common stock for $32 per share. (Press Release)

• Papa Johns (PZZA): Apollo Global Management (APO) and a Qatari investment fund Irth Capital have made an offer to take Papa Johns private. (Bloomberg, citing Semafor)

• TELUS International (TIXT): TELUS Corporation (TU) proposes acquiring all outstanding shares of TELUS International that it does not already own for $3.40 per share, payable in cash, TELUS Corporation common shares, or a combination of both. (13D Filing)

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Update on Shareholder Activism

• Bitfarms (BITF): Riot (RIOT) sold 1.75 million common shares of Bitfarms (BITF), representing about 0.31% of the issued and outstanding Common Shares. (Press Release)

• Keros Therapeutics (KROS): ADAR1 demands major capital returns, cost cuts, and new Board leadership, warning of further action if shareholder concerns remain unaddressed. (Press Release)

• Lamb Weston (LW): Jana Partners entered into a Nominee Agreement with Robert Bradshaw Henske, former CFO of Intuit (INTU) and Synopsys (SNPS), to nominate him for Lamb Weston's board. (13D Filing)

• Mission Produce (AVO): Globalharvest Holdings purchased the shares of the company as they were undervalued. (13D Filing)

• Novo Nordisk (NVO): Activist hedge fund Parvus Asset Management is building a stake in Ozempic-maker Novo Nordisk, as it wants to influence the appointment of Novo Nordisk’s new chief executive. (FT)

• PENN Entertainment (PENN): Glass Lewis recommended that shareholders vote “FOR” PENN’s two director nominees – Johnny Hartnett and Carlos Ruisanchez at the upcoming Annual Meeting. (Press Release)

• Provident Bancorp (PVBC): Stilwell Value sold shares of the company after its merger announcement with NB Bancorp (NBBK). (13D Filing)

• Victoria’s Secret & Co. (VSCO): BBRC International urged the Board to address urgent concerns regarding governance, performance, and accountability during the June 11th earnings call. (Letter)

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Update on Other Special Situations

• Warner Bros. Discovery (WBD): Warner Bros. Discovery announced plans to separate into two independent, publicly traded companies by mid-2026. The move will split its high-growth Studios & Streaming operations—comprising of Warner Bros., HBO, HBO Max, and DC Studios—from its Global Networks segment, which includes legacy cable assets such as CNN, TNT Sports, and Bleacher Report. (Press Release)

• Fortive (FTV): Ralliant, which is set to spin off from Fortive on June 28, 2025, shared its plans as an independent precision technologies company at its Investor Day, outlining its growth strategy, capital allocation priorities, and a cumulative free cash flow target of over $1 billion through 2028. (Press Release) (Investor Presentation)

• DuPont (DD): DuPont appoints Mark A. Blinn (Chair) and Dr. Yi Hyon Paik to the future board of Qnity Electronics, the planned independent electronics spin-off. (Press Release)

• Medtronic (MDT): Medtronic plc announced MiniMed as the name for the planned New Diabetes Company following the intended separation. (Press Release)

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Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Healthcare

• CureVac N.V. (CVAC) / BioNTech SE (BNTX) - $1.25 bn, 2025 (Press Release)

• Elevation Oncology (ELEV) / Concentra Biosciences - $21.32 mn, July 2025 (Press Release, Merger Agreement)

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Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• ABM Industries (ABM): Chief Financial Officer Earl Ellis resigns effective June 6, 2025. (Filing)

• Aspire Biopharma (ASBP): Chief Executive Officer Kraig Higginson resigns effective June 10, 2025. (Filing)

• Celularity (CELU): Terminates Chief Financial Officer David Beers effective June 10, 2025. (Filing)

• Cue Biopharma (CUE): Chief Financial Officer Kerri-Ann Millar resigns effective June 13, 2025. (Filing)

• Horizon Technology Finance (HRZN): Chief Investment Officer and Chief Operating Officer Daniel S. Devorsetz resigns effective June 5, 2025. (Filing)

• Onto Innovation (ONTO): Chief Financial Officer Mark Slicer resigns effective June 12, 2025. (Filing)

• Orion Group (ORN): Chief Financial Officer Scott Thanisch resigns effective June 23, 2025. (Filing)

• Paramount Global (PARA): Chief Financial Officer Naveen Chopra resigns effective June 27, 2025. (Filing)

• Pentair (PNR): Chief Sustainability Officer Karla C. Robertson departs as the role is eliminated in a restructuring effective June 10, 2025. (Filing)

• Perma-Pipe International (PPIH): Chief Executive Officer David Mansfield resigns effective June 7, 2025. (Filing)

• Sterling Infrastructure (STRL): Chief Financial Officer Ronald A. Ballschmiede resigns effective July 10, 2025. (Filing) 

• Synaptogenix (SNPX): Chief Executive Officer Dr. Alan J. Tuchman resigns effective June 8, 2025. (Filing)

• Tharimmune (THAR): Chief Executive Officer Randy Milby resigns effective June 11, 2025. (Filing)

• Texas Roadhouse (TXRH): Chief Financial Officer Christopher Monroe resigns effective June 9, 2025. (Filing)

• TriMas (TRS): President andChief Executive Officer Thomas Amato resigns effective June 23, 2025. (Filing)

• Udemy (UDMY): Chief Technology Officer Eren Bal transitions to Head of Innovation effective June 11, 2025. (Filing)

• Vivani Medical (VANI): Chief Financial Officer Brigid Makes resigns effective June 15, 2025. (Filing)

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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.