The Special Situation Report #207: March 29 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

• Abivax (ABVX): Is planning to raise money after releasing key trial data in June, its CEO Marc de Garidel said, signaling to potential buyers of the firm that it is in no rush to sell. (CNBC)

• Aterian (ATER): The strategic alternative process is progressing well. (Press Release)

• Perfect (PERF): The board has formed a special committee consisting of three directors, namely Philip Tsao, who will serve as the chairman of the Special Committee, Chung-Hui Jih, and Meng-Shiou Lee, to evaluate and consider the preliminary non-binding proposal from the consortium formed by CyberLink International Technology and CEO Alice Chang. (Press Release)

Rumors

• Brown-Forman (BF.A)(BF.B): Pernod Ricard SA is exploring a potential acquisition of Brown-Forman, the owner of Jack Daniel’s whiskey. (Bloomberg)

• ENDRA Life Sciences (NDRA): The Board has initiated a process to evaluate a range of strategic alternatives to maximize shareholder value. (Press Release)

• Golar LNG (GLNG): The Board has initiated a formal process to evaluate strategic alternatives for the company. (Press Release)

• Jefferies (JEF): Japan’s second-largest lender, Sumitomo Mitsui Financial Group (SMFG), is working on plans for a possible takeover of Jefferies. (FT)

• JetBlue (JBLU): Has tapped advisers to assess the viability of selling itself to a rival airline. (Semafor)

• Nanobiotix (NBTX): Stated it has no intention of pursuing a sale after a report suggesting potential takeover by Johnson & Johnson (JNJ). (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.

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Update on Shareholder Activism

• Aurinia Pharmaceuticals (AUPH): MKT Capital appreciated the appointment of Kevin Tang as Chief Executive Officer, effective immediately. (Press Release)

• Driven Brands (DRVN): Activist hedge fund ADW Capital has a roughly 2.5% stake in Driven Brands and is pushing the automotive services provider to explore a sale or breakup. (WSJ)

• Norwegian Cruise Line (NCLH): Will reshape its board after reaching a truce with activist Elliott Investment Management. (Press Release)

• Sturm Ruger (RGR): Beretta Holding is prepared to commence a tender offer for up to 20.05% of the outstanding shares of the company’s common stock at a purchase price of $44.8 per share subject to board approval from Sturm Ruger. (13D Filing)

• Synopsys (SNPS): Activist investor Elliott Investment Management has a multibillion-dollar investment in Synopsys. (WSJ)

• Teleflex (TFX): Irenic Capital sent a letter to the Board regarding its refusal to engage with potential acquirers, despite receiving interest from multiple credible parties. (Press Release)

• TripAdvisor (TRIP): Has entered into a cooperation agreement with Starboard Value under which four new directors will be joining TripAdvisor’s Board. (Press Release)

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Update on Other Special Situations

• Fosun International (FOSUF): Hong Kong’s Fosun International said it intends to spin off its luxury resort, Atlantis Sanya, and list it on the Shanghai Stock Exchange as a real estate investment trust. (Reuters)

• AnaptysBio (ANAB): AnaptysBio board approved the spin-off of First Tracks Biotherapeutics, Inc.; expected to begin regular-way trading on Nasdaq under ticker TRAX on April 20, 2026. Anaptys shareholders will receive 1 share of TRAX for every 1 ANAB share held as of April 6, 2026; distribution is expected on April 20, 2026. “When-issued” trading of TRAX expected to begin around April 6, 2026; Anaptys to continue trading under ANAB post-spin-off. (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.

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Announced M&A

Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing

Consumer Cyclical

• Olaplex (OLPX) / Henkel AG - $1.4 bn, H2 2026 (Press Release, Merger Agreement)

Financial Services

• Equitable Holdings (EQH) / Corebridge Financial (CRBG) - $22 bn, Year-end 2026 (Press Release, Merger Agreement)

Healthcare

• Terns Pharmaceuticals (TERN) / Merck (MRK) - $5.7 bn, Q2 2026 (Press Release, Merger Agreement)

Real Estate

• Two Harbors (TWO) / CrossCountry Mortgage - $8.45 bn, H2 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.

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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. 

• Arcus Biosciences (RCUS): Chief Operating Officer Jennifer Jarrett resigns effective March 30, 2026. (Filing)

• Aurinia Pharmaceuticals (AUPH): Chief Executive Officer Peter Greenleaf, Chief Financial Officer Joseph Miller, Chief Operating Officer Matthew Donley, Chief Medical Officer Gregory Keenan resigned effective March 20, 2026. (Filing)

• BARK (BARK): Chief Financial Officer Zahir Ibrahim resigns effective April 17, 2026. (Filing)

• Bridger Aerospace Group (BAER): Chief Legal Officer James Muchmore resigns effective April 3, 2026. (Filing)

• Centene (CNC): Chief Accounting Officer Kate Casso resigns effective March 18, 2026. (Filing)

• Conduent (CNDT): terminates Chief Information and Technology Officer Mark Prout effective March 24, 2026. (Filing)

• Core Natural Resources (CNR): General Counsel Alena Brenner resigns effective April 17, 2026. (Filing)

• First Watch Restaurant Group (FWRG): terminates Chief Operations Officer Dan Jones effective March 27, 2026. (Filing)

• GoodRx (GDRX): Chief Accounting Officer Romin Nabiey resigns effective April 3, 2026. (Filing)

• Paymentus (PAY): General Counsel Andrew Gerber resigns effective April 6, 2026. (Filing)

• Rapid Micro Biosystems (RPID): Chief Operating Officer John Wilson resigns effective April 10, 2026. (Filing)

• Sturm Ruger & Co. (RGR): Chief Financial Officer Thomas A. Dineen resigns effective March 31, 2026. (Filing)

• Vitesse Energy (VTS): Chief Executive Officer Robert W. Gerrity resigns effective March 26, 2026. (Filing)

Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.

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The content herein is informational and should not be relied upon as fact. We do not warrant the completeness or accuracy of the content or data provided in this article. Do your own diligence before making any investment decisions.