The Special Situation Report #175: August 17 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
Performance Food (PFGC): The Board determined there was “no basis” to engage with US Foods (USFD) after its rival requested that it share information for a potential merger. (Earnings Call)
Rumors
Atara Biotherapeutics (ATRA): Initiated an evaluation of strategic options. (Press Release)
Generation Bio (GBIO): To review strategic alternatives, and has retained TD Cowen to act as an advisor. (Press Release)
Hillenbrand (HI): Exploring strategic options, including a potential sale. (Bloomberg)
Update on Shareholder Activism
Avantor (AVTR): Activist investor Engine Capital has built a stake in Avantor and plans to push the life-sciences company to sell itself or make other changes. (WSJ)
TaskUs (TASK): Murchinson opposed the company’s proposed "going-private" transaction with Blackstone (BX) and TaskUs Co-Founders Bryce Maddock and Jaspar Weir. (Press Release)
Update on Other Special Situations
Sinclair (SBGI): Sinclair announced its board has authorized a strategic review of the company’s broadcast business, and it is considering a separation of its Ventures portfolio. (Press Release)
DuPont (DD): DuPont secured $4.1 billion in financing for the planned November spin-off of Qnity Electronics, led by current electronics chief Jon Kemp. Separately, DuPont is considering the sale of its Nomex and Kevlar brands after abandoning plans to divest its water unit. (Press Release)
Resideo Technologies (REZI): Resideo Technologies will spin off its $4.5B ADI distribution unit in 2H 2026, leaving the company focused on its higher-margin Products & Solutions segment. Ahead of the move, Resideo paid Honeywell $1.59 billion to terminate long-term indemnification obligations of up to $140 million annually through 2043. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Communication Services
WideOpenWest (WOW) / DigitalBridge Investments (DBRG) and Crestview Partners - $1.5 bn, Q1 2026 (Press Release)
Consumer Cyclical
Hanesbrands (HBI) / Gildan Activewear (GIL) - $4.4 bn, Late 2025 or Early 2026 (Press Release, Merger Agreement)
Financial Services
BankFinancial (BFIN) / First Financial (FFBC) - $142 mn, Q4 2025 (Press Release, Merger Agreement)
Technology
International Money Express (IMXI) / Western Union (WU) - $500 mn, Mid-2026 (Press Release, Merger Agreement)
MeridianLink (MLNK) / Centerbridge Partners - $2 bn, H2 2025 (Press Release, Merger Agreement)
Sapiens International (SPNS) / Advent - $2.5 bn, Q4 2025 or Q1 2026 (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.
Albemarle (ALB): Chief Operations Officer Netha N. Johnson resigns effective August 10, 2025. (Filing)
Cingulate (CING): Chief Executive Officer Shane Schaffer departs effective August 14, 2025. (Filing)
Cleanspark (CLSK): President and Chief Executive Officer Zachary K. Bradford resigns effective August 10, 2025. (Filing)
Digimarc (DMRC): Chief Revenue Officer Tom Benton resigns effective September 1, 2025. (Filing)
Evolv Technologies (EVLV): Chief Innovation Officer Michael Ellenbogen resigns effective September 5, 2025. (Filing)
Expand Energy (EXE): Terminates Chief Financial Officer Mohit Singh effective August 13, 2025. (Filing)
Galaxy Digital (GLXY): General Counsel Andrew Siegel resigns effective September 8, 2025. (Filing)
GrafTech International (EAF): Chief Operating Officer Jeremy S. Halford resigns effective September 12, 2025. (Filing)
Horace Mann Educators (HMN): Chief Operating Officer Stephen J. McAnena resigns effective August 10, 2025. (Filing)
Lexeo Therapeutics (LXEO): Chief Financial Officer Kyle Rasbach resigns effective August 15, 2025. (Filing)
Maravai LifeSciences (MRVI): Eliminates the positions held by Rebecca Buzzeo, Chief Commercial Officer and Pete Leddy Chief Administrative Officer, effective September 2, 2025. (Filing)
Mueller Water Products (MWA): Chief Accounting Officer Suzanne G. Smith resigns effective August 15, 2025. (Filing)
Opendoor Technologies (OPEN): Chief Executive Officer Carrie Wheeler resigns effective August 15, 2025. (Filing)
X4 Pharmaceuticals (XFOR): President and Chief Executive Officer Paula Ragan resigns effective August 12, 2025. (Filing)
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