The Special Situation Report #213: May 10 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): The head of American Airlines’ pilots union told members that United Airlines (UAL) CEO Scott Kirby’s merger idea showed the kind of “bold vision” the carrier needs, even as the union stopped short of endorsing a tie-up between the two airlines. (Reuters)
Brown-Forman (BF.A)(BF.B): Deal talks with Pernod Ricard fell apart not over price, but over control. (Semafor)
eBay (EBAY): GameStop (GME) submitted a non-binding proposal to acquire eBay for $125 per share in cash and stock. (Press Release)
GEE Group (JOB): Star Equity announced it has provided the Board with an indication of interest for the potential acquisition of the company. (Press Release)
Genco (GNK): Diana Shipping (DSX) announced that it has commenced a tender offer through its wholly-owned subsidiary, 4 Dragon Merger Sub Inc., to purchase all outstanding shares of Genco common stock at $23.5 per share in cash. (Press Release)
LCI Industries (LCII): Terminated discussions with Patrick Industries (PATK) regarding a potential merger of equals, as the companies were unable to reach mutually agreeable terms. (Press Release)
MarineMax (HZO): Is preparing to sell itself as one potential buyer recently raised its offer, and at least one prominent private equity firm is conducting due diligence. (Reuters)
Repay (RPAY): The Board rejected the unsolicited, non‑binding proposal from Forager to acquire the outstanding shares of the company for $4.8 per share in cash. (Press Release)
Rumors
Array Digital Infrastructure (AD): Telephone and Data Systems (TDS) announced that it has submitted a proposal to the Board of Array to acquire, by way of a merger, all of the outstanding common shares of Array in an all-stock transaction. (Press Release)
Pitney Bowes (PBI): CEO Kurt Wolf said that the company has had inbound interest. (Bloomberg)
Profusa (PFSA): The Board has initiated a Board-led process to evaluate strategic alternatives intended to maximize 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
Braemar Hotels & Resorts (BHR): Al Shams Investments Limited issued a letter to Braemar Hotels & Resorts’ independent directors announcing Al Shams’ intention to seek the election of new directors at the 2026 Annual Meeting. (Press Release)
GameStop (GME): Famed investor Michael Burry sold his entire position in GameStop after the gaming retailer made an offer to buy e-commerce company eBay (EBAY) for about $56 billion in cash and stock. (Bloomberg)
Genco Shipping & Trading (GNK): Diana Shipping (DSX) announced that it has filed a definitive proxy statement in connection with its nomination of six independent director candidates — Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou, and Quentin Soanes — for election to Genco’s Board at the 2026 Annual Meeting on June 18, 2026. (Press Release)
Innventure (INV): Ascent Capital Partners has expressed support for the company, its leadership, and its strategic direction. (Press Release)
Magnum (MICC): A group of Magnum investors, led by NorthStar Asset Management, has criticised the ice cream maker over its handling of tensions around its Ben & Jerry’s brand’s social activism and a lack of transparency over its finances. (Reuters)
Mattel (MAT): Southeastern Asset Management issued an open letter to the board and shareholders, calling on the company to explore strategic alternatives. (Press Release)
Senti Biosciences (SNTI): Celadon Partners intends to engage in preliminary discussions with the company regarding certain restructuring, merger, and acquisition transactions. (13D Filing)
Snap (SNAP): Randian Capital urged the Snap Board to consider evaluating strategic alternatives for the company. (Press Release)
Sturm Ruger (RGR): Entered a Strategic Cooperation Agreement with Beretta; expected to allow Beretta to increase its investment to up to 25% of the outstanding shares. (Press Release)
Victoria’s Secret (VSCO): BBRC International urged shareholders to vote AGAINST the reelection of two members of the Board – Chair Donna James and Mariam Naficy – at the upcoming Annual Meeting. (Press Release)
WEX (WEX): Entered into a cooperation agreement with Impactive Capital. (Press Release)
Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.
Update on Other Special Situations
Flex (FLEX): Contract manufacturer Flex outlined plans for a strategic break-up to monetize its exposure to artificial intelligence, saying it would spin off its cloud and power infrastructure business into a separate publicly traded company by early 2027. (Press Release)
Textron (TXT): Textron announced its intent to separate its Industrial segment from the company’s core aerospace and defense businesses. Textron is targeting completion of the separation within 12 to 18 months, subject to regulatory approvals and board authorization. (Press Release)
Applied Digital (APLD): Applied Digital completed the contribution of its cloud business to EKSO Bionics Holdings, which changed its name to ChronoScale. ChronoScale began trading on the Nasdaq Capital Market under the ticker “CHRN” starting May 5, 2026. Applied Digital to retain approximately 97% ownership and invest $15.75 million at closing. (Press Release)
The Middleby Corporation (MIDD): The Middleby Corporation announced that it has filed a Form 10 registration statement with the SEC for the planned spin-off of its Middleby Food Processing business. (Press Release)
Corteva (CTVA): Corteva announced that its advanced seed and genetics business will be named Vylor, Inc. The planned separation remains on track for the fourth quarter of 2026. (Press Release)
Enviri (NVRI): Enviri shareholders approved the sale of its Clean Earth division to Veolia Environnement S.A., with ~99.54% voting in favor. Prior to closing, Enviri will spin off its Harsco Environmental and Harsco Rail businesses into a new entity (“New Enviri”), with both transactions targeted for mid-2026. (Press Release)
Modine Manufacturing Company (MOD): Modine Manufacturing Company amended its credit agreement to support the planned spin-off of its Performance Technologies business, including permitting related transactions, debt financing by a newly formed subsidiary, and escrow arrangements tied to the separation. (Press Release)
S&P Global (SPGI): S&P Global announced the public filing of a Form 10 registration statement with the SEC for the planned spin-off of its Mobility division into an independent public company, Mobility Global Inc. S&P Global expects to complete the separation in mid-2026, subject to regulatory approvals and board approval. (Press Release)
S&P Global announced the board of directors for Mobility Global. Former CSX CEO Joe Hinrichs will serve as Chairman of the eight-member board, while Bill Eager will also join as CEO-designate. (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
First Seacoast Bancorp (FSEA) / Cambridge Financial - $80.9 mn, Q3 2026 (Press Release, Merger Agreement)
Healthcare
Catalyst Pharmaceuticals (CPRX) / Angelini Pharma - $4.1 bn, Q3 2026 (Press Release, Merger Agreement)
Cross Country Healthcare (CCRN) / Knox Lane - $437 mn, Q3 2026 (Press Release, Merger Agreement)
Real Estate
Modiv Industrial (MDV) / Global Net Lease (GNL) - $535 mn, Q3 2026 (Press Release, Merger Agreement)
Technology
Global Business Travel Group (GBTG) / Long Lake Management - $6.3 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.
Sudden Departures
“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days.
AdaptHealth (AHCO): Terminates Chief Operating Officer Toby Scott Barnhart effective May 4, 2026. (Filing)
AEye (LIDR): General Counsel Andrew S. Hughes resigns effective May 15, 2026. (Filing)
Atlantic American (AAME): Chief Financial Officer Ross Franklin resigns effective May 27, 2026. (Filing)
Bionano Genomics (BNGO): Terminates President and Chief Executive Officer Erik Holmlin effective May 5, 2026. (Filing)
Inmode (INMD): Chief Financial Officer Yair Malca resigns effective May 6, 2026. (Filing)
Integra Lifesciences (IART): President and Chief Executive Officer Mojdeh Poul resigns effective May 1, 2026. (Filing)
ITT (ITT): Chief Financial Officer Emmanuel Caprais resigns effective May 8, 2026. (Filing)
Madison Square Garden Sports (MSGS): Chief Financial Officer Victoria Mink resigns effective May 11, 2026. (Filing)
Nu Skin Enterprises (NUS): Chief Product Officer Steven K. Hatchett resigns effective May 8, 2026. (Filing)
Option Care Health (OPCH): Chief Growth Officer Christopher L. Grashoff resigns effective May 8, 2026. (Filing)
Pinterest (PINS): Chief Accounting Officer Andrea Acosta resigns effective May 8, 2026. (Filing)
Pool Corporation (POOL): President and Chief Executive Officer Peter D. Arvan resigns effective May 4, 2026. (Filing)
Robinhood Markets (HOOD): Chief Technology Officer Jeffrey Pinner resigns effective May 7, 2026. (Filing)
Sunstone Hotel Investors (SHO): Eliminates the general counsel role as part of an executive team restructuring, resulting in the departure of David Klein effective May 31, 2026. (Filing)
The Children’s Place (PLCE): Chief Administrative Officer and General Counsel Jared Shure resigns effective June 1, 2026. (Filing)
The Trade Desk (TTD): Chief Strategy Officer Samantha Jacobson resigns effective May 18, 2026. (Filing)
Viatris (VTRS): Chief Financial Officer Theodora Mistras resigns effective May 8, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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