The Special Situation Report #182: October 5 Roundup

Summary of the Week in Special Situations

Table of Contents:

1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

5. C-Suite Sudden Departures

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Update on Developing M&A

• AES (AES): BlackRock (BLK)-owned Global Infrastructure Partners is nearing a $38 billion deal to buy power generation company AES. (FT)

Rumors

• Civitas Resources (CIVI): The oil and gas explorer, with operations in Texas and Colorado, is exploring a potential sale. (Bloomberg)

• Inspirato Incorporated (ISPO): Decided to remain independent following unsolicited interest in acquiring the company. (Press Release)

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Update on Shareholder Activism

• Acadia Healthcare (ACHC): Khrom Capital sent a letter to the Board reiterating its belief that the company should pursue a formal review of strategic alternatives, including a sale, to maximize value for its shareholders. (Letter)

• Atkore (ATKR): Irenic Capital Management has built a 2.5% stake in electrical manufacturing company Atkore and is urging it to pursue a potential sales process. (Bloomberg)

• CSX (CSX): Ancora announced that it appreciated CSX’s Board’s decision to terminate former CEO Joe Hinrichs. (Press Release)

• Global Payments (GPN): Is adding two independent board members after settling with activist investor Elliott Investment Management. (Press Release)

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Update on Other Special Situations

• Vivani Medical (VANI): Vivani Medical has temporarily withdrawn the October 8, 2025, record date for the planned spin-off of its subsidiary Cortigent, citing delays from the ongoing U.S. federal government shutdown. A new record date will be announced soon. (Press Release)

• Alphabet (GOOG): Bloomberg reported that Alphabet is working to separate its life sciences unit Verily for a potential sale or spin-off, Google VP Heather Adkins disclosed during testimony in the DOJ’s antitrust trial. (Bloomberg)

• Honeywell (HON): Honeywell has set October 17, 2025, as the record date for the spin-off of Solstice Advanced Materials, with distribution on October 30. Shareholders will receive one Solstice share for every four Honeywell shares. Solstice will begin trading on Nasdaq the same day under the ticker SOLS. (Press Release)

• DuPont (DD): DuPont announced that the U.S. Securities and Exchange Commission declared effective the Registration Statement on Form 10 filed by Qnity Electronics. (Press Release)

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Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Healthcare

• Merus (MRUS) / Genmab (GMAB) - $8 bn, Q1 2026 (Press Release, Merger Agreement)

Industrials

• Cool Company (CLCO) / EPS Ventures - $1.85 bn, Q1 2026 (Press Release, Merger Agreement)

Technology

• Electronic Arts (EA) / PIF, Silver Lake, and Affinity Partners - $55 bn, Q1 2027 (Press Release, Merger Agreement)

• Veeco Instruments (VECO) / Axcelis Technologies (ACLS) - $2.18 bn, H2 2026 (Press Release, Merger Agreement)

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Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• Applied DNA Sciences (APDN): Chief Executive Officer and President Judith Murrah resigns effective September 29, 2025. (Filing)

• Coastal Financial (CCB): Chief Risk Officer Andrew Stines resigns effective October 1, 2025. (Filing)

• Coursera (COUR): Chief Financial Officer Kenneth R. Hahn resigns effective October 29, 2025. (Filing)

• DENTSPLY SIRONA (XRAY): General Counsel Richard C. Rosenzweig resigns effective October 3, 2025. (Filing)

• Hooker Furnishings (HOFT): terminates Chief Administration Officer Anne J. Smith effective October 31, 2025. (Filing)

• JELD-WEN (JELD): Chief Accounting Officer Michael A. Leon resigns effective October 17, 2025. (Filing)

• Legacy Housing (LEGH): President and Chief Executive Officer Robert Duncan Bates resigns effective October 10, 2025. (Filing)

• Matador Resources (MTDR): Chief Financial Officer William D. Lambert resigns effective September 29, 2025. (Filing)

• Perpetua Resources (PPTA): Chief Financial Officer Jessica Largent resigns effective October 1, 2025. (Filing)

• Red Robin Gourmet Burgers (RRGB): Chief Accounting Officer Robyn Arnell Brenden resigns effective October 17, 2025. (Filing)

• Sila Realty Trust (SILA): Chief Investment Officer Christopher K. Flouhouse resigns effective October 15, 2025. (Filing)

• Stellantis (STLA): Chief Financial Officer Doug Ostermann resigns effective September 29, 2025. (Press Release)

• USA Rare Earth (USAR): Chief Executive Officer Joshua Ballard resigns effective October 1, 2025. (Filing)

• Vera Bradley (VRA): Chief Marketing Officer Alison Hiatt resigns effective October 9, 2025. (Filing)

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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.