The Special Situation Report #218: June 14 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
Braemar Hotels & Resorts (BHR): Following the conclusion of its strategic review process, the Board has approved a management spin-out, which will enable Braemar to become a self-managed real estate investment trust (REIT). (Press Release)
T-Mobile (TMUS): Timotheus Höttges, who runs Deutsche Telekom, is looking to merge the German firm with its American offshoot, T-Mobile, in which it already owns a 54% stake. (WSJ)x
Rumors
Brera Holdings (SLMT): Forward Industries (FWDI) announced that it made a non-binding proposal to Brera Holdings on June 1, 2026, to acquire the entire issued and to be issued share capital in an all-stock transaction. (Press Release)
CKX Lands (CKX): Has been evaluating strategic alternatives since November 2025. (Press Release)
Payoneer Global (PAYO): Nuvei is in advanced talks to acquire cross-border payments company Payoneer Global for about $2.7 billion. (Reuters)
Roku (ROKU): Exploring its strategic options, including a full sale of the company, amid interest from companies seeking access to its vast streaming audience and advertising platform. (Reuters)
Woodside Energy (WDS): Exxon Mobil (XOM) is studying potential acquisition targets, including Australia’s Woodside Energy. (Bloomberg)
ZOOZ Strategy (ZOOZ): The Board has authorized management to explore a range of strategic alternatives that could potentially complement the existing bitcoin treasury strategy and enhance long-term 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
Ashland (ASH): Activist Ancora Alternatives has built a significant stake in Ashland and wants the U.S. specialty chemicals company to sell itself, arguing that a transaction could boost its share price by at least 30%. (Reuters)
Fiserv (FISV): Jana Partners wants payments company Fiserv to sell additional assets and appoint new directors with banking software and payments experience. (Reuters)
Genco (GNK): Diana Shipping (DSX) announced that it is focusing its proxy contest on the election of two of its nominees to the Genco Board: Jens Ismar and Paul Cornell. (Press Release)
JetBlue Airways (JBLU): Icahn Enterprises disclosed a 5.55% stake in JetBlue. (13D Filing)
Lifeway Foods (LWAY): Edward Smolyansky announced that Lifeway Foods finally terminated the poison pill, after ISS recommended against the whole Board. (Press Release)
Vale S.A. (VALE): Shareholder Caixa de Previdência dos Funcionários do Banco do Brasil – Previ, requested the call of an EGM of shareholders to remove Daniel André Stieler from the Board; nominate José Mauricio Pereira Coelho to the Board; and elect the Chairman of the Board. (Press Release)
Our comprehensive Activists Tool includes current activist campaigns and all updates as the campaigns unfold: https://www.insidearbitrage.com/shareholder-activists-tool
Update on Other Special Situations
Microsoft (MSFT): Reuters reported that Microsoft is evaluating strategic options for its Xbox gaming business, including a potential spin-off, restructuring the unit as a wholly owned subsidiary, or forming a joint venture with partners as part of a broader overhaul that could make the business easier to sell. (Reuters)
Honeywell (HON): Honeywell reaffirmed its 2026 outlook ahead of the planned Aerospace separation and provided the first standalone guidance for Honeywell Technologies, the post-spin company. Honeywell Technologies expects $19.9B–$20.2B in 2026 sales, 19.8%–20.3% segment margins, $3.95–$4.15 adjusted EPS, and approximately $2.0B in free cash flow. Honeywell Aerospace filed Amendment No. 2 to its Form 10, updating separation details and confirming the planned post-spin reverse stock split. (Press Release) (Form 10-12B/A)
Ahead of the June 29 Aerospace spin-off, Honeywell hosted an Investor Day for Honeywell Technologies, outlining its strategy as a pure-play automation company. Management introduced a new growth framework targeting 4%-6% annual organic growth, more than 60 basis points of annual margin expansion, over 10% annual earnings growth, and more than 90% free cash flow conversion over the next three years. (Investor Presentation)
Fedex (FDX): The Board of Directors of FedEx approved a 5% increase in the annual dividend rate on FedEx Corp. common stock after a one-time annual rate adjustment in connection with the spin-off of FedEx Freight. The dividend increase and spin-off adjustment result in an annualized dividend rate of $4.88 for the transition period covering June 1, 2026 through December 31, 2026. (Press Release)
Trump Media & Technology (DJT): Trump Media & Technology said it is no longer pursuing the planned spin-off of Truth Social as part of its proposed merger with nuclear-fusion company TAE Technologies. The company said it still expects to complete the TAE merger in 2026 but has paused the Truth Social separation after further evaluation. (WSJ)
Eaton (ETN): Eaton will combine its Mobility business with Dana in a $5.1 billion Reverse Morris Trust transaction, replacing the planned spin-off. Eaton shareholders will own more than 50.1% of the combined company, Dana shareholders will own approximately 49.9%, and Eaton will receive about $1.1 billion in cash before closing. (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
Nuvalent (NUVL) / GSK (GSK) - $9.4 bn, Q3 2026 (Press Release, Merger Agreement)
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.
Adobe (ADBE): Chief Financial Officer Daniel Durn resigns effective June 15, 2026. (Filing)
Blue Acquisition (BACC): Chief Executive Officer Ketan Seth resigns effective June 9, 2026. (Filing)
Brady Corp (BRC): President and Chief Executive Officer Russell R. Shaller retires effective June 8, 2026. (Filing)
Cannae (CNNE): Chief Financial Officer Bryan D. Coy resigns effective June 10, 2026. (Filing)
DeFi Development (DFDV): Terminates Chief Operating Officer and Chief Investment Officer Parker White effective June 8, 2026. (Filing)
Grocery Outlet (GO): Chief Financial Officer Christopher M. Miller departs effective June 26, 2026, and Chief Merchandising & Purchasing Officer Matthew P. Delly departs effective June 12, 2026. (Filing)
J&J Snack Foods (JJSF): General Counsel Michael A. Pollner resigns effective June 30, 2026. (Filing)
Murphy Oil (MUR): General Counsel E. Ted Botner resigns effective June 11, 2026. (Filing)
Perrigo Company (PRGO): President and Chief Executive Officer Patrick Lockwood-Taylor resigns effective June 7, 2026. (Filing)
Remitly Global (RELY): Chief Product and Technology Officer Ankur Sinha resigns effective June 19, 2026. (Filing)
Summit Hotel Properties (INN): Chief Financial Officer William Conkling resigns effective June 15, 2026. (Filing)
Telomir Pharmaceuticals (TELO): Chief Financial Officer Alan Weichselbaum resigns effective June 6, 2026. (Filing)
Tyson Foods (TSN): Chief Operating Officer Devin Cole resigns effective June 15, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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