The Special Situation Report #220: June 28 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 Group (DXLG): Zodiac Partners II announced that it has increased its offer price for Destination XL to $0.84 per share. (Press Release)
eBay (EBAY): GameStop (GME) announced that its Board has granted the request of CEO Ryan Cohen to amend the proxy statement to remove the CEO Performance Award. (Press Release)
InMode (INMD): The Board received an unsolicited proposal from M.N. Business Strategy to acquire through all of the outstanding ordinary shares of the company for $16.20 per share in cash. (Press Release)
Neuphoria Therapeutics (NEUP): Is in discussions with Scancell about the potential acquisition of Neuphoria by Scancell, with Scancell becoming a Nasdaq-listed company following the closing of any such transaction. (Press Release)
SPS Commerce (SPSC): Is exploring a sale amid pressure from activist investors. (Reuters)
Rumors
Anghami (ANGH): OSN Streaming submitted a preliminary non-binding proposal to acquire all the outstanding ordinary shares of Anghami in a going-private transaction. (Letter)
Biolife Solutions (BLFS): Has attracted takeover interest from parties including diagnostics company Repligen (RGEN). (Bloomberg)
Edgewell Personal Care (EPC): Rejected an unsolicited takeover offer from private equity firm Yellow Wood Partners. (Bloomberg)
Jaguar Health (JAGX): The Board has initiated a process to explore and review a range of strategic alternatives. (Press Release)
Varonis Systems (VRNS): Is exploring options, including a potential sale after receiving takeover interest. (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
CEA Industries (BNC): CEA and YZILabs entered into a cooperation agreement. (Press Release)
ENvue (FEED): Christian Michael Glibert announced he has fully liquidated his investment position in ENvue. (13D Filing)
Equus Total Return (EQS): Howard Todd Horberg urged the company to conduct a strategic review, including a potential merger and the suspension of salary escalators, to protect investor interests. (Letter)
H.B. Fuller (FUL): Ancora condemned H.B. Fuller’s acquisition of Advanced Medical Solutions. (Press Release)
Health Catalyst (HCAT): Palogic Value Management sent a letter to the company expressing support for the recent appointment of Ben Albert as Chief Executive Officer and the divestiture of VitalWare. (13D Filing)
SEACOR Marine Holdings (SMHI): Jorey Chernett, Founder of Pointilist Family Office and the largest shareholder of SEACOR with 7.2% stake, delivered a letter to the Board calling for the evaluation of strategic alternatives, including the sale of the company or a dual-track fleet sale. (Press Release)
Vale (VALE): Board members of Vale voted against a proposal by one of the company’s largest shareholders, Previ, to remove Daniel André Stieler as chairman. (Bloomberg)
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
The Middleby Corporation (MIDD): Middleby formally approved the spin-off of its Food Processing business, Midera Food Processing, with the separation set to be completed on July 6, 2026. Middleby shareholders of record as of June 26, 2026, will receive one share of Midera for each Middleby share held. (Filing)
ABVC BioPharma (ABVC): Plans to spin off 15% of BioKey (Cayman) to shareholders of record on July 24, 2026, while retaining an 85% stake. The distribution of approximately 4.5 million BioKey shares is expected on August 3, 2026. BioKey will operate as a standalone CRO/CDMO and nutraceutical company and plans to seek an OTC listing. The spin-off will be taxable to U.S. shareholders. (Filing)
KBR (KBR): KBR appointed Michael LaRouche as President and CEO-designate and Nicholas Veasey as Executive Vice President and CFO-designate of the planned spin-off of its Mission Technology Solutions business. Veasey will join KBR on July 1, 2026, while LaRouche will join on September 24, 2026. Both executives are expected to assume their respective roles at SpinCo upon completion of the separation, which is expected on January 4, 2027. (Press Release)
ADI Global Distribution (ADIG): ADI Global Distribution filed an amended Form 10 with the SEC, updating disclosures related to its planned separation from Resideo Technologies (REZI). (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
Healthcare
Apogee Therapeutics (APGE) / AbbVie (ABBV) - $10.9 bn, Q3 2026 (Press Release, Merger Agreement)
Bio-Techne (TECH) / Merck KGaA - $11.3 bn, Early 2027 (Press Release)
Industrials
Arcosa (ACA) / CRH (CRH) - $8.5 bn, Q1 2027 (Press Release, Merger Agreement)
Technology
Synaptics (SYNA) / ON Semiconductor (ON) - $7 bn, Mid-2027 (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.
Arvinas (ARVN): Chief Medical Officer Noah Berkowitz resigns effective July 3, 2026. (Filing)
Atara Biotherapeutics (ATRA): Chief Accounting Officer Yanina Grant-Huerta resigns effective July 17, 2026. (Filing)
CTS (CTS): President and Chief Executive Officer Kieran O’Sullivan resigns effective July 6, 2026. (Filing)
Domo (DOMO): Chief Technology Officer Daren Thayne resigns effective July 10, 2026. (Filing)
Elastic N.V. (ESTC): Chief Product Officer Ken Exner resigns effective July 17, 2026. (Filing)
GitLab (GTLB): Chief Legal Officer Robin Schulman resigns effective June 30, 2026. (Filing)
Heartbeam (BEAT): Chief Executive Officer Robert P. Eno resigns effective June 30, 2026. (Filing)
Lucid Group (LCID): The company eliminated the Chief Operating Officer role, following which Marc Winterhoff departed effective June 22, 2026. (Filing)
The Goodyear Tire & Rubber Company (GT): Chief Financial Officer Christina L. Zamarro resigns effective June 30, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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