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
Brown-Forman (BF.A)(BF.B): Alexandre Ricard, Pernod Ricard’s CEO, rejected the suggestion that the company is in renewed discussions with Brown-Forman over a possible deal. (Bloomberg)
Destination XL Group (DXLG): Zodiac Partners II announced that the tender offer expired without the purchase of any shares. (Press Release)
PayPal (PYPL): A consortium of buyout firm Advent and payment processor Stripe has decided to abandon its pursuit of PayPal. (Bloomberg)
Wendy’s (WEN): Nelson Peltz’s Trian Fund Management has no plans to make a take-private bid for Wendy’s at this time. (Reuters)
Rumors
News Corp (NWSA): Rupert Murdoch’s longstanding wish to reunite his Fox Corp (FOXA) and News Corp could happen in a potential merger that would unite a TV company with a widespread news operation, cementing the family’s control over a smaller empire. (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
Better Home & Finance (BETR): The Special Committee of the Board urged shareholders to reject former CEO Vishal Garg’s campaign to seize control of the company. (Press Release)
Biomerica (BMRA): BRC Group Holdings said that Biomerica entered into an engagement letter with B. Riley Securities, an affiliate of BRC and B. Riley Principal Capital. (13D Filing)
Catalyst Bancorp (CLST): Stilwell Activist Fund served a notice of intent to nominate Mark Alcott for election as a director at the 2027 annual meeting, with Corissa Porcelli as the alternate nominee. (13D Filing)
CVRx (CVRX): Jorey Chernett urged the Board to launch an immediate and formal process to sell the company to a strategic acquirer. (Letter)
H.B. Fuller (FUL): The Board unanimously rejected Ancora’s unsolicited, non-binding proposal to acquire its Building Adhesives Solutions business. (Press Release)
JetBlue (JBLU): Two members of the board, Jesse Lynn and Steven Miller, representatives of Icahn Enterprises, will be departing the board. (Press Release)
TransAct Technologies (TACT): Charles Gillman believes the company requires an immediate and urgent review of the BOHA business, including an exploration of strategic alternatives. (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
Siemens Energy (SMEGF): Siemens Energy is preparing to separate its Transformation of Industry (ToI) division into a standalone company. It is considering external investors or a potential capital-markets transaction and plans to retain a meaningful minority stake. No timeline has been announced. (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
No new mergers were announced last week.
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.
Build-A-Bear Workshop (BBW): Chief Growth Officer terminated without cause effective August 26, 2026. (Filing)
CuriosityStream (CURI): CFO steps down effective September 1, 2026. (Filing)
D-Wave Quantum (QBTS): CFO resigns effective September 2, 2026. (Filing)
Karman (KRMN): CFO steps down effective September 14, 2026. (Filing)
Kohl’s (KSS): Chief Marketing Officer resigns effective September 9, 2026. (Filing)
McEwen Mining (MUX): COO retires effective immediately on August 24, 2026. (Filing)
Outlook Therapeutics (OTLK): CFO resigns effective September 1, 2026. (Filing)
Sun Communities (SUI): CFO steps down effective September 8, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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