The Special Situation Report #200: February 8 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

• AES Corp (AES): BlackRock’s (BLK) Global Infrastructure Partners has teamed up with EQT AB in its bid to acquire power company AES Corp. (Bloomberg)

• Bill Holdings (BILL): Hellman & Friedman has been in talks to acquire business payments firm Bill Holdings. (Bloomberg)

• Franklin Street Properties (FSP): The strategic review remains ongoing and includes a range of potential strategic alternatives, including a sale of the company, a sale of assets, and a refinancing of existing indebtedness, among others. (Press Release)

• Yext (YEXT): CEO Michael Walrath has withdrawn his proposal to acquire all outstanding shares of the company for $9 per share in cash. (Press Release)

Rumors

• FMC Corporation (FMC): The Board has authorized the exploration of strategic options, including the sale of the company to unlock shareholder value. (Press Release)

• IHS Holdings (IHS): Africa’s MTN Group announced that it is at an advanced stage of discussions with IHS Holdings to acquire the 75% shares in IHS that it does not already own. (Press Release)

• InMode (INMD): Evaluating potential strategic alternatives. (Press Release)

• MarineMax (HZO): Donerail Group has offered to buy MarineMax for $35 per share in an all-cash deal that would value the superyacht service company at just over $1 billion. (Reuters)

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Update on Shareholder Activism

• BlackLine (BL): Engaged Capital announced that it has submitted a nomination notice to BlackLine in connection with its 2026 Annual Meeting. (Press Release)

• CoStar Group (CSGP): Hedge fund D.E. Shaw is planning to push for a board shake-up and other big changes at CoStar Group. (WSJ)

• Coterra (CTRA): Kimmeridge Energy Management Company, a significant shareholder in both Coterra and Devon (DVN), said it is “supportive of a combination” of the companies. (Press Release)

• Empery Digital (EMPD): Woodmont Investing’s Managing Member, Tice Brown, urged the company to reconstitute its Board, appoint a new Chief Executive Officer, and immediately sell all bitcoin owned by the company and distribute the proceeds to shareholders without delay. (13D Filing)

• Reservoir Media (RSVR): Irenic Capital said it is supportive of the management but believes that the securities of the company are undervalued and represent an attractive investment opportunity, especially in light of management’s expertise. (13D Filing)

• Southwest Airlines (LUV): Elliott Investment Management reduced the economic exposure of the Elliott Funds for portfolio management purposes. (13D Filing)

• Stoneridge (SRI): 22NW Fund said it intends to engage with the Board and management team regarding opportunities to enhance shareholder value, including potential improvements to the composition of the Board. (13D Filing)

• Toyota Group (TM): Elliott Investment Management has increased its stake in Toyota Industries again as the activist investor ramps up efforts to block the Toyota Group’s bid to take the company private. (Bloomberg)

• Walt Disney (DIS): Activist investor Nelson Peltz questioned the motives behind the selection of parks and cruise-ship head Josh D’Amaro as Bob Iger’s successor. (WSJ)

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Update on Other Special Situations

• Avidity Biosciences (RNA): Avidity Biosciences set February 12, 2026 as the record date for the SpinCo distribution tied to its pending merger with Novartis AG. Avidity shareholders will receive 1 share of Atrium Therapeutics for every 10 Avidity shares held on the record date. The spin-off separates Avidity’s early-stage precision cardiology programs into Atrium Therapeutics. (Press Release)

• Barrick Mining Corp. (B): Barrick Mining Corporation plans to spin off its top North American gold assets through a minority IPO, targeting a late-2026 listing as part of a strategic reset. The company also appointed interim boss Mark Hill as permanent CEO. (Bloomberg)

• Healthpeak Properties (DOC): Healthpeak Properties reiterated plans to spin off its senior housing business via the IPO of Janus Living, retaining a significant ownership stake and management role. The company is targeting completion in the first half of 2026, subject to market, regulatory, financing, and SEC review conditions. (Press Release)

• OLB Group (OLB): The OLB Group plans to spin off DMint, separating its digital asset mining unit from its core fintech business. OLB shareholders will receive DMint shares pro rata, alongside a Form S-1 public offering. Post-transaction, OLB will focus on payments and e-commerce, while DMint operates as a standalone bitcoin miner using IPO proceeds to expand capacity. (Press Release)

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Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Consumer Cyclical

• Marine Products (MPX) / MasterCraft Boat (MCFT) - $232.2 mn, Q2 2026 (Press Release)

Consumer Defensive

• SunOpta (STKL) / Refresco - $1.29 bn, Q2 2026 (Press Release)

Energy

• Coterra Energy (CTRA) / Devon Energy (DVN) - $25.35 bn, Q2 2026 (Press Release, Merger Agreement)

Financial Services

• Northfield Bancorp (NFBK) / Columbia Financial (CLBK) - $597 mn, Q3 2026 (Press Release, Merger Agreement)

• Webster Financial (WBS) / Banco Santander (SAN) - $12.3 bn, H2 2026 (Press Release, Merger Agreement)

Real Estate

• Peakstone Realty Trust (PKST) / Brookfield Asset Management (BAM) - $1.2 bn, Q2 2026 (Press Release, Merger Agreement)

Technology

• Silicon Laboratories (SLAB) / Texas Instruments (TXN) - $7.5 bn, H1 2027 (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. 

• HP (HPQ): President and Chief Executive Officer Enrique Lores resigns effective February 2, 2026. (Filing)

• Lazard (LAZ): Chief Financial Officer Mary Ann Betsch resigns effective February 1, 2026. (Filing)

• NeoVolta (NEOV): Terminates Chief Product Officer Michael Mendik effective February 5, 2026. (Filing)

• PayPal Holdings (PYPL): President & CEO Alex Chriss resigns effective February 3, 2026. (Press Release)

• STAAR Surgical Company (STAA): Terminates Chief Legal Officer Nathaniel Sisitsky effective February 4, 2026. (Filing)

• Sunshine Biopharma (SBFM): Chief Operating Officer Dr. Abderrazzak Merzouki resigns effective February 5, 2026. (Filing)

• T1 Energy (TE): Terminates Chief Accounting Officer Denise Cruz effective February 6, 2026. (Filing)

• Uber Technologies (UBER): Chief Financial Officer Prashanth Mahendra-Rajah resigns effective February 16, 2026. (Filing)

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