The Special Situation Report #199: February 1 Roundup

Summary of the Week in Special Situations

Table of Contents:

1. Update on Developing M&A

2. Update on Shareholder Activism

3. Update on Other Special Situations

4. Announced M&A

5. C-Suite Sudden Departures

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Update on Developing M&A

• Alkami Technology (ALKT): Is exploring options, including a potential sale. (Bloomberg)

• C3.AI (AI): In talks to merge with software company Automation Anywhere. (Reuters)

• Coterra Energy (CTRA): Coterra and Devon Energy (DVN) could announce an agreement to merge as soon as next week. (Reuters)

• IO Biotech (IOBT): Has retained Raymond James & Associates to serve as exclusive financial advisor to assist in the exploration of strategic alternatives. (Press Release)

• Lands’ End (LE): Lands’ End and WHP Global announced an agreement to form a new joint venture to unlock the value of Lands’ End’s intellectual property while strengthening the company’s balance sheet. (Press Release)

• Orion Properties (ONL): Launched a strategic options review process, and a cooperation agreement was signed with The Kawa Fund Limited. (Press Release)

• Revolution Medicines (RVMD): Merck (MRK) is no longer in discussions to buy biotech Revolution Medicines. (WSJ)

Rumors

• LKQ Corporation (LKQ): The Board has initiated a comprehensive review of strategic alternatives to enhance shareholder value. (Press Release)

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Update on Shareholder Activism

• Barnwell Industries (BRN): The Board has adopted a limited-duration shareholder rights plan. (Press Release)

• Toyota Group (TM): Activist investor Elliott Investment Management is considering a tender offer for Toyota Industries. (Reuters)

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Update on Other Special Situations

• Eaton (ETN): Eaton announces plan to spin off its Mobility Group and expects to complete the anticipated spin-off by the end of the first quarter of 2027. (Press Release)

• BD (BDX): BD announced that its board set February 5, 2026, as the record date for the spin-off of its Biosciences & Diagnostic Solutions unit, which will immediately merge with Waters (WAT) in a Reverse Morris Trust transaction expected to close on February 9, 2026. (Press Release)

• Aptiv (APTV): Aptiv announced leadership appointments for its Electrical Distribution Systems business ahead of its planned tax-free spin-off on April 1, 2026, when the unit will be renamed Versigent and is expected to trade on the NYSE under the ticker VGNT. Joseph Liotine, currently President of Aptiv’s EDS business, was named CEO and board member of Versigent, while former Stellantis CFO Doug Ostermann was appointed CFO. (Press Release)

• FedEx (FDX): FedEx Freight Holding Co. raised $3.7 billion in its debut investment-grade bond sale, ahead of its planned June 1 spinoff from FedEx Corp. (Bloomberg)

• Gentherm (THRM): Gentherm and Modine announced a definitive agreement under which Modine will spin off its Performance Technologies business and simultaneously combine it with Gentherm in a Reverse Morris Trust transaction that is intended to be tax-free for Modine and its shareholders. (Press Release)

• International Paper Co. (IP): International Paper said it will split into two independent, publicly traded firms, separating its Europe, Middle East and Africa (EMEA) packaging operations from its North American business. (Press Release).

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Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Basic Materials

• Allied Gold (AAUC) / Zijin Gold - $4.02 bn, late April 2026 (Press Release)

• Gold Resource (GORO) / Goldgroup Mining - $372 mn, Q2 2026 (Press Release)

Financial Services

• Stellar Bancorp (STEL) / Prosperity Bancshares (PB) - $2 bn, Q2 2026 (Press Release)

Technology

• SkyWater Technology (SKYT) / IonQ (IONQ) - $1.8 bn, Q3 2026 (Press Release, Merger Agreement)

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Sudden Departures

“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days. 

• Americold Realty Trust (COLD): Chief Financial Officer Jay Wells resigns effective January 26, 2026. (Filing)

• Dynex Capital (DX): Chief Operating Officer Robert S. Colligan resigns effective January 26, 2026. (Filing)

• First Financial Bankshares (FFIN): Chief Executive Officer Scott Dueser resigns effective February 1, 2026. (Filing)

• Inuvo (INUV): Chief Executive Officer Richard K. Howe resigns effective January 31, 2026. (Filing)

• PSQ Holdings (PSQH): President and Chief Executive Officer Michael Seifert resigns effective January 27, 2026. (Filing)

• Sezzle (SEZL): Chief Financial Officer Karen Hartje resigns effective January 31, 2026. (Filing)

• The Trade Desk (TTD): Chief Financial Officer Alexander Kayyal resigns effective January 24, 2026. (Filing)

• Ultra Clean (UCTT): Terminates Chief Operating Officer Harjinder Bajwa effective January 25, 2026. (Filing)

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The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.