The Special Situation Report #177: August 31 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
CSX (CSX): Canadian Pacific Kansas City (CP) announced that it is not interested in participating in immediate rail industry consolidation. (Press Release)
Kraft Heinz (KHC): Closing in on a plan to break itself up. (WSJ)
OraSure Technologies (OSUR): Ron Zwanziger warned he may pursue a more "adversarial path" if the OraSure Technologies' board continues to resist his offer to buy the medical devices company. (Reuters)
Quipt Home Medical (QIPT): Before Forager's $3.10 per share offer, it had offered $3.90 per share in January 2025, which the board rejected. (Press Release)
Rumors
Braemar Hotels & Resorts (BHR): The Board is initiating a process to sell the company. (Press Release)
Canada Goose (GOOS): Controlling shareholder, Bain Capital, has received bids aimed at taking the luxury parka-maker private at a valuation of about $1.4 billion. (CNBC)
Forian (FORA): A consortium led by CEO Max Wygod submitted a non-binding proposal to acquire all of the outstanding shares of Forian for $2.10 per share in cash. (Letter)
Smartkem (SMTK): The Board authorized management to consider and pursue strategic alternatives involving the company. (Press Release)
Update on Shareholder Activism
Performance Food (PFGC): Sachem Head Capital Management has privately nominated candidates to the board of Performance Food after accumulating a position in the distributor. (Bloomberg)
Rexford Industrial Realty (REXR): Elliott Investment Management has built an active stake in Los Angeles-based real estate investment trust Rexford Industrial Realty. (Bloomberg)
Update on Other Special Situations
Kraft Heinz (KHC): WSJ reported that Kraft Heinz is close to announcing a breakup plan as soon as next week, potentially spinning off a ~$20B grocery unit. (WSJ)
Warner Bros Discovery (WBD): Warner Bros Discovery named former media executive Brad Singer as the chief financial officer for its studio and streaming business after completion of the company’s planned separation next year. (Reuters)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Energy
Vital Energy (VTLE) / Crescent Energy (CRGY) - $3.1 bn, Year-end 2025 (Press Release, Merger Agreement)
Financial Services
Aspen Insurance (AHL) / Sompo - $3.5 bn, H1 2026 (Press Release, Merger Agreement)
Healthcare
scPharmaceuticals (SCPH) / MannKind (MNKD) - $360 mn, Q4 2025 (Press Release, Merger Agreement)
Technology
Verint Systems (VRNT) / Thoma Bravo - $2 bn, January 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.
Advanced Micro Devices (AMD): Chief Accounting Officer Philip Carter resigns effective September 5, 2025. (Filing)
Americold Realty Trust (COLD): Chief Executive Officer George F. Chappelle, Jr. retires effective September 1, 2025. (Filing)
Arcadia Biosciences (RKDA): Chief Financial Officer Mark Kawakami resigns effective September 12, 2025. (Filing)
Auddia (AUUD): Chief Technology Officer Peter Shoebridge resigns effective August 29, 2025. (Filing)
Cambium Networks (CMBM): Chief Financial Officer Jacob Sayer resigns effective September 9, 2025. (Filing)
Chipotle Mexican Grill (CMG): Chief Accounting and Administrative Officer Jamie McConnell resigns, effective August 25, 2025. (Filing)
Cronos Group (CRON): Terminates Principal Accounting Officer Lloyd Wilson effective August 29, 2025. (Filing)
Crocs (CROX): Chief Financial Officer Susan Healy resigns effective August 28, 2025. (Filing)
Navitas Semiconductor (NVTS): President and Chief Executive Officer Gene Sheridan resigns effective August 31, 2025. (Filing)
QUALCOMM (QCOM): Chief Accounting Officer Neil Martin resigns effective August 25, 2025. (Filing)
Rocket Pharmaceuticals (RCKT): Chief Financial Officer Aaron Ondrey resigns effective September 5, 2025. (Filing)
Roller Technologies (ROLR): Chief Executive Officer Ben Clemes resigns effective August 31, 2025. (Filing)
TrueCar (TRUE): Terminates Chief Revenue Officer Jay Ku effective September 1, 2025. (Filing)
Zentalis Pharmaceuticals (ZNTL): Chief Legal Officer Andrea Paul resigns effective September 18, 2025. (Filing)
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