The Special Situation Report #211: April 26 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
American Airlines (AAL): A bipartisan group of senators is raising concerns that a merger between United Airlines (UAL) and American Airlines could harm travelers. (WSJ)
Brown-Forman (BF.A)(BF.B): The family that owns the maker of Jack Daniel’s whiskey favors a potential sale to the French distiller Pernod Ricard over an alternative proposal from its closely held American rival Sazerac. (Bloomberg)
Caesars Entertainment (CZR): Has extended exclusive talks with Tilman Fertitta about an $18 billion takeover, as new details about the deal emerge. (Bloomberg)
Franklin Street Properties (FSP): Has expanded its ongoing strategic alternatives review process to include BofA Securities and Jones Lang LaSalle Securities as co-financial advisors in an expansion of its ongoing strategic review process. (Press Release)
Investcorp Credit Management BDC (ICMB): Has engaged Houlihan Lokey as its financial advisor to assist the Special Committee of Independent Directors in its ongoing review of strategic alternatives. (Press Release)
Organon (OGN): Sun Pharma has submitted a binding $13 billion offer to acquire Organon. (ET)
Perfect (PERF): The independent special committee has selected Kroll as its financial advisor and DLA Piper as its international legal counsel. (Press Release)
Rayonier Advanced Materials (RYAM): Is engaged in a formal process to explore strategic alternatives to maximize shareholder value. (Press Release)
Seer (SEER): Bradley Radoff and Michael Torok (The Radoff-JEC Group) submitted an improved non-binding proposal to acquire the company for $2.35 per share in cash plus a contingent value right. (Press Release)
SOLAI (SLAI): Received a revised preliminary non-binding proposal from Chaince Digital to acquire all of the Class A and B ordinary shares, including shares represented by American depositary shares, for a proposed purchase price of $0.03162 per ordinary share, or $3.162 per ADS, in cash in a going-private transaction. (Press Release)
Teleflex (TFX): CVC Capital Partners and GTCR have teamed up and submitted a takeover offer for medical equipment provider Teleflex. (Bloomberg)
Rumors
BNB Plus (BNBX): The Board has authorized a formal review of strategic alternatives to maximize shareholder value. (Press Release)
iHeartMedia (IHRT): Is holding talks about a possible sale to Sirius XM (SIRI). (Bloomberg)
T-Mobile US (TMUS): Deutsche Telekom AG is considering a full combination with its American arm, T-Mobile US. (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 urged Americold Realty Trust shareholders to vote against the re-election of Mark Patterson and Andrew Power to the Board. (Press Release)
NN (NNBR): Corre Partners Management said it has had discussions with certain representatives of the company and management. (13D Filing)
TPG RE Finance Trust (TRTX): Gratia Capital believes that the company’s share price does not accurately reflect the short and long-term prospects. (13D Filing)
Voya Financial (VOYA): Is facing pressure from Toms Capital to sell all or parts of its $1.1 trillion pension and insurance products empire. (FT)
WEX (WEX): Impactive Capital announced that leading proxy advisory firm Glass Lewis has recommended that shareholders vote FOR the election of Impactive director nominees Kurt Adams and Lauren Taylor Wolfe to the Board and WITHHOLD on Board Chair and CEO Melissa Smith and director and Compensation Committee Chair Stephen Smith. (Press Release)
Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.
Update on Other Special Situations
Associated British Foods (ASBFF): Associated British Foods announced it will demerge Primark from its food business, creating two separately listed companies, with shareholders owning both. The dividend demerger is targeted for completion by the end of 2027, subject to approvals, with both entities expected to list on the London Stock Exchange. (Press Release)
Genuine Parts Company (GPC): Genuine Parts Company announced that it is still on track to separate into two independent, publicly traded companies, Global Automotive and Global Industrial (Motion), in Q1 2027. (Press Release)
Honeywell International (HON): Honeywell International has updated the timing for the spin-off of its Aerospace business, now expected to be completed on June 29, 2026. The standalone aerospace entity will trade on Nasdaq under the ticker HONA. Ahead of the separation, the company has scheduled dedicated investor events, including an Aerospace investor day on June 3, 2026 in Phoenix and an Automation business investor day on June 11, 2026 in New York, to outline the strategy and outlook for both businesses. (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
TruBridge, Inc. (TBRG) / Inventurus Knowledge Solutions - $557.27 mn, Q3 2026 (Press Release, Merger Agreement)
Industrials
TopBuild (BLD) / QXO (QXO) - $17 bn, Q3 2026 (Press Release, Merger Agreement)
Real Estate
Sila Realty Trust (SILA) / Blue Owl Capital (OWL) - $2.4 bn, Q3 2026 (Press Release, Merger Agreement)
Technology
Electro-Sensors (ELSE) / steute Technologies - $8.9 mn, H1 2026 (Press Release)
LivePerson (LPSN) / SoundHound AI (SOUN) - $250 mn, 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.
Sudden Departures
“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days.
American Shared Hospital Services (AMS): Chief Executive Officer Gary Delanois resigns effective April 24, 2026. (Filing)
Beyond Meat (BYND): Chief Operations Officer Jonathan Nelson resigns effective May 17, 2026. (Filing)
Clean Energy Fuels (CLNE): President and Chief Executive Officer Andrew J. Littlefair resigns effective April 22, 2026. (Filing)
Expedia Group (EXPE): Chief Financial Officer Scott Schenkel resigns effective May 11, 2026. (Filing)
Fermi (FRMI): Chief Financial Officer Miles Everson resigns effective April 19, 2026. (Filing)
Intel (INTC): Chief Accounting Officer Scott Gawel resigns effective April 24, 2026. (Filing)
Nine Energy Service (NINE): Chief Financial Officer Guy Sirkes resigns effective May 11, 2026. (Filing)
Snap (SNAP): Chief Financial Officer Derek Andersen resigns effective May 8, 2026. (Filing)
Trump Media & Technology Group (DJT): Chief Executive Officer Devin Nunes resigns effective April 21, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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