The Special Situation Report #208: April 5 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
Globalstar (GSAT): Amazon (AMZN) is in talks to acquire the satellite telecommunications group Globalstar. (FT)
Rumors
SBA Communications (SBAC): Is exploring options, including a potential sale, after the tower owner and operator received preliminary takeover interest. (Bloomberg)
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
Americold Realty Trust (COLD): Sieve Capital announced that it is initiating a public campaign focused on Chairman Mark Patterson and his boardroom allies. (Press Release)
Snap (SNAP): Activist investor Irenic Capital Management has built a position in social media company Snap and is pushing for changes to improve financial and operating performance. (Bloomberg)
Sturm Ruger (RGR): Beretta Holding sent a letter to Ruger’s Board in response to the Board’s letter rejecting Beretta’s exemption from the shareholder rights plan. (Press Release)
Teladoc Health (TDOC): Pineal urged the board to undergo cost-cutting initiatives to expand margins, initiate a share buyback program, and initiate a full strategic review of the business, including exploration of a break-up of the two core businesses, Integrated Care and BetterHelp, into separate entities, via a sale or spin-off transaction. (Press Release)
Unilever (UL): Artisan Partners welcomed Unilever’s decision to merge its food business with McCormick (MKC), saying the Dove soap maker should now be able to “more effectively manage” its core personal care and home brands. (Reuters)
Xponential Fitness (XPOF): Kanen Wealth Management urged the Board to immediately initiate a formal review of strategic alternatives, including a sale of the company. (Press Release)
Update on Other Special Situations
Unilever (UL): Unilever announced the combination of its Foods business with McCormick & Company, with the separation now structured as a Reverse Morris Trust merger. As part of the transaction, Unilever will receive $15.7B in cash and retain a 65% equity stake in the combined company, with post-close ownership split between 55.1% Unilever shareholders, 35.0% McCormick shareholders, and 9.9% held by Unilever. The deal is expected to close by mid-2027, subject to customary approvals. (Press Release)
Keurig Dr Pepper (KDP): Keurig Dr Pepper acquired a 96.22% stake in JDE Peet’s and plans to split into “Beverage Co.” and “Global Coffee Co.” Rafael Oliveira will lead the coffee company and Tim Cofer the beverage business, with the spinoff targeted by the end of 2026. (Press Release)
Aptiv (APTV): Versigent (VGNT) announced the completion of its separation from Aptiv and its launch as an independent, publicly traded company. Aptiv shareholders received one ordinary share of Versigent for every three shares of Aptiv common stock held. Versigent will announce its first-quarter business results on May 5, 2026. (Press Release)
Honeywell (HON): Honeywell set investor events ahead of its Aerospace spin-off (expected Q3 2026). Aerospace (“HONA”) will host its inaugural conference on June 3, 2026, followed by Honeywell’s automation investor day on June 11, 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
Financial Services
Affinity Bancshares (AFBI) / Fidelity BancShares - $142.8 mn, Q3 2026 (Press Release, Merger Agreement)
Healthcare
Apellis Pharmaceuticals (APLS) / Biogen (BIIB) - $5.6 bn, Q2 2026 (Press Release, Merger Agreement)
Centessa Pharmaceuticals (CNTA) / Eli Lilly (LLY) - $6.3 bn, Q3 2026 (Press Release, Merger Agreement)
Forian (FORA) / CEO Max Wygod-led Consortium - $68 mn, Q2 2026 (Press Release, Merger Agreement)
Kezar Life Sciences (KZR) / Aurinia Pharmaceuticals (AUPH) - $50.93 mn, Q2 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.
Alphabet (GOOG): Principal Accounting Officer Amie Thuener O’Toole resigns effective April 9, 2026. (Filing)
Amrize (AMRZ): Chief Financial Officer Ian Johnston resigns effective April 1, 2026. (Filing)
Beyond Air (XAIR): Chief Executive Officer Steven A. Lisi resigns effective March 27, 2026. (Filing)
CitroTech (CITR): Chief Technology Officer Stephen Conboy resigns effective March 31, 2026. (Filing)
Commercial Vehicle Group (CVGI): Chief Financial Officer Andy Cheung resigns effective April 15, 2026. (Filing)
Elauwit Connection (ELWT): Chief Financial Officer Sean Arnette resigns effective April 2, 2026. (Filing)
Goosehead Insurance (GSHD): General Counsel John O’Connor resigns effective March 30, 2026. (Filing)
Inogen (INGN): Chief Financial Officer Michael Bourque resigns effective April 6, 2026. (Filing)
InTest (INTT): President and Chief Executive Officer Richard N. Grant, Jr. resigns effective March 31, 2026. (Filing)
Kiora Pharmaceuticals (KPRX): Chief Development Officer Eric J. Daniels resigns effective April 17, 2026. (Filing)
Neogen (NEOG): Chief Legal and Administrative Officer Amy Rocklin resigns effective March 31, 2026. (Filing)
ProCap Financial (BRR): Chief Investment Officer Jeff Park resigns effective April 3, 2026. (Filing)
Rallybio (RLYB): Chief Medical Officer Steven Ryder resigns effective March 31, 2026. (Filing)
Sally Beauty (SBH): Chief Financial Officer Marlo Cormier resigns effective April 11, 2026. (Filing)
Tyson Foods (TSN): Chief Accounting Officer Lori Bondar resigns effective April 6, 2026. (Filing)
Vanda Pharmaceuticals (VNDA): General Counsel Timothy Williams resigns effective April 10, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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