The Special Situation Report #186: November 2 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): Mubadala Capital-backed Aquarian Holdings is in advanced talks to take US life insurer Brighthouse Financial private in a $4 billion transaction that could be announced as soon as this weekend. (FT)
Chegg (CHGG): Will remain a standalone public company and undertake a restructuring. (Press Release)
iRobot (IRBT): The last remaining counterparty to a potential sale transaction withdrew from the process following a lengthy period of exclusive negotiations, and the company currently is not in advanced negotiations with any alternative counterparties for a potential sale or strategic transaction. (Press Release)
Warner Bros. Discovery (WBD): Paramount Skydance (PSKY) plans to keep much of Warner Bros. Discovery intact if it merges with the rival film and TV studio. (Bloomberg)
Rumors
BlackLine (BL): Attracted takeover interest from suitors, including SAP SE (SAP). (Bloomberg)
Forge Global (FRGE): Is exploring a sale after its market value plunged and its cash reserves dwindle. (FT)
GeoPark (GPRK): Parex Resources submitted a proposal in September to the Board of GeoPark to acquire all outstanding common shares of GeoPark for $9 per share in cash; the Board rejected this offer. (Press Release)
Globalstar (GSAT): Is exploring a potential sale and has held early talks with Elon Musk’s SpaceX, among other potential suitors. (Bloomberg)
Janus Henderson (JHG): Received a letter outlining a non-binding acquisition proposal submitted jointly by Trian Fund Management and General Catalyst Group Management. (Press Release)
MarketWise (MKTW): Received a proposal from Monument & Cathedral Holdings to acquire all of the outstanding equity interests of each of MarketWise, Inc. and Marketwise, LLC, for cash consideration of $17.25 per share. (Press Release)
Sensei Biotherapeutics (SNSE): The Board decided to initiate a comprehensive review of strategic alternatives aimed at maximizing shareholder value. (Press Release)
Update on Shareholder Activism
BlackLine (BL): Engaged Capital urged the Board to capitalize on reportedly renewed acquisition interest from SAP SE (SAP) and to immediately launch a strategic alternatives process. (Press Release)
Update on Other Special Situations
Honeywell (HON): Honeywell announced that it has completed the announced spin-off of its Advanced Materials business, now operating as Solstice Advanced Materials (SOLS). Shareholders received 1 SOLS share for every 4 HON shares (plus cash for fractions). (Press Release)
Keurig Dr Pepper (KDP): Keurig Dr Pepper outlined new details on its JDE Peet’s acquisition and upcoming split into two companies: Global Coffee Co. and Beverage Co. The company secured $7B in new financing from KKR and Apollo, including a $4B pod manufacturing JV and a $3B convertible preferred investment, lowering expected leverage to ~4.6x at close in 1H 2026. CEO Tim Cofer will lead Beverage Co. post-separation, with a new CEO to be appointed for Global Coffee Co. KDP targets investment-grade profiles for both entities and expects the separation to be completed by the end of 2026. (Press Release)
Terex (TEX): Terex announced plans to exit its Aerials segment, exploring a potential sale or spin-off. The move aligns with its merger with REV Group (REVG) and aims to streamline operations around core specialty and industrial equipment businesses. (Press Release)
The Glimpse Group (VRAR): The Glimpse Group has formally initiated the IPO/spinout process for Brightline and is currently evaluating methodologies, with a potential completion target for Q1 2026. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Basic Materials
Olympic Steel (ZEUS) / Ryerson (RYI) - $791.73 mn, Q1 2026 (Press Release, Merger Agreement)
Financial Services
Cadence Bank (CADE) / Huntington (HBAN) - $7.4 bn, Q1 2026 (Press Release)
First Foundation (FFWM) / FirstSun Capital Bancorp (FSUN) - $1.44 bn, Q2 2026 (Press Release, Merger Agreement)
IF Bancorp (IROQ) / ServBanc - $89.8 mn, Q1 2026 (Press Release, Merger Agreement)
Healthcare
Avidity Biosciences (RNA) / Novartis AG (NVS) - $11 bn, H1 2026 (Press Release, Merger Agreement)
Industrials
REV Group (REVG) / Terex (TEX) - $3.18 bn, H1 2026 (Press Release, Merger Agreement)
Real Estate
Sotherly Hotels (SOHO) / Kemmons Wilson Hospitality Partners, and Ascendant Capital Partners - $894.74 mn, Q1 2026 (Press Release, Merger Agreement)
Technology
CSG Systems (CSGS) / NEC Corporation - $2.9 bn, 2026 (Press Release, Merger Agreement)
Jamf (JAMF) / Francisco Partners - $2.2 bn, Q1 2026 (Press Release, Merger Agreement)
Qorvo (QRVO) / Skyworks Solutions (SWKS) - $10.2 bn, Early 2027 (Press Release, Merger Agreement)
Utilities
Essential Utilities (WTRG) / American Water Works (AWK) - $20.24 bn, Q1 2027 (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.
Agilent Technologies (A): Chief Financial Officer Adam S. Elinoff resigns effective November 17, 2025. (Filing)
Alkami Technology (ALKT): Chief Financial Officer Bryan Hill resigns effective November 1, 2025. (Filing)
Chegg (CHGG): President and Chief Executive Officer Nathan Schultz resigns effective October 27, 2025. (Filing)
Credit Acceptance (CACC): Chief Executive Officer Kenneth S. Booth resigns effective November 13, 2025. (Filing)
CSX Corp (CSX): Chief Financial Officer Sean R. Pelkey resigns effective October 29, 2025. (Filing)
Hormel Foods (HRL): Chief Financial Officer Jacinth Smiley resigns effective October 26, 2025. (Filing)
Organon & Company (OGN): Chief Executive Officer Kevin Ali resigns following an Audit Committee investigation into improper wholesaler sales practices, effective October 26, 2025. (Filing)
Pulmonx (LUNG): President and Chief Executive Officer Steven S. Williamson resigns effective October 27, 2025. (Filing)
Teradyne (TER): Chief Financial Officer Sanjay Mehta resigns effective November 3, 2025. (Filing)
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