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
Anghami (ANGH): OSN proposed to acquire the company for $3.75 per share in cash, up from its earlier offer of $3.39 per share. (13D Filing)
Aurora (ACB): Curaleaf (CURLF) announced that it has filed an application with the Alberta Securities Commission (ASC) to remedy abuse by Aurora of its at-the-market share issuance program by ceasing the issuance of Aurora’s shares under the program while Curaleaf’s offer to acquire all of the company’s shares remains outstanding, and providing other remedies. (Press Release)
GFL Environmental (GFL): KKR (KKR), Energy Capital Partners, and Blackstone (BX) are bidding together while Brookfield Asset Management (BAM) and IFM Investors have teamed on a rival bid for the waste manager. (Bloomberg)
InMode (INMD): The unsolicited, non-binding acquisition proposal submitted by M.N. Business Strategy expired on September 15. (Press Release)
SkyAI (SKYA): Forward Industries (FWDI) announced that it has delivered a new proposal under which SkyAI stockholders would receive cash and/or shares of Forward common stock, at each holder’s election. (Press Release)
Rumors
111 (YI): The Board has received an unsolicited preliminary non-binding proposal letter, jointly submitted by co-founder Gang Yu, co-founder and CEO Junling Liu, and Huadeng Tech BioArray Ventures, proposing to acquire all of the outstanding Class A ordinary shares of the company, including Class A Shares represented by American depositary shares (ADSs), at a proposed purchase price of $0.226 per Class A Share or $4.52 per ADS in cash. (Press Release)
HighPeak Energy (HPK): Is exploring a sale after receiving acquisition interest, as the U.S. oil and gas exploration and production company focused on the Permian Basin weighs its options. (Reuters)
Waystar (WAY): Is exploring options including a potential sale that could return it to private hands two years after a stock market listing in New York. (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
Atlanta Braves Holdings (BATRK) (BATRA): Breach Inlet Capital Management issued a letter to its Board urging the company to pursue a sale process. (Press Release)
Cooper Cos. (COO): Activist hedge fund Jana Partners wants contact-lens maker Cooper to replace its chief executive and weigh selling its core businesses. (WSJ)
Redwood Trust (RWT): Bradley Radoff urged them to hire a qualified investment banker and commence a sale process. (Press Release)
Sturm Ruger (RGR): The applicable regulatory conditions under its Strategic Cooperation Agreement with Beretta have been satisfied. (Press Release)
Vail Resorts (MTN): Oasis Management delivered a notice of its intention to nominate Robert Chapek, Ashton Hudson, Bryce Roberts, and Picabo Street for election to the Board at the 2026 annual meeting. (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
Corteva (CTVA): Corteva’s board approved the separation of its Seed business into Vylor Inc. (VYLR). CTVA shareholders of record September 24, 2026 will receive 1 VYLR share for every 1 CTVA share held. Distribution is expected October 1, 2026, with regular-way VYLR trading beginning the same day. When-issued trading is expected September 25-30. (Press Release)
Medtronic (MDT): Medtronic has launched an exchange offer to complete the separation of MiniMed, its former diabetes business. MiniMed already went public in March, but Medtronic still owns about 90% of the company. Under the offer, Medtronic shareholders can voluntarily exchange their MDT shares for MiniMed shares at a 7% discount, subject to a maximum exchange ratio of 4.5939 MiniMed shares for each MDT share. The offer is expected to expire on October 9. (Press Release)
Medtronic updated its MiniMed separation website with details of the ongoing exchange offer, under which Medtronic shareholders can exchange their MDT shares for up to 225,361,295 MiniMed shares as part of the planned separation. (Filing)
We covered this split-off in more detail in our September Mid-Month Update here.
Flex (FLEX): Flex named its planned Cloud and Power Infrastructure spin-off Axiom Solutions International (AXM) and filed a preliminary Form 10. The Q1 2027 separation remains subject to required approvals. Revathi Advaithi is expected to become Axiom CEO, Michael Hartung will become Flex CEO, and Amy B. Schwetz is expected to become Flex CFO post-separation. (Press Release)
Modine (MOD): Modine set September 28, 2026, as the record date for the spin-off of its Performance Technologies business, with shareholders receiving 1 SpinCo share for each MOD share held. SpinCo will then merge with Gentherm (THRM), with former Modine shareholders expected to own 43.6% and existing Gentherm shareholders 56.4% of the combined company. (Filing)
Madison Square Garden Sports (MSGS): Madison Square Garden Sports filed an updated Form 10 with additional information regarding the planned spin-off of its Rangers business into a separate publicly traded company. (Form 10-12B/A)
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
Financial Services
The Baldwin Group (BWIN) / Sequence Holdings and DFO Management - $7.70 bn, Q1 2027 (Press Release, Merger Agreement)
Industrials
Mistras Group (MG) / H.I.G. Capital - $866 mn, Early 2027 (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.
Farmers National Banc Corp. (FMNB): COO Myke Matuszak terminated effective October 15, 2026. (Filing)
Fluence Energy (FLNC): Chief Product Officer Peter Williams terminated effective September 11, 2026. (Filing)
Franklin BSP Realty Trust (FBRT): CEO Michael Comparato resigned effective September 15, 2026. (Filing)
Gold.com (GOLD): CFO Cary Dickson resigns effective September 18, 2026. (Filing)
Ocean Power Technologies (OPTT): CEO Philipp Stratmann resigned effective September 14, 2026. (Filing)
Saratoga Investment (SAR): CFO, Chief Compliance Officer Henri J. Steenkamp resigns effective October 31, 2026. (Filing)
Seer (SEER): CFO David Horn resigns effective October 1, 2026. (Filing)
Smith Micro Software (SMSI): CEO Timothy C. Huffmyer resigns effective September 17, 2026. (Filing)
Texas Capital Bancshares (TCBI): Chief Risk Officer David Oman departed effective September 16, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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