The Special Situation Report #198: January 25 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
Abivax (ABVX): Chief Executive Marc de Garidel dismissed as “noise” reports in the French press that pharmaceutical giant Eli Lilly (LLY) may take over his company, and said market speculation about an ongoing review by French authorities was inconsistent with how French foreign-investment oversight works. (Reuters)
Leggett & Platt (LEG): The Board has entered into a non-disclosure agreement and 6-month standstill with Somnigroup (SGI) to facilitate customary due diligence and to determine if a transaction can be reached that delivers appropriate value to Leggett & Platt and its shareholders. (Press Release)
Peraso (PRSO): Mobix Labs (MOBX) delivered to Peraso a non-binding indication of interest contemplating a potential all-stock transaction at a premium to Peraso’s trading price. (Press Release)
Rumors
IO Biotech (IOBT): Intends to explore a range of strategic alternatives to maximize stockholder value. (Press Release)
Lisata Therapeutics (LSTA): Entered into a binding term sheet to be acquired by Kuva Labs. (Press Release)
Qiagen NV (QGEN): Is weighing strategic options, including a potential sale amid fresh takeover interest. (Bloomberg)
Update on Shareholder Activism
Health Catalyst (HCAT): Whetstone Capital Advisors said that it intends to submit a proposal to improve corporate governance at the company for a vote at the next annual or special meeting of shareholders. (13D Filing)
Mission Produce (AVO): Adopted a limited-duration stockholder rights plan, effective January 21, 2026, with a one-year duration expiring on January 21, 2027, in response to accumulation of stock by Globalharvest Holdings Venture. (Press Release)
Toyota Group (TM): Elliott Investment Management opposed the proposed privatization of Toyota Industries, urging other minority shareholders to resist the bid and arguing it could achieve greater value on its own. (Bloomberg)
Update on Other Special Situations
Eaton (ETN): Bloomberg reported that Eaton is exploring strategic options for its vehicle business, including a potential sale or spinoff. The company is working with an adviser, and the unit could be worth up to $5 billion in a transaction. (Bloomberg)
OLB Group (OLB): OLB Group said its crypto mining unit DMint has refiled its Form S-1 with the SEC on January 15, 2026. OLB shareholders will receive 100% of DMint shares on a pro-rata basis via a dividend, with a record date to be announced. DMint also plans to raise capital through the IPO to fund mining expansion. (Filing)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Consumer Cyclical
Nathan’s Famous (NATH) / Smithfield Foods (SFD) - $450 mn, H1 2026 (Press Release, Merger Agreement)
Healthcare
RAPT Therapeutics (RAPT) / GSK (GSK) - $1.9 bn, Q1 2026 (Press Release)
Sudden Departures
“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days.
Acadia Healthcare Company (ACHC): Chief Executive Officer Christopher H. Hunter resigns effective January 20, 2026. (Filing)
BayVanguard Bank (BVFL): Co-President and Co-Chief Executive Officer David M. Flair resigns effective January 22, 2026. (Filing)
Caleres (CAL): Chief Financial Officer Jack P. Calandra resigns effective January 15, 2026. (Filing)
Deere & Company (DE): Chief Financial Officer Joshua A. Jepsen resigns effective February 19, 2026. (Filing)
Health Catalyst (HCAT): Chief Commercial Officer Kevin Freeman resigns effective February 1, 2026. (Filing)
Massimo Group (MAMO): Chief Financial Officer Dr. Yunhao Chen resigns effective January 16, 2026. (Filing)
Matinas Biopharma (MTNB): Chief Financial Officer Keith Kucinski resigns effective January 17, 2026. (Filing)
Simply Good Foods Company (SMPL): President and Chief Executive Officer Geoff Tanner resigns effective January 18, 2026. (Filing)
WillScot Holdings (WSC): Chief Legal & Compliance Officer Hezron Lopez resigns effective February 6, 2026. (Filing)
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