The Special Situation Report #205: March 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
Abivax (ABVX): The company denied a French media report that AstraZeneca (AZN) was in talks to acquire it. (CNBC)
Caesars Entertainment (CZR): Billionaire Tilman Fertitta has been in exclusive talks to buy Caesars Entertainment for roughly $7 billion after he topped a competing offer from billionaire investor Carl Icahn’s firm. (WSJ)
Papa John’s International (PZZA): Irth offered to pay $47 per share for the business, which would value Papa John’s at around $1.5 billion. (WSJ)
Stratus Properties (STRS): The Board has concluded its strategic alternatives review announced in December 2025. (Press Release)
Rumors
Aethlon Medical (AEMD): Is evaluating a range of strategic opportunities and has engaged Maxim Group to act as the company’s exclusive financial advisor for this process. (Press Release)
SOLAI (SLAI): Received a preliminary non-binding proposal from Chaince Digital to acquire the company for $0.03069 per ordinary share, or $3.069 per ADS, in cash in a going-private transaction. (Press Release)
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
BlackLine (BL): Has appointed Storm Duncan and Megan Prichard to BlackLine’s Board in connection with a cooperation agreement with Engaged Capital. (Press Release)
CarMax (KMX): Starboard Value has amassed a stake of about $350 million in CarMax and sees an opportunity to accelerate the used car retailer’s turnaround under incoming Chief Executive Officer Keith Barr. (Bloomberg)
CEA Industries (BNC): YZILabs issued a statement regarding recent Section 16 filings by Hans Thomas, a director of CEA Industries and the Founding Partner of 10X Capital, CEA’s asset manager. (Press Release)
CoStar (CSGP): The D. E. Shaw group sent an open letter to the Board of CoStar expressing disappointment in the company’s decision to reconfigure its reporting segments and, as a result, reduce transparency into the financial results of CoStar’s underlying businesses. (Press Release)
Domo (DOMO): RPD Fund said it has begun to engage in discussions with the board and management team regarding operational and strategic opportunities for the company to enhance stockholder value. (13D Filing)
Lamb Weston (LW): Activist investor Starboard Value has built a sizable stake in french-fries and potato products company Lamb Weston and is pushing to speed up improvements and cost-cutting to boost its underperforming stock. (WSJ)
Lululemon Athletica (LULU): Founder Chip Wilson has cautioned prospective chief-executive candidates that the company’s challenges stem from its board rather than its leadership vacancy. (WSJ)
Pacira BioSciences (PCRX): DOMA Perpetual announced its nomination of three director candidates to Pacira’s Board: Christopher Dennis, Oliver Benton Curtis, and Eric de Armas. (Press Release)
Phillips 66 (PSX): Appointed Howard Ungerleider and Kevin Meyers to serve on the Board, effective immediately. (Press Release)
SoundThinking (SSTI): Veradace Capital said that on February 27, it shared its concerns with SoundThinking regarding the company’s performance over the last several years and the absence of any meaningful shareholder perspective on its board. (13D Filing)
Update on Other Special Situations
Medtronic (MDT): MiniMed completed its IPO of 28M shares at $20, raising $538M, and began trading on Nasdaq as MMED. Medtronic plc retains 90.03% ownership, with the company indicating a future split-off as the preferred method to complete the separation. (Press Release)
Honeywell (HON): Honeywell announced that Honeywell Aerospace priced $11B in senior notes maturing between 2028 and 2066 as part of financing for the planned spin-off. Proceeds from the new money notes will fund a cash distribution to Honeywell and spin-off-related costs, while exchange notes will settle certain existing debt obligations. Honeywell will guarantee the notes until the separation is completed. (Press Release)
Robin Energy (RBNE): Robin Energy announced plans to spin off its tanker business, consisting of one tanker, Xavier Shipping Co. (a subsidiary formerly owning the M/T Wonder Formosa), and cash into a newly formed company, AI OKTO CORP. Robin shareholders will receive 1 AI OKTO share for every 6.5 Robin shares held. AI OKTO has applied to list on the Nasdaq Capital Market, and Petros Panagiotidis will serve as Chairman and CEO upon completion. (Press Release)
Snow Lake Resources (LITM): Snow Lake Resources announced plans to spin off its lithium assets into a separate entity in the coming months as part of its strategy to focus on the nuclear fuel cycle business. Separately, the company announced it will change its name to Frontier Nuclear and Minerals and its ticker to FNUC effective March 16, 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
Healthcare
Talkspace (TALK) / Universal Health Services (UHS) - $835 mn, Q3 2026 (Press Release, Merger Agreement)
Industrials
UniFirst (UNF) / Cintas (CTAS) - $5.5 bn, H2 2026 (Press Release, Merger Agreement)
Technology
Urgent.ly (ULY) / Agero - $155.92 mn, May 2026 (Press Release)
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.
Angi (ANGI): Chief Financial Officer Andrew Russakoff resigns effective March 27, 2026. (Filing)
Aware (AWRE): Chief Technology Officer Mohamed Lazzouni resigns effective March 10, 2026. (Filing)
Blue Ridge Bankshares (BRBS): President and Chief Executive Officer William Beale resigns effective March 6, 2026. (Filing)
CleanCore Solutions (ZONE): Chief Investment Officer Marco Margiotta resigns effective March 4, 2026. (Filing)
Karman (KRMN): Chief Executive Officer Anthony Koblinski retires effective March 23, 2026. (Filing)
Lattice Semiconductor (LSCC): Chief Accounting Officer Tonya Stevens resigns effective March 29, 2026. (Filing)
NextEra Energy (NEE): Chief Risk Officer Terrell Kirk Crews II resigns effective March 20, 2026. (Filing)
ScanSource (SCSC): Chief People Officer Alexandre Conde resigns effective March 16, 2026. (Filing)
The Brand House Collective (TBHC): Chief Operating Officer James E. Schisler resigns effective March 20, 2026. (Filing)
Valvoline (VVV): Chief Accounting Officer Dione R. Sturgeon resigns effective March 6, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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