The Special Situation Report #196: January 11 Roundup
Summary of the Week in Special Situations
Happy New Year!
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
Whitestone REIT (WSR): MCB Real Estate asked the Board to respond to the acquisition proposal submitted more than two months ago. (Press Release)
Rumors
CASI Pharmaceuticals (CASI): Director Wei-Wu He submitted a preliminary non-binding proposal to acquire all publicly held shares of the company for $1.15 per share in cash. (13D Filing)
Olaplex Holdings (OLPX): Henkel submitted a takeover offer for Olaplex Holdings. (Bloomberg)
Revolution Medicines (RVMD): AbbVie (ABBV) is in advanced talks to buy cancer-drug biotech Revolution Medicines. (WSJ)
Update on Shareholder Activism
Whitestone REIT (WSR): James Mastandrea announced that he intends to nominate a slate of new, highly qualified independent trustees experienced in commercial real estate and public and private capital markets to replace the current Board at the company’s 2026 annual meeting. (Press Release)
Warner Bros. Discovery (WBD): Pentwater Capital argued that the entertainment giant’s board had made an error in failing to engage with Paramount Skydance (PSKY) on its revised bid. (CNBC)
TrueBlue (TBI): EHS Management announced three nominees - Wayne Larkin, Dave Fleischman, and Eric Su- for election to TrueBlue’s board. (Press Release)
Update on Other Special Situations
Comcast (CMCSA): Comcast announced the completion of the spin-off of Versant Media Group effective January 2, 2026. Versant (VSNT) began regular-way trading on Nasdaq under the ticker VSNT on January 5, 2025. Comcast shareholders received one share of Versant stock for every 25 shares of Comcast Class A or Class B stock held as of the December 16, 2025, with the distribution completed after market close on January 2. (Press Release)
Jollibee Foods (JBFCY): Jollibee Foods said it plans to spin off its international business and seek a U.S. listing as the Philippine fast-food chain accelerates its global expansion. (Bloomberg)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Healthcare
Ventyx Biosciences (VTYX) / Eli Lilly (LLY) - $1.2 bn, H1 2026 (Press Release, Merger Agreement)
Technology
OneStream (OS) / Hg - $6.4 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.
Anterix (ATEX): Chief Operating Officer Ryan Gerbrandt resigns effective January 9, 2026. (Filing)
Apogee Enterprises (APOG): Chief Financial Officer Matthew J. Osberg resigns effective January 16, 2026. (Filing)
Caring Brands (CABR): Chief Financial Officer Tyler Moore resigns effective January 5, 2026. (Filing)
FuelCell Energy (FCEL): General Counsel Joshua Dolger resigns effective January 6, 2026. (Filing)
First Northwest Bancorp (FNWB): Chief Operating Officer Geraldine L. Bullard resigns effective February 4, 2026. (Filing)
Green Plains (GPRE): Chief Financial Officer Phil Boggs resigns effective January 6, 2026. (Filing)
Healthcare Realty Trust (HR): Chief Financial Officer Austen B. Helfrich resigns effective January 12, 2026. (Filing)
Illumina (ILMN): Chief Commercial Officer Everett Cunningham resigns effective January 16, 2026. (Filing)
Jasper Therapeutics (JSPR): Chief Executive Officer and President Ron Martell resigns effective January 5, 2026. (Filing)
KKR & Co. (KKR): Chief Operating Officer Ryan Stork resigns effective January 8, 2026. (Filing)
Koppers (KOP): Chief Financial Officer Jimmi Sue Smith resigns effective January 5, 2026. (Filing)
Quanterix (QTRX): President and Chief Executive Officer Masoud Toloue resigns effective January 19, 2026. (Filing)
Sadot Group (SDOT): Chief Governance and Compliance Officer Michael Roper resigns effective January 19, 2026. (Filing)
Teleflex (TFX): President and Chief Executive Officer Liam J. Kelly resigns effective January 7, 2026. (Filing)
The Brink’s Company (BCO): Chief Accounting Officer Michael Sweeney resigns effective January 7, 2026. (Filing)
USANA Health Sciences (USNA): Chief Executive Officer and President Jim Brown resigns effective January 8, 2026. (Filing)
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