The Special Situation Report #181: September 28 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
Powered by InsideArbitrage.
Update on Developing M&A
Douglas Elliman (DOUG): The Financial Industry Regulatory Authority (FINRA) is probing trading in Douglas Elliman shares ahead of a failed $5 per share takeover bid by Anywhere Real Estate (HOUS) that was made public in late May and briefly sent the stock up 50%. (Reuters)
OneConnect (OCFT): Bo Yu submitted a Scheme Document that contains detailed descriptions of its proposal for OneConnect. (13D Filing)
Perma-Pipe International (PPIH): Energy Capital Solutions has been engaged by Perma-Pipe International to assist the company in evaluating its strategic alternatives. (Press Release)
Rumors
DarioHealth (DRIO): The Board has initiated a comprehensive strategic review to maximize shareholder value following multiple unsolicited inbound strategic inquiries from interested parties. (Press Release)
Electronic Arts (EA): In advanced talks to go private in a roughly $50 billion deal. (WSJ)
Update on Shareholder Activism
Brighthouse Financial (BHF): Greenlight Capital encouraged the Board to follow through on its reported decision to evaluate strategic alternatives by accepting the offer that has apparently been made by Aquarian Holdings. (Press Release)
Clear Channel Outdoor Holdings (CCO): Anson Funds Management is urging Clear Channel Outdoor to pursue a sale of the company. (Bloomberg)
Six Flags Entertainment (FUN): Activist investor Land & Buildings Investment Management plans to pressure Six Flags to spin out or sell its real estate and make other changes that could boost the theme-park operator’s stock price. (WSJ)
STAAR Surgical (STAA): Yunqi Capital announced its opposition to the company’s sale to Alcon (ALC). (Press Release)
Starbucks (SBUX): Will close stores and eliminate 900 jobs in a $1 billion restructuring effort. The company faces activist pressure from Starboard Value and Elliott Investment Management. (Press Release)
TrueBlue (TBI): EHS Investments urged the company to stop acquisitions, refocus on internal efforts, add shareholder oversight to the Board, and consider a sale if turnaround progress is not made within a year. (Press Release)
Update on Other Special Situations
KBR (KBR): KBR plans to spin off its Mission Technology Solutions (MTS) segment into a separate, tax-free public company by mid-to-late 2026. (Press Release)
DuPont (DD): DuPont announced that its board of directors has set October 22, 2025 as the record date for the planned spin-off of its electronics division, Qnity Electronics. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Communication Services
Integral Ad Science (IAS) / Novacap - $1.9 bn, End of 2025 (Press Release, Merger Agreement)
Consumer Cyclical
ODP (ODP) / Atlas Holdings - $1 bn, End of 2025 (Press Release, Merger Agreement)
Financial Services
First Savings Financial Group (FSFG) / First Merchants Corporation (FRME) - $797.22 mn, Q1 2026 (Press Release, Merger Agreement)
Healthcare
Metsera (MTSR) / Pfizer Inc. (PFE) - $4.9 bn, Q4 2025 (Press Release, Merger Agreement)
Premier (PINC) / Patient Square Capital - $2.6 bn, Q1 2026 (Press Release, Merger Agreement)
Semler Scientific (SMLR) / Strive (ASST) - $1.6 bn, Q1 2026 (Press Release, Merger Agreement)
Real Estate
Anywhere Real Estate (HOUS) / Compass (COMP) - $7.08 bn, H2 2026 (Press Release, Merger Agreement)
Technology
PROS Holdings (PRO) / Thoma Bravo - $1.4 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.
Cantaloupe (CTLP): Chief Technology Officer Gaurav Singal resigns effective October 7, 2025. (Filing)
Claritev (CTEV): Chief Accounting Officer Gerald Kozel resigns effective September 29, 2025. (Filing)
Coastal Financial (CCB): Chief Financial Officer Joel G. Edwards resigns effective October 1, 2025. (Filing)
Creative Realities (CREX): Chief Financial Officer David Ryan Mudd resigns effective October 10, 2025. (Filing)
Portillo’s (PTLO): President and Chief Executive Officer Michael Osanloo resigns effective September 21, 2025. (Filing)
If you enjoyed reading this Report, please do me the huge favor of pressing the “Like” button or sharing it with other investors interested in special situations.
The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.