The Special Situation Report #172: July 27 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
Forward Air (FWRD): A handful of private equity firms, including Clearlake Capital, Platinum Equity, and EQT (EQT), have submitted bids to buy Forward Air. (Reuters)
Norfolk Southern (NSC): Union Pacific (UNP) and Norfolk Southern confirmed that the companies are engaged in advanced discussions regarding a potential business combination. (Press Release)
Northern Trust (NTRS): Goldman Sachs (GS) CEO David Solomon held takeover talks with Northern Trust earlier this year. (Semafor)
Rumors
CSX (CSX): CEO Joe Hinrichs said he’s open to merger talks with other companies amid reports that Union Pacific and Norfolk Southern are discussing a combination. (Bloomberg)
Farmer Bros (FARM): Initiated a process to evaluate strategic alternatives. (Press Release)
PagerDuty (PD): Exploring options, including a potential sale of the software maker, after receiving inbound acquisition interest. (Reuters)
Synovus Financial (SNV): Weighing options, including a potential merger after drawing interest. (Bloomberg)
Update on Shareholder Activism
BP (BP): Elliott Investment Management wants BP’s incoming chairman, Albert Manifold, to urgently improve the firm’s cost base and capital allocation, citing a weak turnaround plan. (Bloomberg)
Electra Battery Materials (ELBM): Whitebox Advisors engaged in discussions with Electra’s management and board to negotiate agreements involving various transactions aimed at deleveraging and recapitalizing Electra to support its ongoing operations and development of its cobalt sulfate refinery. (13D Filing)
Equinix (EQIX): Elliott Investment Management has built up its stake in Equinix and is pushing the data center operator to take steps to boost its share price. (Bloomberg)
Sonim Technologies (SONM): Shareholders have elected all five of the company's director nominees - Mike Mulica, Peter Liu, James Cassano, Jack Steenstra, and George Thangadurai - to the Board of Directors. (Press Release)
Update on Other Special Situations
Comcast (CMCSA): Comcast announced the first board of directors for Versant Media Group, the upcoming NBCUniversal cable spinoff. The board features CEO Mark Lazarus, Chairman David Novak, and eight others with backgrounds in AI, governance, and dealmaking. The spinoff is expected to be completed this year. (Press Release)
Intel (INTC): Reuters reported that Intel plans to separate its networking and communications unit into a standalone company and has begun the process of identifying investors, as the new CEO, Lip-Bu Tan, seeks to streamline its operations. (Reuters)
Beyond (BYON): Activist investor Shay Capital, a significant shareholder in Beyond, is pushing the company to unlock value by spinning off its blockchain assets, including GrainChain and tZero. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Financial Services
Synovus Financial (SNV) / Pinnacle Financial Partners (PNFP) - $8.6 bn, Q1 2026 (Press Release, Merger Agreement)
Healthcare
iTeos Therapeutics (ITOS) / Concentra Biosciences - $236.19 mn, Q3 2025 (Press Release, Merger Agreement)
ZimVie (ZIMV) / ARCHIMED - $730 mn, 2025 end (Press Release, Merger Agreement)
Real Estate
City Office REIT (CIO) / MCME Carell Holdings - $1.1 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.
Amplify Energy (AMPY): President and Chief Executive Officer Martyn Willsher resigns effective July 18, 2025. (Filing)
CECO Environmental (CECO): Chief Administrative and Legal Officer Lynn Watkins-Asiyanbi resigns effective July 31, 2025. (Filing)
Frontdoor (FTDR): Chief Accounting Officer Chastitie Brim retires effective August 24, 2025. (Filing)
Mannatech (MTEX): Chief Operating Officer Peter Griscom resigns effective August 8, 2025. (Filing)
Quaker Chemical (KWR): Chief Accounting Officer Jeffrey Kutz resigns effective July 18, 2025. (Filing)
Sleep Number (SNBR): Chief Financial Officer Francis Lee resigns effective July 21, 2025. (Filing)
United Parks & Resorts (PRKS): Chief Human Resources Officer Michael Rady resigns effective August 1, 2025. (Filing)
Upwork (UPWK): Chief Accounting Officer Olivier Marie resigns effective August 19, 2025. (Filing)
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