The Special Situation Report #226: August 9 Roundup
Summary of the Week in Special Situations
Aloha from the garden island of Hawaii! The post this week is a few hours late because I was on island time in beautiful Kauai and got a chance to publish it on Sunday morning instead of my usual Saturday night.
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
Alkami Technology (ALKT): Has formally launched a sale process after drawing acquisition interest from potential buyers amid mounting pressure from activist investor Jana Partners. (Reuters)
Ashland (ASH): Is exploring a potential sale after receiving takeover interest. (Bloomberg)
Driven Brands (DRVN): The Board rejected ADW Capital’s non-binding and unsolicited proposal to acquire Driven Brands for $18 per share in cash. (Press Release)
Papa John’s (PZZA): Conducted a review of its business, including a possible sale, and after 18 months of exploring options, the company’s management and board opted to stick with its current turnaround strategy. (WSJ)
Rumors
Bioventus (BVS): Following receipt of a recent unsolicited acquisition proposal and multiple other expressions of interest, the company has initiated a review of strategic alternatives. (Press Release)
Bristol Myers Squibb (BMY): AstraZeneca (AZN) has been exploring a deal to combine with Bristol Myers Squibb in a tie-up that would create one of the world’s biggest pharmaceutical group valued at nearly $400 billion. (FT)
Digital Brands (DBGI): Initiated a review of strategic alternatives to maximize shareholder value. (Press Release)
Lisata (LSTA): The Board is evaluating strategic alternatives to enhance stockholder value, which will include an acquisition, merger, reverse merger, other business combination, sales of assets, liquidation and dissolution, among other strategic transactions. This follows the failed acquisition of the company by Kuva Labs due to financing-related issues. (Press Release)
Mobile Infrastructure (BEEP): Bombe Asset Management submitted a preliminary, non-binding indication of interest to acquire all of the issued and outstanding common stock of Mobile Infrastructure in an all-cash take-private transaction. (Letter)
TNL Mediagene (TNMG): The Board has established a special committee of independent directors to lead the company’s evaluation of potential strategic transactions and alternatives. (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
Celsius Holdings (CELH): Billionaire founder of Rockstar Energy, Russ Savage, has purchased millions of shares of Celsius and is calling for the ouster of that company’s CEO after its earnings miss this week. (CNBC)
Ethan Allen Interiors (ETD): DGB Investment nominated a slate of director candidates, including Douglas Bergeron, Anna Brockway, Kristine Miller, Steve Oblak, Lindsay O’Reilly, and Stefanie Tsen Ward, for election to the Board at the 2026 annual meeting. (13D Filing)
Shake Shack (SHAK): Starboard Value CEO Jeff Smith said his firm has built a new stake in Shake Shack, describing the burger chain as a great, undervalued brand that can grow faster by leaning into US franchising. (Bloomberg)
Voya Financial (VOYA): Hedge fund Toms Capital Investment Management is ratcheting up the pressure on asset manager Voya Financial by bringing its push for the firm to explore a sale directly to shareholders. (WSJ)
Wearable Devices (WLDS): Entered into a private placement to sell 1 million shares and warrants at a combined price of $3.285 per share and warrant, prompting J.B.D Innovation CEO Nissim Daniel to challenge the transaction in court after the company rejected his objection, with the Haifa District Court temporarily blocking the offering pending an August 16, 2026 hearing. (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
Solventum (SOLV): Solventum announced it plans to separate its Health Information Systems business within 12 to 18 months, allowing the software unit to operate independently while Solventum focuses on its MedSurg and Dental Solutions businesses. (Press Release)
Resideo (REZI): Resideo completed the tax-free spin-off of ADI Global Distribution, with shareholders receiving 1 ADI (ADIG) share for every 2 Resideo shares. The transaction strengthens Resideo’s balance sheet through $900M of Term Loan B repayments, with another $200M expected, while reducing outstanding preferred shares to 350,000. ADI began trading independently under ADIG with Robert Aarnes as CEO and Michael Carlet as CFO. (Press Release)
Siemens Energy (SMEGF): Siemens Energy will discuss a possible spin-off of its Transformation of Industry division at an extraordinary supervisory board meeting on August 25, Reuters reported. No decision is expected at the meeting, while CEO Christian Bruch confirmed discussions over the division’s future are ongoing. (Reuters)
Corteva (CTVA): Corteva announced that spin-off subsidiary Vylor has launched exchange offers for EIDP’s outstanding senior notes, allowing eligible holders to exchange them for newly issued Vylor notes as part of the planned separation. The transaction supports Corteva’s expected October 1, 2026, separation into independent Crop Protection and Seed companies, subject to customary conditions. (Press Release)
Honeywell Aerospace (HONA): Honeywell Aerospace lowered its 2026 organic sales growth forecast to 4%-5% (from 7%-9%) and reduced its earnings outlook as persistent supply-chain constraints limited production. The company said it is prioritizing OEM deliveries to Boeing and Airbus and increasing supply-chain investments, while continuing to absorb separation-related costs following its June 2026 spin-off. (Reuters)
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 Cyclical
Beazer Homes (BZH) / Dream Finders Homes (DFH) - $2.2 bn, Q4 2026 (Press Release, Merger Agreement)
Financial Services
Bowhead Specialty (BOW) / American Family Mutual Insurance - $1.2 bn, 2026 (Press Release, Merger Agreement)
Healthcare
Integer Holdings (ITGR) / KKR (KKR) - $5.7 bn, 2026 (Press Release, Merger Agreement)
Lantheus (LNTH) / Curium - $8 bn, H1 2027 (Press Release)
Supernus Pharmaceuticals (SUPN) / Indivior Pharmaceuticals Inc (INDV) - $3.38 bn, Q4 2026 (Press Release, Merger Agreement)
Industrials
Atkore (ATKR) / Prysmian - $3.8 bn, 2026 (Press Release, Merger Agreement)
Technology
DoubleVerify (DV) / Nielsen - $2.15 bn, Q4 2026 (Press Release)
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.
Amtech Systems (ASYS): Chief Executive Officer Robert C. Daigle retires effective August 13, 2026. (Filing)
authID (AUID): Chief Product Officer Erick Soto resigns effective August 5, 2026. (Filing)
Celularity (CELU): Chief Commercial Officer Rick Gonzalez terminates effective August 5, 2026. (Filing)
Certara (CERT): President and Chief Commercial Officer Leif E. Pedersen resigns effective August 1, 2026. (Filing)
Compass Minerals (CMP): Chief Operating Officer Patrick Merrin resigns effective August 3, 2026. (Filing)
Criteo S.A. (CRTO): Chief Financial Officer Sarah Glickman resigns effective August 10, 2026. (Filing)
Dave & Buster’s Entertainment (PLAY): Chief Executive Officer Tarun Lal retires effective August 3, 2026. (Filing)
Destination XL Group (DXLG): President and Chief Executive Officer Harvey S. Kanter resigns effective August 11, 2026. (Filing)
Lisata Therapeutics (LSTA): Chief Medical Officer Dr. Kristen K. Buck terminates effective August 3, 2026. (Filing)
Pacific Biosciences of California (PACB): President and Chief Executive Officer Christian Henry resigns effective August 5, 2026. (Filing)
Palmer Square Capital BDC (PSBD): Chief Compliance Officer Scott Betz resigns effective August 3, 2026. (Filing)
Salesforce (CRM): President and Chief Engineering and Customer Success Officer Srini Tallapragada resigns effective August 6, 2026. (Filing)
Steel Dynamics (STLD): President and Chief Operating Officer Barry Schneider resigns effective September 1, 2026. (Filing)
Zillow Group (Z): Chief Operating Officer Jun Choo resigns effective August 4, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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