The Special Situation Report #170: July 13 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
Lionsgate Studios (LION): Legendary Entertainment is considering a takeover of Lionsgate Studios. (Bloomberg)
Orion Properties (ONL): The Board concluded that the acquisition proposal to acquire all of the outstanding shares of Orion for $2.50 per share in cash submitted by Kawa Capital is not in the best interests of Orion’s stockholders. (Press Release)
Peraso (PRSO): The Board has authorized the exploration of strategic alternatives, including a merger, sale of assets, or other similar transaction, all intended to maximize stockholder value and further its business operations. (Press Release)
TELUS Digital (TIXT): The Board formed a special committee comprised of six independent directors to review, evaluate, and consider the proposal from TELUS Corporation (TU). (Press Release)
Rumors
AES Corp (AES): Is exploring options, including a potential sale amid takeover interest. (Bloomberg)
FONAR Corp (FONR): Board received a preliminary, non-binding proposal letter from a Proposed Acquisition Group led by CEO Timothy Damadian to acquire all of the outstanding capital stock of FONAR at a price per share anticipated to be “at a premium of no less than 10% to the average closing market price of FONAR’s common stock for the 90 trading days immediately preceding July 1, 2025”. (Press Release)
Performance Food Group (PFGC): Attracted takeover interest from US Foods Holding (USFD). (Bloomberg)
PTC (PTC): Autodesk (ADSK) is weighing an acquisition of rival engineering-software provider PTC. (Bloomberg)
Update on Shareholder Activism
Grove Collaborative (GROV): HumanCo urged the Board to conduct a comprehensive review of strategic alternatives, including a sale to a larger strategic company or financial sponsor, or a transformative merger with a profitable company. (Press Release)
Oportun (OPRT): Findell Capital Partners announced that Institutional Shareholder Services (ISS) recommended Oportun stockholders vote FOR the election of its nominee, Warren Wilcox, to the company's Board at the upcoming AGM. (Press Release)
Sonim Technologies (SONM): ISS has recommended that Sonim stockholders vote "FOR" four of the company's nominees at the upcoming AGM. (Press Release)
Update on Other Special Situations
Kraft Heinz (KHC): Kraft Heinz is reportedly planning to spin off much of its grocery division, including key Kraft-branded products, into a separate company valued up to $20 billion, per WSJ. The remaining business will focus on condiments and spreads like Heinz ketchup and Grey Poupon mustard. (Wall Street Journal)
Intel (INTC): Intel has spun off its computer vision and robotics unit, RealSense, which has raised $50 million in Series A funding to fuel global expansion and product development. Investors include MediaTek Innovation Fund and Intel Capital, which is also being spun off. Nadav Orbach, Intel’s VP of incubation and disruptive innovation, will lead RealSense as CEO. (Reuters)
Medtronic (MDT): Medtronic appoints Chad Spooner as chief financial officer of MiniMed. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Basic Materials
Sandstorm Gold (SAND) / Royal Gold (RGLD) - $3.5 bn, Q4 2025 (Press Release)
Communication Services
DallasNews (DALN) / Hearst - $74.94 mn, Q4 2025 (Press Release, Merger Agreement)
Consumer Defensive
WK Kellogg (KLG) / The Ferrero Group - $3.1 bn, H2 2025 (Press Release, Merger Agreement)
Financial Services
PB Bankshares (PBBK) / Norwood Financial (NWFL) - $54.9 mn, Q4 2025 or Q1 2026 (Press Release, Merger Agreement)
Healthcare
CARGO Therapeutics (CRGX) / Concentra Biosciences - $170.70 mn, Aug 2025 (Press Release, Merger Agreement)
Verona Pharma (VRNA) / Merck (MRK) - $10 bn, Q4 2025 (Press Release, Merger Agreement)
Technology
Core Scientific (CORZ) / CoreWeave (CRWV) - $9 bn, Q4 2025 (Press Release, Merger Agreement)
WNS (Holdings) Limited (WNS) / Capgemini - $3.3 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.
AdvanSix (ASIX): Terminates Chief Financial Officer Siddharth Manjeshwar effective July 9, 2025. (Filing)
Apple (AAPL): Chief Operating Officer Jeff Williams is resigning later this month. (Filing)
Auddia (AUUD): Chief Executive Officer Michael Lawless resigns effective July 7, 2025. (Filing)
Canopy Growth (CGC): Terminates Chief Financial Officer Judy Hong. (Filing)
ChargePoint (CHPT): Chief Legal Officer Rebecca Chavez resigns effective July 25, 2025. (Filing)
CNA Financial (CNA): General Counsel Susan A. Stone resigns effective July 31, 2025. (Filing)
First Northwest Bancorp (FNWB): President and Chief Executive Officer Matthew P. Deines resigns effective July 12, 2025. (Filing)
KBR (KBR): Chief Operating Officer Byron Bright resigns effective July 11, 2025. (Filing)
Kraft Heinz Company (KHC): Chief Procurement and Sustainability Officer Marcos Eloi Lima resigns effective August 1, 2025. (Filing)
Southern Company (SO): Chief Financial Officer Daniel S. Tucker resigns effective July 31, 2025. (Filing)
Treasure Global (TGL): Chief Financial Officer Sook Lee Chin resigns effective as of July 1, 2025. (Filing)
Wendy`s Co (WEN): President and Chief Executive Officer Kirk Tanner resigns effective July 18, 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.