The Special Situation Report #168: 6/29 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
BP (BP): Shell (SHEL) denied holding early-stage talks to acquire rival BP. (WSJ)
Brighthouse Financial (BHF): TPG (TPG) and Aquarian Holdings, an asset manager backed by Abu Dhabi’s Mubadala Capital, both submitted offers at a small premium to Brighthouse’s market value in the final round of bidding earlier this month. (FT)
Northern Trust (NTRS): Fully committed to remaining independent. (Reuters)
Sonim Technologies (SONM): Signed a non-binding Letter of Intent (LOI) for a proposed reverse take-over (RTO) with a private US-based company building out Nvidia-based High-Performance Computing (HPC) A.I. factories. (Press Release)
United States Cellular (USM): The Committee for the Assessment of Foreign Participation in the U.S. reviewed the T-Mobile (TMUS) and US Cellular applications and has no objection to FCC approval but reserves the right to reassess for future national security or law enforcement risks. (Letter)
WM Technology (MAPS): Co-founders Douglas Francis and Justin Hartfield withdrew their non-binding proposal of $1.70 per share, due to external factors. (Press Release)
Rumors
Ambarella (AMBA): Considering options, including a potential sale. (Bloomberg)
Core Scientific (CORZ): CoreWeave (CRWV) is in talks to acquire Core Scientific. (WSJ)
Northern Trust (NTRS): Bank of New York Mellon (BK) approached Northern Trust last week to express interest in merging with its smaller rival. (WSJ)
Peraso (PRSO): Mobix Labs (MOBX) announced an unsolicited, non-binding proposal to acquire Peraso in a premium stock-for-stock transaction. (Press Release)
Update on Shareholder Activism
Sonim (SONM): AJP and Orbic recommend that the stockholders of Sonim vote for their five board nominees, and withhold votes on the company board nominees at the annual meeting of stockholders scheduled to be held on July 18, 2025. (Press Release)
Update on Other Special Situations
Holcim (HCMLY): Holcim completed the spin-off of its North America business, Amrize, distributing one Amrize share for each Holcim share held as of June 20, 2025. Amrize shares now trade under the ticker “AMRZ” on both the SIX Swiss Exchange and the NYSE. (Press Release)
Fortive (FTV): Fortive’s spinoff Ralliant is set to replace Wolfspeed (WOLF) in the S&P SmallCap 600 effective before the opening of trading on Tuesday, July 1. (Press Release)
VivoPower (VVPR): VivoPower International announced that it has set July 9, 2025, as the record date to determine eligibility for a special dividend related to the spin-off of Caret Digital. (Press Release)
Reitar Logtech (RITR): Reitar Logtech announced the commencement of a spin-off plan for its logistics automation segment. (Press Release)
TOP Ships (TOPS): TOP Ships announces approval of listing on the Nasdaq Capital Market for spin-off of Rubico. The distribution of Rubico shares to TOP Ships shareholders is expected in July 2025, with trading set to begin the following day under the ticker “RUBI.” (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Consumer Defensive
SpartanNash Company (SPTN) / C&S Wholesale Grocers - $1.77 bn, Late 2025 (Press Release, Merger Agreement)
Financial Services
Guaranty Bancshares (GNTY) / Glacier Bancorp (GBCI) - $476.2 mn, Q4 2025 (Press Release, Merger Agreement)
Healthcare
Turnstone Biologics (TSBX) / XOMA Royalty (XOMA) - $7.92 mn, August 2025 (Press Release, Merger Agreement)
Industrials
MRC Global (MRC) / DNOW (DNOW) - $1.5 bn, Q4 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.
BGSF (BGSF): President and Chief Executive Officer Beth Garvey resigns effective July 1, 2025. (Filing)
Boxlight (BOXL): Chief Financial Officer Greg Wiggins resigns effective July 18, 2025. (Filing)
ContextLogic (LOGC): Chief Financial Officer Brett Just resigns effective June 30, 2025. (Filing)
FS KKR Capital (FSK): Co-President Brian Gerson resigns effective June 28, 2025. (Filing)
Future FinTech Group (FTFT): Chief Financial Officer Ming Yi resigns effective June 25, 2025. (Filing)
Greenlane (GNLN): Terminates Chief Growth Officer Rob Shields effective June 20, 2025. (Filing)
Incyte (INCY): President and Chief Executive Officer Hervé Hoppenot steps down effective June 26, 2025. (Filing)
LanzaTech Global (LNZA): Chief Accounting Officer Michael Heraty resigns effective June 26, 2025. (Filing)
Opus Genetics (IRD): Chief Financial Officer Nirav Jhaveri terminated effective June 25, 2025. (Filing)
Sonder (SOND): Chief Executive Officer Francis Davidson resigns effective June 24, 2025. (Filing)
Windtree Therapeutics (WINT): Chief Financial Officer Jamie McAndrew resigns effective June 25, 2025. (Filing)
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