The Special Situation Report #206: March 22 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BARK (BARK): The Great Dane proposal was withdrawn, and its Special Committee has determined not to pursue a deal with the GNK/Lemonis Group. (Press Release)
FMC (FMC): Executives said multiple parties are evaluating potential deals involving the company. (Seeking Alpha)
Genco Shipping & Trading (GNK): Rejected Diana Shipping’s (DSX) revised, non-binding indicative proposal to acquire all of the outstanding shares of Genco for $23.5 per share in cash. (Press Release)
KNOT Offshore (KNOP): Discussions regarding the unsolicited non-binding proposal received from Knutsen NYK Offshore Tankers to acquire the company have been terminated. (Press Release)
Rumors
Distribution Solutions Group (DSGR): LKCM Headwater Investments submitted a preliminary, non-binding proposal to acquire all of the outstanding shares of Distribution Solutions for $29.5 per share in cash. (Letter)
Mawson Infrastructure Group (MIGI): The Board formed a Strategic Transactions Committee to evaluate a range of alternatives to the company, including potential M&A transactions, joint ventures, and other opportunities. (Press Release)
Perfect Corp. (PERF): Received a preliminary non-binding proposal from CyberLink International Technology and Alice Chang, the CEO of Perfect, that proposes a “going-private” transaction for $1.95 in cash per ordinary share. (Press Release)
Verde Clean Fuels (VGAS): Appointed George Burdette as CEO and engaged Roth Capital Partners as financial advisor to assist the company in evaluating strategic alternatives. (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
Align Technology (ALGN): Elliott Investment Management has built a significant stake in Align Technology, the maker of Invisalign teeth-straightening products. (Bloomberg)
First Industrial Realty Trust (FR): Land & Buildings issued a letter to shareholders detailing why urgent change is needed at the company to maximize shareholder value. (Bloomberg)
Lululemon Athletica (LULU): Is adding former Levi Strauss (LEVI) Chief Executive Chip Bergh to its board. (WSJ)
Mawson (MIGI): The Endeavor Investor Group announced that it has commenced a consent solicitation to remove the entire current Board of Mawson and begin the process of reconstituting the Board with directors committed to restoring accountability and maximizing value for all stockholders. (Press Release)
OraSure (OSUR): Altai Capital delivered a letter to the Board outlining why change is necessary to preserve and deliver value for its investors. (Press Release)
Phunware (PHUN): Goldenwise Capital said it intends to engage in constructive discussions with the Board regarding strategies to enhance long-term shareholder value. (13D Filing)
Six Flags Entertainment (FUN): Activist investor Jana Partners wants theme park operator Six Flags to explore a sale and immediately appoint a new head of its board of directors. (Reuters)
Sturm Ruger (RGR): Beretta sent a letter to Ruger shareholders detailing the urgent need for a Board change to restore value for all shareholders. (Press Release)
Update on Other Special Situations
Enviri (NVRI): Enviri announced it has filed an initial Form 10 with the SEC for the planned spin-off of its Harsco Environmental and Rail businesses into a standalone public company, “New Enviri.” The spin-off is expected to occur in mid-2026, just before the closing of the previously announced sale of the Clean Earth division to Veolia. New Enviri plans to list on the NYSE under the ticker NVRI.(Form 10-12B) (Press Release)
Healthpeak Properties (DOC): Janus Living is targeting a valuation of up to $5 billion in its U.S. IPO, as the senior housing REIT moves ahead with its listing. The company, being spun off from Healthpeak Properties (DOC), is seeking to raise up to $740 million by offering 37 million shares at a price range of $18 to $20 per share. (Press Release)
New Fortress Energy (NFE): New Fortress Energy plans to spin off its Brazilian operations into a standalone entity as part of a recapitalization under a UK restructuring plan. The transaction is expected to close by mid-2026. (Press Release)
Unilever (UL): Bloomberg reported that Unilever is evaluating a potential separation of its food business as it looks to sharpen its focus on higher-growth segments such as beauty, personal care, and well-being. The company is working with advisers to review options, including a possible spin-off of its food assets. (Bloomberg)
DuPont (DD): DuPont announced that it will seek shareholder approval for a reverse stock split that could reduce its share count by up to 75%. The proposal, to be voted on at the May 21 annual meeting, includes a reverse split range of 1-for-2 to 1-for-4. (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
Real Estate
National Storage Affiliates Trust (NSA) / Public Storage (PSA) - $10.5 bn, Q3 2026 (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.
Aeries Technology (AERT): Chief Financial Officer and Chief Investment Officer Daniel S. Webb resigns effective March 30, 2026. (Filing)
Accelerant (ARX): Chief Financial Officer Jay Green resigns effective March 31, 2026. (Filing)
Aquestive Therapeutics (AQST): Chief Legal Officer, Chief Compliance Officer Lori J. Braender resigns effective April 2, 2026. (Filing)
Confluent (CFLT): Chief Revenue Officer Ryan Mac Ban resigns effective March 16, 2026. (Filing)
Intrepid Potash (IPI): Chief Financial Officer Matthew Preston resigns effective March 11, 2026. (Filing)
LifeMD (LFMD): Chief Financial Officer Marc Benathen resigns effective March 31, 2026. (Filing)
Nu Skin Enterprises (NUS): Chief Financial Officer James D. Thomas resigns effective March 17, 2026. (Filing)
QXO (QXO): Chief Accounting Officer Sean Smith resigns effective March 15, 2026. (Filing)
Remitly Global (RELY): Chief Accounting Officer Luke Tavis resigns effective March 31, 2026. (Filing)
Rush Enterprises (RUSHA): Chief Operating Officer Jason Wilder resigns effective March 18, 2026. (Filing)
Seadrill (SDRL): President and Chief Executive Officer Simon Johnson resigns effective March 12, 2026. (Filing)
SoundHound AI, Inc. (SOUN): Chief Financial Officer Nitesh Sharan resigns effective April 3, 2026. (Filing)
Verde Clean Fuels (VGAS): Chief Executive Officer Ernie Miller resigns effective March 20, 2026. (Press Release)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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