The Special Situation Report #223: July 19 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
eBay (EBAY): GameStop (GME) CEO Ryan Cohen declined to say if he planned to raise his $56 billion offer for online auctioneer eBay, but said: “we’re coming for eBay one way or another.” (Bloomberg)
Genco (GNK): Diana Shipping (DSX) announced that its tender offer to acquire all outstanding shares of Genco has been extended to July 24, 2026. (Press Release)
PayPal Holdings (PYPL): Payments company Stripe and private equity firm Advent International have made a joint offer to acquire PayPal Holdings for $60.5 per share, in a deal that would value the payments company at more than $53 billion. (Reuters)
Repay (RPAY): The Board unanimously rejected the revised unsolicited, non‑binding proposal from Forager to acquire the company for $5.25 per share in cash. (Press Release)
SkyAI (SKYA): The Special Committee and the Board unanimously concluded that the proposal from Forward Industries (FWDI) was not in the best interests of the shareholders and that the company is not pursuing a transaction at this time. (Press Release)
Voya Financial (VOYA): Retirement services provider Voya Financial has fielded takeover interest in recent weeks. (Semafor)
Rumors
Lionsgate Studios (LION): Is exploring a sale and has attracted takeover interest from France’s Bollore Group and Banijay Group. (Reuters)
Lucid Group (LCID): Hired AlixPartners as financial adviser to help guide its turnaround efforts. (SEC Filing)
Lulu’s Fashion Lounge Holdings (LVLU): The Board has formed a special committee of independent directors to evaluate strategic alternatives to maximize stockholder 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
Braemar Hotels & Resorts (BHR): Al Shams Investments has filed a Rule 202 Discovery Petition seeking to depose two former Braemar directors before determining whether there is even a need to depose them. (Press Release)
Compass Diversified (CODI): ADW Capital Management issued an open letter to the board urging the company to conduct a strategic review. (Letter)
loanDepot (LDI): Randian Capital sent an open letter to the Board, urging them to consider evaluating strategic alternatives for the company, including a potential sale. (Press Release)
PayPal (PYPL): Michael Burry said PayPal’s $60.5-per-share takeover bid from Stripe and private equity firm Advent International was “simply too low.” (Substack)
Repay Holdings (RPAY): Zachary Sadek was appointed to its Board, effective immediately. (Press Release)
TransAct Technologies (TACT): Poplar Point Capital Management said it has had, and intends to have, discussions with the board and management related to the business of the company, the potential exploration of strategic alternatives for its casino and gaming ticket printer business, segmentation of financial reporting, capital allocation, corporate governance, and board composition. (13D Filing)
Voya (VOYA): TOMS Capital, on reports of recent takeover interest in Voya, said that the reports further reinforce its long-held view that the Board must fulfill its fiduciary duty by engaging constructively with any interested parties to maximize value for shareholders. (Press Release)
Xerox Holdings (XRX): STARTEEPO Invest intends to engage more actively and constructively with the management and Board regarding the company’s long-term strategy, capital allocation priorities, and opportunities to enhance shareholder value, including the company’s positioning in higher-growth IT and digital markets. (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
Resideo Technologies (REZI): Resideo Technologies held its Investor Day ahead of the planned August 3, 2026, spin-off of ADI Global Distribution. The company set medium-term targets of 4%-5% annual revenue growth, higher profit margins, and continued strong cash flow. The ADI spin-off remains on track, with ADIG expected to begin trading on the NYSE on August 4, 2026. (Investor Presentation)
ADI Global Distribution, ahead of its planned August 3, 2026 spin-off from Resideo Technologies, held its inaugural Investor Day and outlined its standalone strategy, targeting 4%-6% annual revenue growth to approximately $6 billion by 2030, 10%+ annual adjusted EBITDA growth, improved margins, and over $1 billion in cumulative operating cash flow by 2030. (Investor Presentation)
Jet.AI (JTAI): Jet.AI announced plans to spin off its data center business into a new public company (reserved ticker: DCTR). The proposed spin-off is contingent on a planned merger with a private company and remains subject to definitive agreements and approvals. (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
Financial Services
TriCo Bancshares (TCBK) / First Hawaiian (FHB) - $1.77 bn, End of 2026 (Press Release, Merger Agreement)
Healthcare
AtaiBeckley (ATAI) / Eli Lilly (LLY) - $2.8 bn, Q3 2026 (Press Release, Merger Agreement)
Industrials
Distribution Solutions Group (DSGR) / LKCM Headwater Investments - $2.64 bn, 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.
Asana (ASAN): Chief Accounting Officer Veronica Sosa resigns effective August 7, 2026. (Filing)
CoStar Group (CSGP): Chief Financial Officer Christian Lown resigns effective July 31, 2026. (Filing)
Energy Vault (NRGV): Chief Financial Officer Michael Beer resigns effective July 27, 2026. (Filing)
Harmony Biosciences (HRMY): Chief Financial Officer Glenn Reicin resigns effective July 16, 2026. (Filing)
Pentair (PNR): Chief Financial Officer Nicholas J. Brazis resigns effective July 10, 2026. (Filing)
Shutterstock (SSTK): Chief Executive Officer Paul J. Hennessy resigns effective July 12, 2026. (Filing)
Spruce Power (SPRU): Chief Legal Officer Jonathan Norling’s employment was terminated, effective July 13, 2026. (Filing)
Sui Group (SUIG): Chief Investment Officer Stephen Mackintosh resigns effective July 8, 2026.(Filing).
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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