The Special Situation Report #201: February 15 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
BARK (BARK): GNK Holdings, together with Marcus Lemonis, said that BARK has yet to engage in any substantive discussions with them. (Press Release)
MarineMax (HZO): Said it maintains an active and ongoing dialogue with many of its shareholders, including Donerail. (Press Release)
UniFirst (UNF): Now in active discussions to be acquired by Cintas (CTAS). (Bloomberg)
Rumors
Quince Therapeutics (QNCX): Engaged LifeSci Capital to serve as its exclusive financial advisor to assist in its restructuring and evaluation of strategic alternatives aimed at maximizing shareholder value. (Press Release)
Update on Shareholder Activism
Commercial Vehicle Group (CVGI): Lakeview Opportunity entered into a Support Agreement with Commercial Vehicle on February 5, regarding the composition of the Board. (13D Filing)
Lee Enterprises (LEE): Pleiades Partners, an affiliate of Cannell Capital, withdrew its Notice of Nomination of Director Candidates for the 2026 Annual Meeting of Lee Enterprises. (Press Release)
Mawson Infrastructure (MIGI): Endeavor Blockchain, in response to Mawson’s lawsuit, said it believes that once it owned more than 5% of Mawson’s outstanding shares on November 24, 2025, it properly filed the required Schedule 13D disclosures. (13D Filing)
Meta Platforms (META): Bill Ackman’s Pershing Square said it has taken a sizable stake in Meta Platforms. (Presentation)
Power REIT (PW): Briar McNutt, on behalf of Henry Posner III’s Power of Attorney, spoke with David Lesser, Power REIT’s CEO, regarding the governance and the company’s plans with respect to its wholly owned subsidiary, Pittsburgh & West Virginia Railroad. (13D Filing)
Teradata (TDC): Announced changes to its Board as part of the Board’s ongoing refreshment program and in connection with a cooperation agreement with Lynrock Lake. (Press Release)
Warner Bros. Discovery (WBD): Activist investor Ancora Holdings has built a roughly $200 million stake in Warner Bros. Discovery and is planning to oppose Warner’s deal with Netflix (NFLX). (WSJ)
Warner Bros. Discovery (WBD): Attracted the attention of activist investor Sachem Head Capital Management in the fourth quarter. (Reuters)
Warner Bros Discovery (WBD): Paramount (PSKY) is in discussions to nominate Pentwater Capital Management, a top Warner Bros Discovery shareholder that has voiced support for its rival bid, to the studio and streaming giant’s board as it seeks to derail Netflix’s (NFLX) takeover. (FT)
WEX (WEX): Impactive Capital nominated four candidates – Kurt Adams, Ellen Alemany, Ken Cornick, and Lauren Taylor Wolfe – for election to the WEX Board at the upcoming 2026 annual meeting. (Press Release)
Update on Other Special Situations
Kraft Heinz (KHC): Kraft Heinz pauses plan to split into two companies, shifting focus back to operational improvement. CEO Steve Cahillane announced a $600 million investment to drive growth and said there is no set timeline for revisiting the separation. (Reuters)
Becton, Dickinson and Company (BDX): Becton, Dickinson and Company announced the completion of the spin-off of its Biosciences & Diagnostic Solutions business and its combination with Waters Corporation (WAT). Under the terms of the transaction, BD shareholders will receive approximately 0.135 shares of Waters common stock for each BD share held as of the February 5, 2026 record date, with cash paid in lieu of any fractional shares. Following the closing, BD shareholders collectively own approximately 39.2% of the combined Waters entity on a fully diluted basis. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Communication Services
Clear Channel Outdoor (CCO) / Mubadala Capital and TWG Global - $6.2 bn, Q3 2026 (Press Release, Merger Agreement)
Consumer Cyclical
Tri Pointe Homes (TPH) / Sumitomo Forestry - $4.5 bn, Q2 2026 (Press Release)
Consumer Defensive
European Wax Center (EWCZ) / General Atlantic - $770 mn, Mid-2026 (Press Release, Merger Agreement)
Energy
Valaris (VAL) / Transocean (RIG) - $6.51 bn, H2 2026 (Press Release, Merger Agreement)
Industrials
Great Lakes Dredge & Dock (GLDD) / Saltchuk Resources - $1.5 bn, Q2 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.
Astera Labs (ALAB): Chief Financial Officer Michael Tate resigns effective March 2, 2026. (Filing)
Digimarc (DMRC): Chief Legal Officer George Karamanos resigns effective February 20, 2026. (Filing)
Expand Energy (EXE): Terminates Chief Executive Officer Nick Dell’Osso effective February 6, 2026. (Filing)
Franklin BSP Realty Trust (FBRT): Chief Executive Officer Richard J. Byrne resigns effective February 10, 2026. (Filing)
Geo Group (GEO): Chief Executive Officer David Donahue retires effective February 28, 2026. (Filing)
GlobalFoundries (GFS): President and Chief Operating Officer Niels Anderskouv resigns effective March 2, 2026. (Filing)
Kyndryl Holdings (KD): Chief Financial Officer David Wyshner and General Counsel Edward Sebold resign effective February 5, 2026. (Filing)
Norwegian Cruise Line (NCLH): President and Chief Executive Officer Harry Sommer resigns effective February 12, 2026. (Filing)
Repay Holdings (RPAY): President Shaler V. Alias resigns effective February 27, 2026. (Filing)
Sprout Social (SPT): Chief Financial Officer Joe Del Preto resigns effective March 11, 2026. (Filing)
Sun Communities (SUI): Chief Financial Officer Mark E. Patten resigns effective February 4, 2026. (Filing)
Target (TGT): Chief Commercial Officer Rick Gomez resigns effective February 15, 2026. (Filing)
The J. M. Smucker Company (SJM): President and Chief Operating Officer John Brase resigns effective February 9, 2026. (Filing)
Workday (WDAY): Chief Executive Officer Carl M. Eschenbach resigns effective February 6, 2026. (Filing)
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