The Special Situation Report #174: August 10 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
Blade Air Mobility (BLDE): Joby Aviation (JOBY) announced it has entered into a definitive agreement with Blade Air Mobility to purchase Blade’s leading urban air mobility passenger business. (Press Release)
Ironwood (IRWD): Progressing its engagement with Goldman Sachs to evaluate strategic alternatives for the company. (Press Release)
Kenvue (KVUE): The Board continues to advance the ongoing comprehensive review of strategic alternatives to unlock shareholder value. (Press Release)
Matthews International (MATW): Strategic alternatives evaluation is progressing well. (Press Release)
Mural Oncology (MURA): Continuing to explore strategic alternatives. (Press Release)
Performance Food Group (PFGC): US Foods (USFD) approached Performance Food Group to explore the merits of a combination, and its invitation was declined, according to US Foods Chief Executive Officer Dave Flitman. (Bloomberg)
Rumors
Avidity Biosciences (RNA): Novartis (NVS) made a takeover approach for rare disease-focused biotech Avidity Biosciences. (FT)
Blade Air Mobility (BLDE): Joby Aviation (JOBY) is exploring an acquisition of helicopter ride-share operator Blade Air Mobility. Acquisition of one of Blade’s divisions was confirmed two days later. (Bloomberg)
BT Brands (BTBD): Working with its investment banker to assist the company in evaluating and pursuing a range of strategic initiatives, including a potential merger transaction. (Press Release)
Century Casinos (CNTY): The Board has initiated a strategic review of its operations, capital structure, and strategic growth options. (Press Release)
Tegna (TGNA): Television broadcaster Nexstar Media Group (NXST) is in advanced talks to acquire its rival, Tegna. (WSJ)
Update on Shareholder Activism
BP (BP): Will reveal on Tuesday its progress on a $5 billion cost-cutting plan, as activist investor Elliott Management increases pressure on the energy major to rein in operating expenses more aggressively. (FT)
Core Scientific (CORZ): Two Seas Capital announced its opposition to the company's proposed sale to CoreWeave (CRWV). (Press Release)
electroCore (ECOR): James Theofilos appointed to the Board of Directors, effective August 1, 2025. (Press Release)
Rogers (RCI): Activist investor Starboard Value revealed a 9.3% stake in Rogers and plans to seek a round of changes at the engineering-materials maker to boost shares. (13D Filing)
STAAR Surgical (STAA): Broadwood Partners asked for the books and records of the company, seeking documents relating to the process that led to the merger so that it can further evaluate the quality of the process and inform its voting decisions. (13D Filing)
Tripadvisor (TRIP): Palliser Capital is urging Tripadvisor to explore a potential sale. (Bloomberg)
Update on Other Special Situations
Rubico (RUBI): Rubico completed its spin-off from TOP Ships as of August 1, 2025. Its shares began trading on the Nasdaq Capital Market under the ticker symbol “RUBI” on August 4, 2025. (Press Release)
Sony Group (SONY): Sony plans to partially spin off its wholly owned subsidiary, Sony Financial Group in October 2025. Following the Board’s May 14, 2025, resolution, the Financial Services business has been classified as a discontinued operation from Q1 FY25. After the spin-off, Sony will account for its retained stake in SFGI under the equity method, with related profits or losses recorded in operating income for continuing operations. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Consumer Cyclical
American Woodmark (AMWD) / MasterBrand (MBC) - $1.3 bn, Early 2026 (Press Release, Merger Agreement)
Healthcare
HilleVax (HLVX) / XOMA Royalty (XOMA) - $75.36 mn, Sept 2025 (Press Release, Merger Agreement)
LAVA Therapeutics (LVTX) / XOMA Royalty (XOMA) - $30.19 mn, Q4 2025 (Press Release, Merger Agreement)
STAAR Surgical Company (STAA) / Alcon (ALC) - $1.5 bn, 6 to 12 months (Press Release, Merger Agreement)
Y-mAbs Therapeutics (YMAB) / SERB Pharmaceuticals - $412 mn, Q4 2025 (Press Release, Merger Agreement)
Industrials
Steelcase (SCS) / HNI Corporation (HNI) - $2.2 bn, End of 2025 (Press Release, Merger Agreement)
Utilities
Aris Water Solutions (ARIS) / Western Midstream Partners (WES) - $2 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.
Civitas Resources (CIVI): Terminates Chief Executive Officer Christopher Doyle effective August 6, 2025. (Filing)
Commercial Vehicle Group (CVGI): Commercial Vehicle Group Chief Operating Officer Scott Reed resigns effective August 29, 2025. (Filing)
DiaMedica Therapeutics (DMAC): Chief Medical Officer Lorianne Masuoka resigns effective August 4, 2025. (Filing)
ESS Tech (GWH): Terminates Chief Financial Officer Anthony Rabb effective August 1, 2025. (Filing)
Fastly (FSLY): Chief Financial Officer Ronald W. Kisling resigns effective August 11, 2025. (Filing)
Keros Therapeutics (KROS): President and Chief Operating Officer Christopher Rovaldi resigns effective August 18, 2025. (Filing)
Lennar (LEN): Chief Operating Officer Fred Rothman and General Counsel Mark Sustana intend to resign effective September 2, 2025. (Filing)
Nextdoor (NXDR): Chief Financial Officer Matt Anderson resigns effective September 1, 2025. (Filing)
Soluna Holdings (SLNH): Chief Financial Officer John Tunison resigns effective August 21, 2025. (Filing)
Sportsman’s Warehouse (SPWH): Chief Financial Officer Jeff White resigns effective August 18, 2025. (Filing)
Steris (STE): Chief Financial Officer Michael J. Tokich resigns effective August 18, 2025. (Filing)
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