The Special Situation Report #209: April 12 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
Brown-Forman (BF.A)(BF.B): Sazerac recently approached Jack Daniel’s maker Brown-Forman about a potential deal. (WSJ)
Xponential Fitness (XPOF): The Board has initiated a review of strategic alternatives to maximize shareholder value. (Press Release)
Rumors
AstroNova (ALOT): The Board has initiated a review and evaluation of strategic alternatives to maximize shareholder value. (Press Release)
Commerce.com (CMRC): Rezolve AI (RZLV) proposed an all-stock combination at a fixed exchange ratio of 2 shares of Commerce.com Series 1 common stock for one ordinary Rezolve AI share. (Press Release)
Commvault Systems (CVLT): Is exploring a sale after receiving takeover interest from multiple parties. (Reuters)
Playtika Holding (PLTK): A Special Committee of the Board, comprised solely of independent directors, is conducting a comprehensive review and evaluation of strategic alternatives across its portfolio. (Press Release)
SUNation Energy (SUNE): The Board has authorised the review of a full range of strategic alternatives aimed at increasing shareholder value. (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
CarMax (KMX): Will add two members to its board following discussions with activist investor Starboard Value, which agreed to withdraw its director nominations ahead of the company’s annual shareholder meeting. (Press Release)
CoStar Group (CSGP): Daniel Loeb’s hedge fund, Third Point, will not pursue a proxy fight at real estate data company CoStar Group and sold its entire stake in the owner of Apartments.com and Homes.com. (Press Release)
Evotec (EVO): Activist fund MAK Capital, led by Michael Kaufman, has urged the leadership of German biotech firm Evotec to list its US unit and speed up its cost-cutting program after the shares have lost about 85% over the past five years. (Letter)
GeoPark (GPRK): Parex withdrew its nomination of six independent candidates for election to the Board at the 2026 annual general meeting. (13D Filing)
Lulu’s Fashion Lounge Holdings (LVLU): Friedland Enterprises believes the shares of the company are undervalued and represent an attractive investment opportunity. (13D Filing)
Neuronetics (STIM): Jorey Chernett in a letter to the Board, called for the immediate initiation of a comprehensive review of strategic alternatives, including the potential sale of the company’s TMS business. (Press Release)
Novavax (NVAX): Shah Capital sent a letter to the board declaring a notice of intention to vote against Board Nominees and Executive Compensation. (Letter)
WEX (WEX): Impactive Capital said it is not pushing to oust Smith as CEO but rather to replace her on the board and to split the CEO and chair roles. (Reuters)
Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.
Update on Other Special Situations
Evotec SE (EVO): Activist fund MAK Capital, led by Michael A. Kaufman, has urged the leadership of German biotech firm Evotec SE to list its U.S. unit and speed up its cost cutting program after the shares have lost about 85% over the past five years. (Bloomberg)
FedEx (FDX): Freight hosted its inaugural investor day ahead of its planned spinoff from FedEx Corporation, outlining its strategy as a standalone company focused on network efficiency, technology investments and disciplined capital allocation. The company also introduced a medium-term outlook targeting 4% to 6% revenue growth and 10% to 12% operating income growth, with annual free cash flow expected to exceed $1 billion. Separation remains on track for completion on June 1, 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
Assertio Holdings (ASRT) / Garda Therapeutics - $125.1 mn, Q2 2026 (Press Release, Merger Agreement)
Soleno Therapeutics (SLNO) / Neurocrine Biosciences (NBIX) - $2.9 bn, July 2026 (Press Release, Merger Agreement)
Real Estate
Whitestone REIT (WSR) / Ares Real Estate Funds (ARES) - $1.7 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.
ATN International (ATNI): Chief Executive Officer Brad Martin resigns effective April 6, 2026. (Filing)
BayCom (BCML): Terminates Chief Executive Officer George J. Guarini, Chief Operating Officer Janet L. King and Chief Financial Officer Keary L. Colwell effective April 7, 2026.(Filing)
Caterpillar (CAT): Chief Financial Officer Andrew R.J. Bonfield resigns effective May 1, 2026. (Filing)
FactSet Research Systems (FDS): Chief Financial Officer Helen Shan resigns effective April 13, 2026. (Filing)
FinWise Bancorp (FINW): Chief Executive Officer Kent Landvatter resigns effective April 6, 2026. (Filing)
Forward Industries (FWDI): Chief Financial Officer Kathleen Weisberg resigns effective April 13, 2026. (Filing)
HealthEquity (HQY): Terminates Chief Technology Officer Eli Rosner effective April 17, 2026. (Filing)
Kura Sushi USA (KRUS): Chief Financial Officer Jeffrey J. Uttz resigns effective April 28, 2026. (Filing)
Nerdy (NRDY): Chief Financial Officer Jason Pello resigns effective April 3, 2026. (Filing)
PSQ Holdings (PSQH): Chief Financial Officer James Rinn resigns effective April 30, 2026. (Filing)
Solo Brands (SBDS): Chief Accounting Officer David McGuire resigns effective May 1, 2026. (Filing)
Treasure Global (TGL): Chief Executive Officer Carlson Thow resigns effective March 31, 2026. (Filing)
Valmont Industries (VMI): Chief Financial Officer Thomas Liguori resigns effective April 8, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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