The Special Situation Report #215: May 24 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
Destination XL (DXLG): The Board is carefully evaluating the offer from Zodiac Partners. Guggenheim Securities is acting as financial advisor to DXL, and Greenberg Traurig is acting as its legal advisor. (Press Release)
eBay (EBAY): GameStop (GME) expanded its economic exposure to eBay through options. (13D Filing)
Seer (SEER): The Board has reviewed and unanimously rejected the revised unsolicited non-binding proposal received from Bradley Radoff and Michael Torok. (Press Release)
Rumors
IMAX (IMAX): Is exploring a sale and has approached entertainment companies as potential buyers. (WSJ)
Lantheus Holdings (LNTH): Weighing a sale after getting a takeover offer from Curium that values the radiopharma company at about $7 billion. (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
Bio-Rad Laboratories (BIO): Activist Elliott Investment Management has built a sizable stake in Bio-Rad Laboratories and plans to push the supplier of life-science tools and diagnostics products to boost its underperforming stock price. (WSJ)
Central Plains Bancshares (CPBI): Stilwell Activist Fund served a notice of intent to nominate Francis Younes for election as a director at the upcoming 2026 annual meeting, with Mark Novotny as the alternate nominee. (13D Filing)
Fermi (FRMI): Co-founder, largest shareholder, and former chief of Fermi has committed to holding a shareholder vote in late June to overhaul the embattled company’s board. (WSJ)
Kelly Services (KELYB): Hunt Equity Opportunities requested that the Board form a special committee of independent and disinterested directors so that Kelly is prepared to discuss and evaluate one or more possible transactions involving the company. (13D Filing)
Lululemon Athletica (LULU): Chip Wilson announced settlement discussions with the Board. (SEC Filing)
Six Flags (FUN): Entered into a Cooperation Agreement with H Partners, under which Rehan Jaffer, Founder and Managing Member of H Partners, will be appointed to the board of Six Flags following the 2026 Annual Meeting, replacing Arik Ruchim, who will be stepping down from the Board. (Filing)
Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.
Update on Other Special Situations
S&P Global (SPGI): S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility. (Press Release)
S&P Global (SPGI): S&P Global approved the announced spin-off of its Mobility division into a standalone public company. Shareholders of record as of June 15, 2026, will receive one share of Mobility Global common stock for every S&P Global share held. The distribution is expected to become effective on July 1, 2026. “When-issued” trading under the ticker “MBGL WI” is expected to begin around June 26 and continue through June 30, while regular-way trading is anticipated to commence on July 1. (Press Release)
Madison Square Garden Sports (MSGS): Madison Square Garden Sports announced that it has made progress towards a proposed spin-off of its New York Rangers business from its New York Knicks business by filing a confidential initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission. (Press Release)
Enviri (NVRI): Enviri expects to complete the sale of Clean Earth and the spin-off of Harsco Environmental and Rail on June 1, 2026. Existing shareholders are expected to receive $15 per share in cash, after debt repayment and transaction costs, along with 1 share of the newly separated Enviri for every 3 shares currently held. “When Issued” trading for Enviri II (“new Enviri) is set to begin May 27 under ticker “NVRI WI,” while regular-way trading under ticker “NVRI” is expected to begin June 2. (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
Real Estate
AvalonBay Communities (AVB) / Equity Residential (EQR) - $34.91 bn, H2 2026 (Press Release, Merger Agreement)
Technology
LiveRamp Holdings (RAMP) / Publicis Groupe - $2.17 bn, Year-end 2026 (Press Release, Merger Agreement)
Utilities
Dominion Energy (D) / NextEra Energy (NEE) - $130 bn, Nov 2027 (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.
Eagle Materials (EXP): Chief Accounting Officer William R. Devlin retires effective June 1, 2026. (Filing)
Knife River (KNF): Chief Accounting Officer Marney L. Kadrmas resigns effective May 21, 2026. (Filing)
LendingTree (TREE): Chief Human Resources Officer Jill Olmstead resigns effective May 31, 2026. (Filing)
Rent the Runway (RENT): Chief Financial Officer Siddharth Thacker resigns effective June 3, 2026. (Filing)
Schrödinger (SDGR): Chief Commercial Officer Mannix Aklian resigns effective May 18, 2026. (Filing)
Z Squared (ZSQR): Co-Chief Executive Officer Michelle Burke resigns effective May 22, 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.