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
Digital Brands (DBGI): The Board, in close consultation with Roth Capital Partners, is carefully evaluating the $77.58 per share cash proposal from a shareholder to determine the course of action that best serves the interests of the company and its shareholders. (Press Release)
Kinetik Holdings (KNTK): In the early stages of exploring options, including a sale. (Bloomberg)
SPS Commerce (SPSC): Private equity firm GTCR is in talks to acquire supply-chain software maker SPS Commerce. (Bloomberg)oint is in talks to acquire cybersecurity company Varonis Systems. (Bloomberg)
Rumors
There were no new rumors last week.
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
Bath & Body Works (BBWI): Barington Capital Group has taken a stake in Bath & Body Works and is recommending the personal-care and fragrance store chain explore a sale. (Bloomberg)
Braemar Hotels & Resorts (BHR): Al Shams indicated its intention to nominate five directors to the Board of Braemar. (Press Release)
Ethan Allen Interiors (ETD): DGB Investments founder Douglas Bergeron is forging ahead with his activist campaign at furniture maker and retailer Ethan Allen Interiors, launching his own search for a new chief executive officer and adding further pressure on the company. (Press Release)
Novartis (NVS): David Samra, managing director at Artisan Partners and founding partner of International Value Group, has called for a shake-up of the Swiss drugmaker’s board to improve corporate governance after its shares suffered a record fall this week following back-to-back trial setbacks. (Reuters)
Xerox (XRX): Starteepo, led by investor Frantisek Bostl, is pushing the company to take action to unlock shareholder value and is asking for a strategic review of its financial services business, Xerox Financial Services. (Bloomberg)
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 (MOD): Modine announces plans to become Modexus Solutions following the spin-off of its Performance Technologies business and merger with Gentherm, expected to close on October 1, 2026. The company will continue trading on NYSE under the MOD ticker. (Filing)
Toro (TORO): Toro announces plans to spin off its LPG carrier business into AI OKTO CORP., which is expected to become an independent publicly traded company on Nasdaq Capital Market. AI OKTO will initially own two LPG carriers, LPG Dream Arrax and LPG Dream Vermax, and receive $45 million in cash from Toro. Toro CEO Petros Panagiotidis will serve as Chairman and CEO of AI OKTO. The spin-off is subject to SEC registration effectiveness and Nasdaq listing approval. (Press Release)
Genuine Parts (GPC): Genuine Parts appointed Court Carruthers as CEO-Elect, effective September 8, 2026. He will become CEO when the planned separation of the Global Automotive and Global Industrial businesses closes. (Filing)
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
ACV Auctions (ACVA) / Copart (CPRT) - $1.9 bn, 2026 (Press Release, Merger Agreement)
Financial Services
Eagle Financial Services (EFSI) / John Marshall Bancorp (JMSB) - $253 mn, Q1 2027 (Press Release, Merger Agreement)
Real Estate
Centerspace (CSR) / Independence Realty Trust (IRT) - $2.14 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.
AptarGroup (ATR): Chief Accounting Officer Aditya J. Gandhi resigns effective September 11, 2026. (Filing)
Flux Power (FLUX): Chief Operating Officer Jeff Mason resigns effective September 25, 2026. (Filing)
Fly-E Group (FLYE): Chief Executive Officer Lisa Fan resigns effective September 11, 2026. (Filing)
Tredegar (TG): General Counsel Kevin C. Donnelly resigns effective October 1, 2026. (Filing)
Genpact (G): Chief Financial Officer Michael Weiner resigns effective September 8, 2026. (Filing)
Lyft (LYFT): Chief Financial Officer Erin Brewer retires effective September 28, 2026. Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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