The Special Situation Report #169: July 6 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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This July 4th weekend, I got a chance to catch the new movie by Apple, F1, starring Brad Pitt and my personal favorite Javier Bardem (of No Country for Old Men fame). With an estimated production cost of over $250 million, the movie did not disappoint and I would put it up there with Ford v Ferrari and Rush when it comes to racing related movies.
What also stood out about F1 were the product placements or ads, with the microcap company Expensify (EXFY) and IWC taking the cake. IWC is the watch company owned by Compagnie Financière Richemont, a Swiss luxury goods holding company listed on the SIX Swiss Exchange under the stock symbol CFR. Oracle (ORCL) and its rival Workday (WDAY) also made appearances.
Catching the F1 movie and social commitments around the long weekend are some of the reasons this issue of The Special Situations Report is being published a little later than usual.
In case you missed it, our once a year Independence Day Sale that takes 33% off an InsideArbitrage Premium subscription ends this week.
Update on Developing M&A
Lands’ End (LE): Has attracted bids from Reebok owner Authentic Brands Group and Toys"R"Us owner WHP Global. (Reuters)
Sonim Technologies (SONM): Special Committee considered the offer from Orbic North America and has determined it to be inferior to the Letter of Intent between Sonim and Social Mobile for the sale of substantially all of Sonim's operating assets. (Press Release)
Rumors
Jumia Technologies (JMIA): Has drawn takeover interest from telecommunications company Axian Telecom. (Bloomberg)
ReNew Energy Global (RNW): A consortium led by CPP Investment Board and ReNew CEO Sumant Sinha has submitted a non-binding proposal to the special committee proposing to acquire all remaining shares not already owned by consortium members for $8 per share. (Letter)
Verint Systems (VRNT): Buyout firm Thoma Bravo is in talks to acquire Verint Systems, a maker of call center software. (Bloomberg)
Update on Shareholder Activism
AGCO Corporation (AGCO): Tractors and Farm Equipment Limited (TAFE) announced that a comprehensive settlement and resolution have been reached with AGCO Corporation on all matters relating to brand, commercial issues, and shareholding. (Press Release)
Avadel Pharmaceuticals (AVDL): ASL Strategic Value Fund calls for Avadel shareholders to vote out the company’s entire board of directors. (Press Release)
Lamb Weston (LW): Entered into a cooperation agreement with JANA Partners and Continental Grain Company, and appointed six new members to the Board. (Press Release)
Lifeway Foods (LWAY): Edward and Ludmila Smolyansky initiated a process to remove Lifeway's current board of directors and elect a new slate of nominees. (Press Release)
Perion Network (PERI): Phoenix Insurance and Value Base Fund sent a letter to Perion's Board requesting an extraordinary shareholders' meeting to amend the Articles, allowing a simple majority to cancel the April 3, 2025, rights plan and requiring future rights plans to receive shareholder approval. (13D Filing)
TripAdvisor (TRIP): Activist investor Starboard Value has built an over 9% stake in TripAdvisor. (WSJ)
Update on Other Special Situations
Fortive (FTV): Fortive completed the spin-off of its Precision Technologies segment, Ralliant (RAL). Shareholders received 1 Ralliant share for every 3 Fortive shares held as of June 16. Olumide Soroye has succeeded James Lico as President & CEO of Fortive and joined the board. Lico will remain a senior advisor through year-end. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Consumer Cyclical
Big 5 Sporting Goods (BGFV) / Worldwide Golf and Capitol Hill Group - $112.7 mn, H2 2025 (Press Release, Merger Agreement)
Healthcare
IGM Biosciences (IGMS) / Concentra Biosciences - $82.85 mn, Aug 2025 (Press Release, Merger Agreement)
Theratechnologies (THTX) / CB Biotechnology, an affiliate of Future Pak - $254 mn, Nov 2025 (Press Release)
Industrials
GMS (GMS) / Home Depot (HD) - $5.5 bn, Jan 31, 2026 (Press Release, Merger Agreement)
Technology
Olo (OLO) / Thoma Bravo - $2 bn, End of 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.
Alaunos Therapeutics (TCRT): Chief Executive Officer Dale Curtis Hogue, Jr. resigns effective July 1, 2025. (Filing)
Chicago Atlantic BDC (LIEN): Chief Financial Officer Martin Rodgers resigns effective July 1, 2025. (Filing)
4D Molecular Therapeutics (FDMT): Chief Financial and Business Officer Uneek Mehra resigns effective July 15, 2025. (Filing)
Iovance Biotherapeutics (IOVA): Chief Financial Officer Jean-Marc Bellemin resigns effective July 10, 2025. (Filing)
Krispy Kreme (DNUT): Chief Financial Officer Jeremiah Ashukian resigns effective July 11, 2025. (Filing)
Mangoceuticals (MGRX): President Antonios Isaac resigns effective June 30, 2025. (Filing)
Research Solutions (RSSS): Terminates Chief Operating Officer Scott Ahlberg effective June 30, 2025. (Filing)
Steven Madden (SHOO): Chief Merchandising Officer Karla Frieders resigns effective June 30, 2025. (Filing)
The Children’s Place (PLCE): Chief Accounting Officer Laura Lentini resigns effective July 2, 2025. (Filing)
Ulta Beauty (ULTA): Chief Financial Officer Paula Oyibo resigns effective June 24, 2025. (Filing)
Xenon Pharmaceuticals (XENE): Chief Financial Officer Sherry Aulin resigns effective June 30, 2025. (Filing)
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