The Special Situation Report #193: December 21 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
E.W. Scripps (SSP): The board unanimously decided to reject the unsolicited acquisition proposal submitted by Sinclair to acquire all of the outstanding shares of Scripps that it does not already own for $7 per share in a mix of cash and stock. (Press Release)
iRobot (IRBT): Filed for bankruptcy protection, saying that it would go private after being bought by Picea Robotics, its primary manufacturer. (Press Release)
PetMed Express (PETS): Cardone Ventures submitted an unsolicited, non-binding proposal to acquire PetMed Express for $4.25 per share in cash, representing an implied equity value of approximately $89 million. (Press Release)
ReNew Energy Global (RNW): Masdar withdrew from the Consortium, and as a result, the Consortium will no longer pursue the acquisition of ReNew. (13D Filing)
Rumors
No new rumors last week.
Update on Shareholder Activism
Cannae Holdings (CNNE): Carronade Capital announced that on December 16, its director nominees, Aboelnaga and Schaible, were elected to the Cannae Holdings board by shareholders. (13D Filing)
Comerica (CMA): HoldCo Asset Management urged Comerica shareholders vote against the Fifth Third (FITB) merger at the upcoming special meeting. (Press Release)
Integer Holdings (ITGR): Activist investor Irenic Capital Management has built a stake of more than 3% in Integer Holdings and is urging the medical-device outsourcing company to refresh its board and consider a sale. (WSJ)
Lululemon Athletica (LULU): Activist Elliott Investment Management has built a stake of over $1 billion in Lululemon Athletica and is bringing a potential CEO candidate to the struggling athletic apparel retailer it wants to help turn around. (WSJ)
OraSure (OSUR): Altai Capital Management announced its intention to nominate two candidates, John Bertrand, CEO of Digital Diagnostics, and Rishi Bajaj, President and CIO of Altai, for election to the Board at the upcoming 2026 Annual Meeting of Stockholders. (Press Release)
Southwest Airlines (LUV): Elliott Investment Management announced it reduced the economic exposure of the Elliott Funds for portfolio management purposes. (13D Filing)
STAAR Surgical (STAA): Defender Capital reiterated its intention to vote AGAINST the company’s proposed sale to Alcon (ALC). (Press Release)
Toyota Group (TM): Elliott Investment Management has been approaching asset managers and other institutional investors in Japan to build support for its campaign and push the Toyota group to sweeten its ¥4.7 trillion ($30 billion) bid to take a key affiliate private. (Bloomberg)
UniFirst (UNF): Engine Capital announced that a majority of the UniFirst outstanding common stock voted for both of Engine’s nominees, Arnaud Ajdler and Michael Croatti. (Press Release)
Update on Other Special Situations
Medtronic (MDT): Medtronic announced that its Diabetes business, MiniMed, has filed a Form S-1 with the U.S. Securities and Exchange Commission for a proposed IPO. The separation is expected to occur via an IPO followed by a split-off. (Press Release)
S&P Global (SPGI): S&P Global announced the appointment of Matt Calderone as Chief Financial Officer (CFO) of the Mobility business, joining the company by March 1, 2026. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Consumer Cyclical
Inspirato (ISPO) / Exclusive Investments - $268.66 mn, Early 2026 (Press Release, Merger Agreement)
Consumer Defensive
Udemy (UDMY) / Coursera (COUR) - $678.16 mn, H2 2026 (Press Release)
Financial Services
Heritage Commerce (HTBK) / CVB Financial (CVBF) - $811 mn, Q2 2026 (Press Release)
LINKBANCORP (LNKB) / Burke & Herbert Financial Services (BHRB) - $458.02 mn, Q2 2026 (Press Release, Merger Agreement)
United Security (UBFO) / Community West (CWBC) - $191.9 mn, Q2 2026 (Press Release, Merger Agreement)
Healthcare
Amicus Therapeutics (FOLD) / BioMarin Pharmaceutical (BMRN) - $4.8 bn, Q2 2026 (Press Release, Merger Agreement)
Generation Bio (GBIO) / XOMA Royalty Corp. (XOMA) - $57.92 mn, Feb 2026 (Press Release, Merger Agreement)
Quipt Home Medical (QIPT) / Kingswood and Forager - $260 mn, H1 2026 (Press Release, Merger Agreement)
Real Estate
Two Harbors Investment (TWO) / UWM Holdings (UWMC) - $10.69 bn, Q2 2026 (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.
Alight (ALIT): Chief Financial Officer Jeremy J. Heaton resigns effective January 9, 2026. (Filing)
BP p.l.c. (BP): Chief Executive Officer Murray Auchincloss resigns effective December 18, 2025. (Filing)
Cardlytics (CDLX): Chief Financial Officer Alexis DeSieno resigns effective January 12, 2026. (Filing)
Cars.com (CARS): Chief Executive Officer Alex Vetter resigns effective January 15, 2026. (Filing)
CNS Pharmaceuticals (CNSP): Chief Executive Officer John Climaco resigns effective January 1, 2026. (Filing)
Coursera (COUR): Chief Accounting Officer Michele M. Meyers resigns effective January 2, 2026. (Filing)
Essential Properties Realty Trust (EPRT): Chief Financial Officer Mark E. Patten resigns effective December 31, 2025. (Filing)
Frontier Group (ULCC): Chief Executive Officer Barry L. Biffle resigns effective December 15, 2025. (Filing)
Hawkins (HWKN): General Counsel Richard G. Erstad resigns effective December 28, 2025. (Filing)
Kraft Heinz Company (KHC): Chief Executive Officer Carlos Abrams-Rivera resigns effective January 1, 2026. (Filing)
Marathon Petroleum (MPC): Chief Financial Officer John J. Quaid resigns effective January 19, 2026. (Filing)
SharpLink Gaming (SBET): Co-Chief Executive Officer Rob Phythian resigns effective December 15, 2025. (Filing)
Skillz (SKLZ): Terminates Chief Financial Officer Gaetano Franceschi effective January 12, 2026. (Filing)
Sun Communities (SUI): Chief Financial Officer Fernando Castro-Caratini resigns effective January 5, 2026. (Filing)
Tiptree (TIPT): Chief Executive Officer Jonathan Ilany resigns effective January 1, 2026. (Filing)
Treasure Global (TGL): Chief Financial Officer Chan See Wah resigns effective December 31, 2025. (Filing)
Vestis (VSTS): Chief Financial Officer Kelly Janzen resigns effective December 31, 2025. (Filing)
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