The Special Situation Report #216: May 31 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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C-Suite Transitions: A Deep Dive into CEO Changes
A quick reminder that our intern Luke Hammerschmidt is doing a webinar next Wednesday at 1 PM ET regarding his research related to C-Suite transitions with a specific focus on CEO and CFO changes.
You can check out the webinar and sign up for it here.
Update on Developing M&A
American Airlines (AAL): United Airlines (UAL) CEO Scott Kirby said the carrier does not expect to pursue airline consolidation for the foreseeable future, weeks after American Airlines rebuffed his approach for a potential merger. (Reuters)
Destination XL Group (DXLG): The Board unanimously recommends that shareholders reject the tender offer launched by Zodiac Partners II for $0.82 per share. (Press Release)
Genco (GNK): Diana Shipping (DSX) announced that it has increased its offer to purchase all outstanding shares of common stock of Genco to $24.8 per share in cash from $23.5 per share. (Press Release)
iHeartMedia (IHRT): Early-stage talks over a potential sale of iHeartMedia to SiriusXM (SIRI), which would create an audio giant, have stalled after the two sides were unable to come to terms. (NYT)
ReNew Energy Global (RNW): CEO Sumant Sinha and Canada Pension Plan Investment Board jointly submitted a non-binding proposal to the special committee of the board of ReNew Energy Global to acquire all of the shares of the company at a price per share equal to $6.75. (13D Filing)
Rumors
Aclarion (ACON): Echo Lake Capital offered to acquire the company for $4 per share in cash plus a contingent value right representing the right for stockholders to receive 80% of the net proceeds from the sale of Nociscan. (Press Release)
Monro (MNRO): The Board has initiated a review of strategic alternatives 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
Alkami Technology (ALKT): Jana Partners is pushing Alkami Technology to restart a sales process after the financial technology company tapped advisers to explore strategic options several months ago. (Bloomberg)
BP (BP): Ousted BP Chairman Albert Manifold met with activist shareholder Elliott Management during his tenure without telling fellow board members directly. (Reuters)
Brera Holdings (SLMT): RBCH delivered a letter to the company requesting to convene an extraordinary general meeting of shareholders. (13D Filing)
Flowserve (FLS): Starboard Value announced that it has delivered a letter to Flowserve’s Board, voicing concerns regarding a prolonged period of operational underperformance. (Letter)
H.B. Fuller (FUL): Activist investor Ancora Holdings is pushing US adhesives maker H.B. Fuller to abandon a proposed takeover of UK-based Advanced Medical Solutions Group. (Bloomberg)
Investcorp Credit Management BDC (ICMB): Bulldog Investors is calling on Investcorp, ICMB’s investment manager, to take responsibility for the dramatic decline in the value of ICMB’s shares. (Press Release)
Lululemon Athletica (LULU): Entered into a cooperation agreement with founder Chip Wilson, who owns approximately 8.7% of the company’s outstanding common stock. (Press Release)
McCormick & Co (MKC): Toms Capital Investment Management, an activist U.S. hedge fund, has built a significant stake in McCormick. (Reuters)
Nano Dimension (NNDM): Murchinson is seeking to replace three of the five directors, including two directors originally nominated by Murchinson in its prior proxy contests, as well as the CEO. (Press Release)
Sempra (SRE): Activist investor Voss Capital has urged Sempra to spin off its Oncor electricity unit, creating a high-growth Texas-focused utility unencumbered by the $60 billion energy giant’s predominant California business. (Reuters)
Synopsys (SNPS): Has entered into a cooperation agreement with Elliott Investment Management, including the appointment of Jesse Cohn to its board as an independent director, effective June 1, 2026. (Press Release)
Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.
Update on Other Special Situations
Mobility Global (MBGL): Mobility Global updated its Form 10 filing, adding details on its planned debt financing, capital structure, executive compensation arrangements, and separation agreements ahead of its spin-off from S&P Global. (Form 10-12B/A)
Modine (MOD): Modine said the planned spin-off of its Performance Technologies business and subsequent merger with Gentherm remains on track for completion before the end of 2026, pending SEC, shareholder, and tax approvals. (Filing)
Midera Food Processing (MFP): Midera Food Processing filed an amended Form 10, adding executive compensation plans, severance arrangements, subsidiary disclosures as it advances its planned spin-off from Middleby. (Form 10-12B/A)
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
Consumer Cyclical
Caesars Entertainment (CZR) / Fertitta Entertainment - $17.6 bn, 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.
Arq (ARQ): Chief Accounting Officer Stacia Hansen resigns effective June 12, 2026. (Filing)
Blue Ridge Bankshares (BRBS): Chief Operations and Technology Officer Dean Brown resigns effective May 28, 2026. (Filing)
Cartesian Therapeutics (RNAC): Chief Medical Officer Milos Miljkovic resigns effective May 31, 2026. (Filing)
CVB Financial (CVBF): General Counsel Richard Wohl retires effective June 5, 2026. (Filing)
Hershey Company (HSY): Chief Supply Chain Officer Jason Reiman resigns effective June 22, 2026. (Filing)
Planet Green (PLAG): Chief Financial Officer Lili Hu resigns effective May 28, 2026. (Filing)
Rollins (ROL): Chief Financial Officer Kenneth Krause resigns effective June 15, 2026. (Filing)
Scienture (SCNX): Chief Financial Officer Eric Sherb resigns effective May 26, 2026. (Filing)
UMH Properties (UMH): Chief Financial Officer Anna T. Chew retires effective June 1, 2026. (Filing)
Utz Brands (UTZ): Chief Integrated Supply Chain Officer Mitchell Arends resigns effective June 19, 2026. (Filing)
XPO (XPO): Chief Legal Officer Wendy Cassity resigns effective June 18, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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