The Special Situation Report #224: July 26 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
Brera (SLMT): Forward Industries (FWDI) announced that it does not intend to make an offer for Brera. (Press Release)
Genco Shipping & Trading (GNK): The board continues to conduct a thorough review of Diana’s (DSX) proposal. (Press Release)
MarineMax (HZO): Investment firms Blackstone (BX) and Donerail are among the final bidders to acquire MarineMax. (Reuters)
Seer (SEER): The Special Committee of the Board, consisting of independent directors Meeta Gulyani and Nicolas Roelofs, thoroughly reviewed and unanimously rejected the unsolicited proposal from CEO Omid Farokhzad to acquire all of the outstanding shares for $2.45 per share in cash plus two separate contingent value rights. (Press Release)
Rumors
KKR Real Estate Finance Trust (KREF): The Board established a strategic review committee to initiate a review of possible strategic alternatives for the company to enhance shareholder value, which may include the sale of the company or its assets, a merger or other strategic transaction, as well as the continuation of its business plan. (Press Release)
Penske Automotive Group (PAG): Penske Corporation, together with its wholly owned subsidiary Penske Automotive Holdings, and Mitsui & Co., Ltd., along with its wholly owned subsidiary Mitsui & Co. (U.S.A.), have submitted a non-binding proposal to acquire Penske Automotive Group for $210 per share in cash, implying an equity value of approximately $13.8 billion. (Letter)
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
Chemed (CHE): Activist investor Barington Capital Group is ramping up its campaign against Chemed, saying the holding company for a hospice service and a plumbing business should conduct a strategic review and refresh its board. (Bloomberg)
Honeywell Technologies (HON): CEO Vimal Kapur said plans were already underway to reshape the former conglomerate before activist investor Elliott Investment Management took a stake in late 2024 and pushed for a breakup. (Bloomberg)
Nano Dimension (NNDM): Nano and Murchinson announced a settlement agreement. (Press Release)
Seer (SEER): The Board recommended that stockholders vote “FOR” only the election of Seer’s seven nominees: Omid Farokhzad, Meeta Gulyani, Robert Langer, Terrance McGuire, Dipchand Nishar, Isaac Ro, and Nicolas Roelofs. (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
Modine Manufacturing (MOD): Effective April 1, 2026, Modine split its Climate Solutions segment into Data Centers and Commercial HVAC ahead of the planned spin-off of Performance Technologies. The company continues to expect its Reverse Morris Trust transaction with Gentherm to close by the end of 2026. (Filing)
Honeywell Technologies (HON): Reported its first quarterly results as a standalone company following the Honeywell Aerospace spin-off, with 16% order growth, a $20 billion backlog, and higher 2026 guidance. Honeywell Aerospace posted 5% organic sales growth ahead of its first standalone earnings release on August 5. (Press Release)
Unilever (UL): McCormick (MKC) outlined the planned operating model, executive team, and proposed London Stock Exchange secondary listing for the combined company following its acquisition of Unilever’s Foods business, which remains on track to close by mid-2027. The combined company will operate through four divisions: Americas Consumer, International Consumer, Global Food Service, and Global Flavor, with leadership drawn from both McCormick and Unilever Foods. (Press Release)
Flex (FLEX): Flex filed definitive additional proxy soliciting materials containing CEO interviews supporting its planned Cloud & Power Infrastructure spin-off. Management reiterated the transaction remains on track for Q1 2027, with the SpinCo name to be announced in September. (Filing)
Click Holdings (CLIK): Click announced plans to spin off its logistics business into a standalone, publicly listed company while retaining its AI-powered HR and Care U senior care businesses. (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 Defensive
Utz Brands (UTZ) / Intersnack Group - $2.9 bn, Q4 2026 (Press Release, Merger Agreement)
Financial Services
Finward (FNWD) / First Financial (FFBC) - $208 mn, Q4 2026 (Press Release, Merger Agreement)
Safety Insurance Group (SAFT) / Mapfre - $1.54 bn, Q1 2027 (Press Release, Merger Agreement)
Healthcare
BioLife Solutions (BLFS) / Repligen (RGEN) - $1.5 bn, Q4 2026 (Press Release, Merger Agreement)
Neuphoria Therapeutics (NEUP) / Scancell Holdings (SCNLF) - $25 mn, Q4 2026 (Press Release)
Personalis (PSNL) / Tempus AI (TEM) - $1.5 bn, Early 2027 (Press Release, Merger Agreement)
Real Estate
LXP Industrial Trust (LXP) / Brookfield Asset Management (BAM) and CPP Investments - $5.2 bn, Q4 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.
Alpha Modus (AMOD): Chief Strategy Officer Chris Chumas resigns effective July 16, 2026. (Filing)
American Healthcare REIT (AHR): President and Chief Executive Officer Danny Prosky resigns effective July 21, 2026. (Filing)
Cingulate (CING): Chief Legal Officer Nilay Patel terminated effective August 3, 2026. (Filing)
Coastal Financial (CCB): Chief Financial Officer Brandon Soto resigns effective August 15, 2026. (Filing)
GE HealthCare Technologies (GEHC): Chief Financial Officer James K. (Jay) Saccaro resigns effective August 14, 2026. (Filing)
Immix Biopharma (IMMX): Chief Medical Officer Richard Graydon terminated effective July 17, 2026. (Filing)
MediaCo Holding (MDIA): Chief Financial Officer Debra DeFelice resigns effective July 17, 2026. (Filing)
Nano Dimension (NNDM): Chief Executive Officer David Stehlin resigns effective July 17, 2026. (Filing)
Neuronetics (STIM): Chief Legal Officer Andrew Macan resigns effective August 15, 2026. (Filing)
Rayonier Advanced Materials (RYAM): General Counsel Colby Slaughter resigns effective August 7, 2026. (Filing)
Red Cat Holdings (RCAT): Chief Revenue Officer Geoffrey Hitchcock terminated effective July 23, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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