The Special Situation Report #221: July 5 Roundup

Summary of the Week in Special Situations

Jul 05, 2026

Update on Developing M&A

Abivax (ABVX): Raised $800 million in an expanded share sale after strong investor demand, valuing the French biotechnology company at nearly $11 billion and easing pressure to pursue a near-term sale. (Reuters)
Anghami (ANGH): The Board has appointed three new directors: Nathan Scott Fine, Guergui Saykov Stoyanov, and Chiara Marcati to oversee the offer from OSN. (Press Release)
Genco (GNK): Diana Shipping (DSX) announced an extension of the fully committed financing for the offer to acquire the outstanding shares of Genco. (Press Release)
InMode (INMD): Steel Partners issued a public letter to the Board highlighting concerns with a value-destructive CEO-led buyout proposal. (Press Release)
PetMed Express (PETS): SilverCape Investments released an open letter to PetMed calling on the Board to engage with SilverCape on a revised proposal to acquire all outstanding shares of PetMed for $3 per share in cash with no financing contingency. (Press Release)
Pitney Bowes (PBI): The company is initiating the second phase of its strategic review process. (Press Release)
Repay Holdings (RPAY): Forager Capital delivered an updated proposal to the Repay Board to acquire the company for $5.25 per share in cash following recent discussions with the company. (Press Release)
Seer (SEER): Received an unsolicited, non-binding proposal from CEO Omid Farokhzad to acquire all of the outstanding shares of Seer’s Class A common stock for $2.45 per share in cash plus two separate contingent value rights. (Press Release)

Rumors

Nano Dimension (NNDM): Kevin Tang, on behalf of Tang Capital Management, submitted a proposal to effect a merger between Nano Dimension and an affiliate of Tang Capital whereby the shareholders of Nano Dimension would receive immediate cash proceeds of $1.6 per share. (Letter)
Owens Corning (OC): Building-products maker Carlisle Companies (CSL) made more than one unsolicited offer to acquire roofing maker Owens Corning in what would be a well-over $10 billion deal. (WSJ)

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 increased its stake in Alkami to 6.3% to have discussions with the Board regarding exploring a sale, including by engaging with multiple parties interested in a potential acquisition of the company, and doing so with grounded views of the company’s ability to realize value in the public market and realistic views of its intrinsic value. (13D Filing)
Dynatrace (DT): Appointed George Riedel and Dan Streetman to its Board, effective immediately, following constructive and collaborative engagement with Starboard Value. (Press Release)
Everpure (P): Activist investor Jana Partners has built a new position in the technology company Everpure and is expected to announce the holding in a regulatory filing soon. (Reuters)
Fortune Brands Innovations (FBIN): Activist investor Garden Investments, which pushed for management changes at Fortune Brands, is lauding the appointment of its new CEO. (Bloomberg)
Freightos Limited (CRGO): Zvi Schreiber, the founder of Freightos with a 6.1% stake in the company, said he believes that the strategic direction and execution being pursued by the Board, particularly since the first quarter of 2026, are impairing the company’s performance and short-term and long-term shareholder value. (13D Filing)

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

Comcast (CMCSA): Comcast announced plans to spin off NBCUniversal, including Sky, into a separate publicly traded company in a tax-free transaction expected to close in approximately one year. Comcast shareholders will retain their Comcast shares and receive shares in NBCUniversal. Comcast expects to retain up to a 19.9% stake in NBCUniversal for up to one year after the separation. Mike Cavanagh will serve as CEO of NBCUniversal, while former Comcast CFO Michael Angelakis will become CEO of Comcast following the separation. (Press Release)
Honeywell (HON): Honeywell completes the spin-off of Honeywell Aerospace, which begins regular-way trading on Nasdaq under the ticker HONA. Honeywell shareholders received 1 HONA share for every 2 HON shares held as of June 15, 2026. Honeywell Technologies also completed a 1-for-2 reverse stock split effective the same day. (Press Release)
Corteva (CTVA): Corteva disclosed that directors Karen Grimes, Marcos Lutz, Charles Magro, and Kerry Preete will resign from its board immediately before the planned spin-off of Vylor. Each is expected to join the board of Vylor upon completion of the separation. (Press Release)
The Middleby Corp. (MIDD): Middleby said its planned spin-off, Midera Food Processing, entered into a five-year, $1 billion revolving credit agreement to support its growth strategy as a standalone company. The separation remains on track to close on July 6, 2026. (Press Release)
S&P Global (SPGI): S&P Global completed the tax-free spin-off of its Mobility division into Mobility Global Inc. (MBGL). Mobility Global began regular-way trading on July 1, 2026. S&P Global shareholders received one MBGL share for each SPGI share held as of June 15, 2026, with S&P Global distributing 100% of Mobility Global. Fractional shares were settled in cash. (Press Release)
Resideo (REZI): Resideo’s board approved the tax-free spin-off of ADI Global Distribution (ADIG). Shareholders of record on July 20, 2026, will receive one ADIG share for every two REZI shares held, with the distribution scheduled for August 3, 2026. ADIG is expected to begin when-issued trading on July 29 and regular-way trading on the NYSE under ADIG on August 4. Ahead of the separation, ADI completed a $400 million senior notes offering and secured $1.1 billion in credit facilities to support its standalone operations. (Press Release)
Associated British Foods (ASBFF): Associated British Foods said it continues to prepare for the planned spin-off of Primark. The company reaffirmed guidance across its businesses except for its Sugar division, where it expects a loss amid deteriorating market conditions after third-quarter sales fell 4% due to lower average selling prices in Europe. (WSJ)

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

Communication Services

Iridium Communications (IRDM) / Rocket Lab (RKLB) - $8 bn, Mid-2027 (Press Release, Merger Agreement)

Consumer Cyclical

LCI Industries (LCII) / Patrick Industries (PATK) - $4.08 bn, H1 2027 (Press Release, Merger Agreement)

Healthcare

Theravance Biopharma (TBPH) / Zymeworks (ZYME) - $929 mn, H2 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.

Bloomin’ Brands (BLMN): Chief Human Resources Officer Jessica Mitory resigns effective August 17, 2026. (Filing)
Conduent (CNDT): General Counsel Michael Krawitz resigns effective July 31, 2026. (Filing)
Lucid Group (LCID): Chief Financial Officer Taoufiq Boussaid resigns effective August 4, 2026. (Filing)
Papa John’s International (PZZA): Chief Financial Officer Ravi Thanawala resigns effective June 30, 2026. (Filing)
PEDEVCO (PED): Chief Accounting Officer Paul Pinkston resigns effective June 23, 2026. (Filing)
Rigel Pharmaceuticals (RIGL): Chief Medical Officer Lisa Rojkjaer resigns effective June 25, 2026. (Filing)
Scotts Miracle-Gro Company (SMG): Chief Executive Officer James Hagedorn resigns effective June 26, 2026. (Filing)
Seaport Entertainment Group (SEG): General Counsel Lucy Fato resigns effective June 25, 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.

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