The Special Situation Report #178: September 7 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
BT Brands (BTBD): BT Brands and Aero Velocity entered into a merger agreement to combine in an all-stock transaction. (Press Release)
Canada Goose (GOOS): Not working on any take-private deal or other transaction at this point. (Goldman Sachs Conference)
Peraso (PRSO): Mobix Labs (MOBX) enhanced its proposal to acquire Peraso by adding a cash component to its original all-stock offer. (Press Release)
Quipt Home Medical (QIPT): Forager announced that it remains willing to increase its offer of $3.1 per share upon constructive engagement with the Quipt Board. (Press Release)
Smartkem (SMTK): Engaged Anthony Amato and his firm, Bridge Associates International Pharmaceutical Consulting, to support specific strategic initiatives in support of the company's long-term growth initiatives. (Press Release)
Rumors
Noodles & Company (NDLS): The Board has initiated a review of strategic alternatives to explore ways to maximize shareholder value. (Press Release)
Premier (PINC): Patient Square Capital is exploring an acquisition of the healthcare services company Premier. (Bloomberg)
Update on Shareholder Activism
Comerica (CMA): Hedge fund HoldCo Asset Management plans to launch a board fight at Comerica. (WSJ)
Genuine Parts Company (GPC): Reached a settlement with activist investor Elliott Investment Management to add two new directors to its board. (Reuters)
PepsiCo (PEP): Activist investor Elliott Investment Management has built a roughly $4 billion stake in PepsiCo and is pushing the beverage and snacks giant to refranchise its bottling business and make other changes to boost its sagging share price. (WSJ)
Update on Other Special Situations
Sony Group (SONY): Sony approved the partial spin-off of Sony Financial Group Inc. (SFGI), effective October 1, 2025. The company has also received re-approval from Japan’s Minister of Economy, Trade and Industry for amendments to its Corporate Restructuring Plan. The spin-off remains subject to the Tokyo Stock Exchange’s approval of SFGI’s share listing. (Press Release)
Kraft Heinz (KHC): Kraft Heinz announced that its board has approved a tax-free spin-off, separating the business into two independent publicly traded companies. Global Taste Elevation Co. with Heinz, Philadelphia, and Kraft Mac & Cheese. North American Grocery Co. led by Oscar Mayer, Kraft Singles, and Lunchables, with Carlos Abrams-Rivera as CEO. Miguel Patricio will serve as Executive Chair; a search for a new CEO is underway for Global Taste Elevation. The split is expected in 2H 2026, pending approvals. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Industrials
Air Lease (AL) / Sumitomo, SMBC Aviation, Apollo Funds (APO), and Brookfield (BAM) - $28.2 bn, H1 2026 (Press Release, Merger Agreement)
Technology
TELUS International (TIXT) / TELUS Corporation (TU) - $2.9 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.
A10 Networks (ATEN): Chief Financial Officer Brian Becker resigns effective September 30, 2025. (Filing)
Gitlab (GTLB): Chief Financial Officer Brian Robins resigns effective September 19, 2025. (Filing)
MicroVision (MVIS): President and Chief Executive Officer Sumit Sharma resigns effective September 30, 2025. (Filing)
Outlook Therapeutics (OTLK): Chief Commercial Officer Jeff Evanson resigns effective September 5, 2025. (Filing)
Rackspace Technology (RXT): Chief Executive Officer Amar Maletira resigns effective September 3, 2025. (Filing)
Ross Stores (ROST): Chief Financial Officer Adam Orvos retires effective September 30, 2025. (Filing)
Sanara MedTech (SMTI): Chief Executive Officer Ronald T. Nixon resigns effective September 15, 2025. (Filing)
Sweetgreen (SG): Chief Financial Officer Mitch Reback retires effective September 21, 2025. (Filing)
UDR (UDR): Chief Investment Officer Joseph D. Fisher resigns effective September 2, 2025. (Filing)
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