The Special Situation Report #179: September 14 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
Brighthouse Financial (BHF): Aquarian Holdings is in late-stage talks with two large Middle Eastern investors to finance its takeover of Brighthouse Financial. (FT)
Peraso (PRSO): Held a limited exploratory call with Mobix Labs (MOBX) on September 10, 2025. (Press Release)
Rumors
Anebulo Pharmaceuticals (ANEB): Received inbound interest from potential financial and strategic partners. (Press Release)
Jamf (JAMF): Exploring a sale as weakness in its stock price makes it a prime takeover candidate for other companies. (Reuters)
Warner Bros. Discovery (WBD): Paramount Skydance (PSKY) is preparing a majority cash bid for Warner Bros. Discovery, backed by the Ellison family. (WSJ)
Update on Shareholder Activism
Bill.com (BILL): Activist hedge fund Elliott Management built a large stake in payments automation company Bill Holdings, betting the struggling fintech could soon become the latest takeover target in the sector. (FT)
Bill.com (BILL): Starboard Value nominated a slate of director candidates, including Liat Ben-Zur, Nancy Disman, Peter A. Feld, and Frank T. Young, for election to the Board at the 2025 annual meeting. (13D Filing)
DallasNews (DALN): Gabelli Funds said that the company adopted a 10% poison pill in July without shareholder approval. It has not yet decided how they intend to vote at DallasNews' special meeting, which seeks approval for the acquisition by Hearst. (13D Filing)
OraSure Technologies (OSUR): Altai Capital Management is preparing to launch a board fight at OraSure Technologies after the hedge fund, already one of the biggest owners of the medical device maker, increased its holdings. (Reuters)
Sunstone Hotel Investors (SHO): Tarsadia Capital urged the board to commence a two-track process to pursue a sale of the entire company or a plan of sale and liquidation of the company’s assets. (Press Release)
Update on Other Special Situations
Sony (SONY): The Tokyo Stock Exchange said that it approved the listing of Sony Financial Group on its top-tier Prime section on September 29. (Press Release)
Unilever (UL): Ben & Jerry’s founders are urging Unilever to let the brand regain independence and be excluded from the ice cream spin-off set for November. Meanwhile, Unilever stated that Magnum Ice Cream aims for 3–5% annual organic sales growth from 2026, in line with the group’s outlook and surpassing the ice cream unit’s historical average of 3%. (Reuters)
Corteva (CTVA): U.S. agrichemicals firm Corteva is exploring a breakup that would separate its seed and pesticide businesses into two separate companies. (WSJ)
Faraday Future Intelligent Electric (FFAI): Faraday Future Intelligent Electric plans to spin off its crypto flywheel assets into a separate publicly listed company. The split would create two independent entities, FFAI and a crypto focused firm. Further details will be shared at the company’s “919 Futurist Day & Stockholders’ Community Day” event on September 19. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Basic Materials
Teck Resources (TECK) / Anglo American (AAUKF) - $33.62 bn, 12-18 months (Press Release)
Consumer Cyclical
Potbelly Corporation (PBPB) / RaceTrac - $566 mn, Q4 2025 (Press Release, Merger Agreement)
Healthcare
Tourmaline Bio (TRML) / Novartis (NVS) - $1.4 bn, Q4 2025 (Press Release, Merger Agreement)
Technology
Vimeo (VMEO) / Bending Spoons - $1.38 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.
Achieve Life Sciences (ACHV): Chief Medical Officer and President Cindy Jacobs resigns effective October 6, 2025. (Filing)
Community Health Systems (CYH): Chief Executive Officer Tim L. Hingtgen retires effective September 30, 2025. (Filing)
Dell Technologies (DELL): Chief Financial Officer Yvonne McGill resigns effective September 9, 2025. (Filing)
Genpact (G): Chief Accounting Officer Donald Klunk resigns effective September 18, 2025. (Filing)
NCR Voyix (VYX): Chief Accounting Officer Anthony Radesca resigns effective September 3, 2025. (Filing)
PACS Group (PACS): Chief Financial Officer Derick Apt resigns effective September 2, 2025. (Filing)
Sangamo Therapeutics (SGMO): Chief Financial Officer Prathyusha Duraibabu resigns effective October 1, 2025. (Filing)
Seaport Entertainment (SEG): President and Chief Executive Officer Anton Nikodemus resigns effective September 4, 2025. (Filing)
Varex Imaging (VREX): Chief Legal Officer Kimberley Honeysett resigns effective October 3, 2025. (Filing)
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