The Special Situation Report #194: December 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
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Update on Developing M&A
UniFirst (UNF): Cintas (CTAS) announced that it submitted a proposal to the Board of UniFirst to acquire all outstanding common and class B shares of UniFirst for $275 per share in cash. (Press Release)
ZIM Integrated Shipping Services (ZIM): The Board received a proposal from an entity owned by CEO Eli Glickman and Israeli shipping magnate Rami Ungar, which the Board rejected as it significantly undervalued the company. (Press Release)
Rumors
Stratus Properties (STRS): The Board initiated a process to explore strategic alternatives to maximize shareholder value with the assistance of outside, independent financial and legal advisors. (Press Release)
Update on Shareholder Activism
Target (TGT): Is facing pressure from Toms Capital Investment Management after a sales slump that has wiped out nearly a third of its share value this year. (FT)
UniFirst (UNF): The Boyar Value Group urged the Board to immediately initiate a formal review of strategic alternatives, including engaging an independent investment bank and opening a competitive sale process, after the company received an offer from Cintas (CTAS). (Press Release)
Update on Other Special Situations
No Updates this week
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Financial Services
Janus Henderson (JHG) / Trian Fund and General Catalyst - $7.4 bn, Mid-2026 (Press Release, Merger Agreement)
Healthcare
Dynavax Technologies (DVAX) / Sanofi (SNY) - $2.2 bn, Q1 2026 (Press Release)
Technology
Clearwater Analytics (CWAN) / Permira and Warburg Pincus - $8.4 bn, H1 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.
Amprius Technologies (AMPX): Chief Executive Officer Dr. Kang Sun resigns effective December 31, 2025. (Filing)
Custom Truck One Source (CTOS): Chief Accounting Officer Todd Barrett resigns effective January 16, 2026. (Filing)
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