The Special Situation Report #227: August 16 Roundup
Summary of the Week in Special Situations
I was traveling internationally over the weekend and the time zone difference combined with the publication of our Mid-Month Update on Saturday, threw my schedule off and this report is unfortunately delayed by a day.
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
Bristol Myers Squibb (BMY): AstraZeneca’s (AZN) chief Pascal Soriot reached out to Chris Boerner, CEO of Bristol Myers Squibb, and the two companies held talks throughout the spring and summer. (FT)
eBay (EBAY): GameStop (GME), led by Chief Executive Officer Ryan Cohen, is considering withdrawing its $56 billion bid for eBay. (Bloomberg)
Genco (GNK): Diana Shipping (DSX) announced that it has withdrawn its offer to acquire Genco. (Press Release)
PayPal (PYPL): Is in talks to sell itself to a group that includes Stripe and the private-equity firm Advent International. (WSJ)
Penske Automotive Group (PAG): The special committee of the Board has retained Moelis & Co to act as its independent financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison to act as its independent legal counsel. (Press Release)
Wendy’s (WEN): Billionaire investor Nelson Peltz is preparing a takeover offer for Wendy’s. (FT)
Rumors
ACV Auctions (ACVA): Is exploring strategic options including a potential sale after receiving takeover interest. (Bloomberg)
Ardagh Metal Packaging S.A. (AMBP): Ardagh Holdings, which owns 100% of Ardagh Group, instructed its advisers to prepare for a potential sale of Ardagh Metal Packaging, a subsidiary of Ardagh Group, to a third-party buyer. (13D Filing)
Aurora Cannabis (ACB): Curaleaf (CURLF) announced its intention to make an offer to purchase all of the issued and outstanding common shares of Aurora Cannabis for consideration consisting of subordinate voting shares of Curaleaf and cash. (Press Release)
Phillips 66 (PSX): Phillips 66 and Marathon Petroleum (MPC) held merger talks earlier this year in a deal that would have created a $180 billion oil-and-gas giant. (Semafor)
Rocky Mountain Chocolate Factory (RMCF): Interim CEO Al Harper, during a meeting with employees and franchisees, outlined the company’s strategic outlook, including that the Board may be evaluating a potential sale as part of its ongoing review of strategic alternatives. (Press Release)
TherapeuticsMD (TXMD): Is evaluating a variety of strategic alternatives that may include an acquisition, merger, other business combination, sale of assets, or other strategic transactions involving the company. (Press Release)
Workday (WDAY): Private equity firm Silver Lake is in talks to acquire Workday. (Reuters)
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
H.B. Fuller (FUL): Ancora Holdings is pursuing an acquisition of H.B. Fuller’s building adhesives unit for up to $1.2 billion. (Bloomberg)
H.B. Fuller (FUL): Engine Capital believes that Ancora’s proposal is a positive development, and the Board should engage with it seriously. (Press Release)
InMode (INMD): Haifa District Court in Israel denied Steel Partners’ request for temporary injunctive relief in its entirety in favor of InMode and awarded the company and its directors certain costs incurred in the preparation of their response. (Press Release)
Lionsgate (LION): Activist investor Anson Funds is pushing movie studio Lionsgate to redefine itself for “the AI era” or put itself up for sale. (Semafor)
Sphere 3D (ANY): The board has approved the adoption of a limited-duration shareholder rights plan. (Press Release)
UMH Properties (UMH): Erez Asset Management is pushing UMH Properties to explore a sale, ramping up the activist’s campaign against the real estate investment trust. (Bloomberg)
Wearable Devices (WLDS): J.B.D Innovation announced that on August 7, it entered into a Cooperation Agreement with Wearable Devices to resolve the matters raised in CEO Nissim Daniel’s demand letter requesting that the company convene a special general meeting of shareholders and the legal proceedings commenced by the investor regarding the private placement. (13D Filing)
Zevia PBC (ZVIA): Kanen Wealth Management urged the Board to immediately initiate a formal review of strategic alternatives, including a sale of the company. (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
Madison Square Garden Sports (MSGS): Filed Form 10 for the planned spin-off of its sports businesses into MSG Rangers, which will be listed on the NYSE. (Filing)
Corteva (CTVA): Filed the first amendment to Vylor’s Form 10 registration statement for the planned spin-off of Corteva’s seed business into an independent public company. (Filing)
ABVC BioPharma (ABVC): BioKey spin-off distribution postponed from August 3 to August 21, 2026. The July 24 record date and 0.169464 BioKey shares per ABVC share distribution ratio remain unchanged. The ex-dividend date will be revised. (Filing)
Barrick Mining (B): Faces shareholder opposition to its planned IPO of a minority stake in its North American gold assets, which could dilute existing shareholders’ exposure by up to 15%. (Bloomberg)
Barrick Mining settled its dispute with Newmont for $1.95 billion, clearing the way for Barrick’s planned IPO of its North American gold assets. (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
Harte Hanks (HHS) / Star Equity Holdings (STRR) - $68.2 mn, 60 to 90 days (Press Release)
Consumer Cyclical
MarineMax (HZO) / Safe Harbor Marinas - $1.5 bn, End of 2026 (Press Release, Merger Agreement)
Financial Services
Accelerant (ARX) / Thoma Bravo - $4 bn, H1 2027 (Press Release, Merger Agreement)
Healthcare
Varex Imaging (VREX) / Teledyne Technologies (TDY) - $1.1 bn, Early 2027 (Press Release, Merger Agreement)
Industrials
Bowman Consulting Group (BWMN) / Bernhard Capital Partners - $1 bn, Q1 2027 (Press Release, Merger Agreement)
Real Estate
Cherry Hill Mortgage Investment (CHMI) / TPG Mortgage Investment Trust (MITT) - $1.69 bn, Q4 2026 (Press Release, Merger Agreement)
Utilities
ReNew Energy (RNW) / CPP Investments and CEO Sumant Sinha - $10.2 bn, Q1 2027 (Scheme of Arrangement)
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.
Aura Biosciences (AURA): Chief Financial and Business Officer Anthony Gibney resigned effective September 1, 2026. (Filing)
B&G Foods (BGS): President and CEO Kenneth C. Keller retired effective August 7, 2026. (Filing)
Carriage Services (CSV): Chief Information Officer Rob Franch resigned effective August 13, 2026. (Filing)
Centuri (CTRI): Chief Financial Officer Gregory A. Izenstark and Chief Legal & Administrative Officer Jason S. Wilcock resigned effective August 12, 2026. (Filing)
CVRx (CVRX): Chief Revenue Officer Robert John resigned effective August 11, 2026. (Filing)
Lincoln National (LNC): Chief Financial Officer Christopher Neczypor resigned effective August 6, 2026. (Filing)
PowerFleet (AIOT): Chief Financial Officer David Wilson was terminated effective August 10, 2026. (Filing)
Sight Sciences (SGHT): Chief Legal Officer Jeremy Hayden resigned effective August 10, 2026. (Filing)
Wheels Up Experience (UP): Chief Sales Officer Mark Briffa resigned effective September 1, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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