The Special Situation Report #217: June 7 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
Centerspace (CSR): The Board, in connection with its evaluation of strategic alternatives, has approved a portfolio optimization and deleveraging plan designed to enhance portfolio quality, strengthen the balance sheet, preserve embedded shareholder value, and maximize strategic flexibility. (Press Release)
Genco Shipping & Trading (GNK): The Board unanimously rejected the revised unsolicited tender offer from Diana Shipping (DSX) for $24.8 per share in cash. (Press Release)
Rumors
America’s Car-Mart (CRMT): The Board has retained Houlihan Lokey to serve as its financial advisor as the company continues to evaluate and pursue strategic alternatives, including potential financing, recapitalization, mergers and acquisitions, and other transactions. (SEC Filing)
Dot AI (DAIC): Exploring a range of strategic alternatives, including a sale of the company, a merger or other business combination, a strategic partnership or joint venture, licensing arrangements, a recapitalization, additional financing transactions, continued execution of the company’s standalone operating plan, or a liquidation and dissolution. (Press Release)
Fulcrum Therapeutics (FULC): Initiates a comprehensive review of strategic alternatives to maximize stockholder value. (Press Release)
Jasper Therapeutics (JSPR): The Board has decided to initiate a comprehensive review of strategic alternatives aimed at maximizing shareholder value. (Press Release)
MGM Resorts International (MGM): Barry Diller’s People Inc, previously IAC (IAC), announced that it has submitted a non-binding proposal to the Board of MGM to acquire all outstanding shares for $48.3 per share in cash. (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
Aurinia Pharmaceuticals (AUPH): Tang Capital Management announced that it beneficially owns 13.04 million common shares, representing approximately 10% of the company’s issued and outstanding common shares. (Press Release)
Braemar (BHR): Al Shams sent a letter to Braemar’s outside directors urging them to promptly call the 2026 Annual Meeting so shareholders can elect new directors. (Press Release)
GEE Group (JOB): Star Equity Fund announced the nomination of Rick Coleman for election to the GEE board at the 2026 annual meeting. (Press Release)
Genco Shipping & Trading (GNK): Egan-Jones recommended that shareholders vote FOR all Genco nominees, namely Paramita Das, Kathleen Haines, Basil Mavroleon, Karin Orsel, Arthur Regan, and John Wobensmith. (Press Release)
Victoria’s Secret (VSCO): All three independent proxy advisors, ISS, Glass Lewis, and Egan-Jones, have recommended that shareholders vote “FOR” all nine of the company’s director nominees, including Independent Chair Donna James, at the 2026 Annual Meeting. (Press Release)
Voya Financial (VOYA): TOMS Capital sent a letter to the Board regarding its failure to oversee management and address the company’s persistent underperformance. (Press Release)
Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold.
Update on Other Special Situations
Enviri (NVRI): Enviri completed the spin-off of its Harsco Environmental and Harsco Rail businesses into Enviri II Corporation, which started regular-way trading on the NYSE under the ticker NVRI on June 2, 2026, and was renamed Enviri Corporation. The separation was completed immediately before the sale of Clean Earth to Veolia, with shareholders receiving one NVRI share for every three Enviri shares held, plus $15.00 per share in cash. (Press Release)
FedEx Freight (FDXF): FedEx completed the spin-off of FedEx Freight (FDXF), distributing 80.1% of its shares to FedEx shareholders at a ratio of one FDXF share for every two FDX shares held. FedEx retained a 19.9% stake, which it plans to monetize within 24 months, while FedEx Freight now operates as an independent publicly traded LTL carrier. (Press Release)
Honeywell (HON): Honeywell will provide an updated 2026 outlook and a preliminary 2026 outlook for Honeywell Technologies on June 8, ahead of the planned Honeywell Aerospace separation. The update follows Honeywell Aerospace’s Investor Day on June 3 and precedes Honeywell Technologies’ Investor Day on June 11. During its Investor Day, Honeywell Aerospace reaffirmed its planned June 29, 2026 spin-off and announced that it will begin trading on Nasdaq under the ticker HONA. (Investor Presentation)
Honeywell (HON): Honeywell set June 15, 2026, as the record date for the Honeywell Aerospace spin-off, with shareholders receiving one HONA share for every two HON shares held. Distribution is scheduled for June 29, 2026. When-issued trading for Honeywell Aerospace is expected under HONAV beginning around June 15, while Honeywell shares will trade ex-distribution under HONIV from June 15 through June 26. Honeywell also approved a 1-for-2 reverse stock split effective upon the separation, reducing shares outstanding from approximately 634 million to 317 million and authorized shares from 2 billion to 1 billion, while maintaining the HON ticker. (Press Release)
Resideo (REZI): Resideo filed an amended Form 10 for the planned spin-off of ADI Global Distribution, including ADI’s financial statements through April 4, 2026, and reiterated that the separation remains on track for mid-Q3 to mid-Q4 2026. Resideo and ADI will host standalone Investor Days at the NYSE on July 13 and July 14, 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
Consumer Cyclical
Taylor Morrison Home Corp (TMHC) / Berkshire Hathaway (BRK.A) (BRK.B) - $8.5 bn, H2 2026 (Press Release)
Energy
NCS Multistage (NCSM) / Weatherford International (WFRD) - $113.78 mn, H2 2026 (Press Release)
Check out a list of nearly 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.
BeyondSpring (BYSI): Chief Executive Officer Dr. Lan Huang resigns effective July 1, 2026. (Filing)
CaliberCos (CWD): Chief Financial Officer Jade Leung resigns effective June 14, 2026. (Filing)
Chaince Digital (CD): Chief Strategy Officer Wilfred Daye resigns effective June 3, 2026. (Filing)
GEN Restaurant Group (GENK): Chief Financial Officer Thomas V. Croal resigns effective June 1, 2026. (Filing)
Hub Group (HUBG): Chief Financial Officer Kevin Beth and Chief Operating Officer Brian Meents departed amid an accounting review tied to a $77 million accounting error. (Filing)
Indaptus Therapeutics (INDP): Chief Operating Officer Walt A. Linscott resigns effective June 1, 2026. (Filing)
Medifast (MED): Chief Legal Officer Jason L. Groves resigns effective May 29, 2026. (Filing)
MillerKnoll (MLKN): President and Chief Executive Officer Andi R. Owen retires effective June 30, 2026. (Filing)
New Fortress Energy (NFE): Chief Accounting Officer Michael Lowe resigns effective July 1, 2026. (Filing)
Purple Innovation (PRPL): Chief Operating Officer Eric Haynor resigns effective June 5, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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