The Special Situation Report #204: March 8 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BARK (BARK): CEO Matt Meeker has voluntarily withdrawn as a member and equity holder in Great Dane Ventures, an entity formed by certain of the stockholders to submit a preliminary non-binding proposal to acquire the company. (Press Release)
Genco Shipping & Trading (GNK): Diana Shipping (DSX) increased its all-cash offer to acquire Genco to $23.5 per share from $20.6 per share. (Press Release)
Reservoir (RSVR): The Board is evaluating the indication of interest from Irenic. (Press Release)
UniFirst (UNF): Cintas (CTAS) is in advanced talks to buy UniFirst. (Bloomberg)
Whitestone REIT (WSR): Private equity firms, including Blackstone (BX) and TPG (TPG), have expressed interest in buying shopping center operator Whitestone REIT. (Reuters)
Rumors
There were no new rumors last week.
To access all rumors, a history of updates and the eventual outcomes, check out our Deals in the Works tool that includes data on over 9 years of developing M&A situations.
Update on Shareholder Activism
Empery Digital (EMPD): Received two separate notices of nominations from ATG Capital Management and Tice Brown informing the company of their intent to nominate directors to Empery Digital’s Board at the 2026 Annual Meeting. (Press Release)
enVVeno Medical (NVNO): NorthStrive announced that the CEO indicated that the Board has no intention of evaluating NorthStrive’s recommendations to halt clinical expenditures and pursue strategic alternatives. (Press Release)
Euronet Worldwide (EEFT): Voss Capital issued an open letter to the board urging it to immediately explore strategic alternatives. (Press Release)
Jack in the Box (JACK): The preliminary vote count indicates that shareholders have voted to elect all 10 of the company’s nominees to the Board at the 2026 Annual Meeting. (Press Release)
PAR Technology (PAR): Voss Capital issued an open letter to the board urging it to immediately explore strategic alternatives. (Press Release)
Pinterest (PINS): Affiliates of Elliott Investment Management are investing $1 billion in Pinterest. (Press Release)
Reservoir Media (RSVR): Irenic Capita confirmed that it submitted a non-binding proposal to acquire the outstanding equity at a price per share in cash, between $10 to $11 per share. (13D Filing)
Sabre (SABR): The Board has approved the adoption of a limited-duration shareholder rights plan to protect the interests of Sabre and its shareholders. (Press Release)
TrueBlue (TBI): EHS Investments said that TrueBlue’s fourth-quarter results and 2026 guidance substantiate the immediate need for changes to the Board. (Press Release)
Update on Other Special Situations
Medtronic plc (MDT): Medtronic plc announced that MiniMed Group, Inc. (MMED) began trading on the Nasdaq Global Select Market under the ticker symbol “MMED” in connection with its initial public offering. The offering is expected to close on March 9, 2026, subject to customary closing conditions. (Press Release)
Honeywell International (HON): Honeywell International filed a Form 10 with the SEC for the planned spin-off of Honeywell Aerospace, which will trade on Nasdaq under ticker HONA, targeting separation in Q3 2026. (Press Release)
Honeywell Aerospace launched a private offering of up to $16B in senior notes to support the planned aerospace spin-off. Proceeds from the new-money notes will fund a cash distribution to Honeywell, spin-off costs, and general corporate purposes. (Press Release)
AnaptysBio (ANAB): AnaptysBio plans to spin off its biopharma operations in Q2 2026, potentially as early as April, creating a new publicly traded company, First Tracks Biotherapeutics (TRAX). A Form 10 registration statement has been filed with the SEC in connection with the planned separation. (Form 10-12B)
Aptiv (APTV): Aptiv approved the spin-off of its Electrical Distribution Systems business into Versigent. The record date is March 17, 2026, with distribution before market open on April 1, 2026, at a ratio of 1 Versigent share for every 3 Aptiv shares. Versigent is expected to list on the New York Stock Exchange under “VGNT,” with when-issued trading starting around March 27, 2026 (“VGNT WI”) and regular-way trading beginning April 1, 2026. (Press Release)
Aptiv announced financing steps ahead of the planned spin-off of its Electrical Distribution Systems segment into Versigent Limited. Subsidiaries of Versigent, Cyprium Corporation and Cyprium Holdings Luxembourg S.à r.l. have launched a $1.5B senior notes offering and entered into an $850M revolving credit facility and a $500M term loan facility. Upon completion of the spin-off, proceeds from the notes and term loan will fund a dividend to Aptiv, with Versigent expected to retain about $300M in cash for general corporate purposes. (Press Release)
Aptiv launched a cash tender offer to repurchase up to $1.35B of outstanding senior notes, conditional on completion of the spin-off. Versigent is expected to retain about $400M in cash after the transaction, with the tender offer early deadline on March 19, 2026, expiration on April 3, 2026, and settlement expected April 7, 2026. (Press Release)
You can view the full list of upcoming spinoffs including each update since the announcement of the spinoff in our Upcoming Spinoffs List.
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Consumer Defensive
Farmer Bros. (FARM) / Royal Cup Coffee and Tea - $89.62 mn, Q2 2026 (Press Release, Merger Agreement)
Healthcare
Day One Biopharmaceuticals (DAWN) / Servier - $2.5 bn, Q2 2026 (Press Release, Merger Agreement)
Lisata Therapeutics (LSTA) / Kuva Labs - $21.38 mn, Q2 2026 (Press Release)
Select Medical (SEM) / Co-founder-led consortium - $3.9 bn, Mid 2026 (Press Release, Merger Agreement)
Utilities
AES Corp (AES) / GIP and EQT - $33.4 bn, Early 2027 (Press Release, Merger Agreement)
Check out a list of over 80 active mergers & acquisitions in our Merger Arbitrage Tool. Includes the ability to track specific deals, email alerts for new deals, real-time spreads, annualized returns, all merger updates and spread history charts.
Sudden Departures
“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days.
Absci (ABSI): Chief Innovation Officer Andreas Busch retires effective March 31, 2026. (Filing)
374Water (SCWO): Chief Financial Officer Russell Kline resigns effective March 2, 2026. (Filing)
Asana (ASAN): Chief Financial Officer Sonalee Parekh resigns effective March 23, 2026. (Filing)
Delta Air Lines (DAL): Chief Marketing Officer Alicia Tillman resigns effective April 1, 2026. (Filing)
Dingdong (Cayman) (DDL): Chief Executive Officer Changlin Liang resigns effective March 4, 2026. (Filing)
Freshworks (FRSH): Chief Integrated Customer Growth Officer Mika Yamamoto resigns effective March 2, 2026. (Filing)
FTAI Aviation (FTAI): Chief Financial Officer and Chief Accounting Officer Angela Nam resigns effective March 6, 2026. (Filing)
Geo Group (GEO): Chief Financial Officer Mark J. Suchinski resigns effective March 31, 2026. (Filing)
Marriott Vacations Worldwide (VAC): General Counsel James H. Hunter IV resigns effective March 9, 2026. (Filing)
Midland States Bancorp (MSBI): Chief Financial Officer Eric Lemke resigns effective March 5, 2026. (Filing)
MongoDB (MDB): Chief Revenue Officer Paul Capombassis resigns effective March 3, 2026. (Filing)
Pacific Biosciences of California (PACB): Chief Accounting Officer Michele Farmer resigns effective March 21, 2026. (Filing)
Roblox (RBLX): Chief People and Systems Officer Arvind K. Chakravarthy resigns effective March 6, 2026. (Filing)
Rogers Corporation (ROG): Chief Administrative Officer Michael Webb resigns effective March 13, 2026. (Filing)
Sysco (SYY): Chief Financial Officer Kenny Cheung resigns effective March 6, 2026. (Filing)
Tivic Health Systems (TIVC): Chief Executive Officer Jennifer Ernst resigns effective March 2, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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