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): The Board concluded a comprehensive review of strategic opportunities and decided not to sell the company. (Press Release)
Aurora Cannabis (ACB): Filed an application with the Alberta Securities Commission (ASC) for an order requiring Curaleaf (CURLF) to address several deficiencies Aurora has identified in its hostile bid Circular and to require Curaleaf to comply with securities law requirements. (Press Release)
BARK (BARK): GNK Holdings announced that it is evaluating a potential cash tender offer to acquire shares of BARK common stock at a price of $11 per share in cash. (Press Release)
MGM Resorts International (MGM): People Incorporated (PPLI) announced it has withdrawn its proposal to purchase all public shares of MGM Resorts. (Press Release)
Rumors
Adagio Medical (ADGM): The Board has initiated a formal process to explore strategic alternatives focused on maximizing shareholder value. (Press Release)
GoDaddy (GDDY): Gen Digital (GEN), the maker of Norton 360 antivirus software, has made a takeover offer for web domain provider GoDaddy. (FT)
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
Cheetah Net Supply Chain Service (CTNT): Natasha Ovsepyan, Managing Member of Takeover Time 2026, said she is deeply dissatisfied with the company’s recent actions and the substantial dilution imposed on existing shareholders. (13D Filing)
Devon Energy (DVN): Activist hedge fund Toms Capital Management sent a letter earlier this month to Devon Energy urging the Houston-based oil and gas company to review strategic alternatives, including a sale. (CNBC)
Knife River (KNF): Activist investor Starboard Value has taken a significant stake in construction company Knife River, with plans to push the company to improve its margins or explore a sale. (WSJ)
Six Flags Entertainment (FUN): Activist hedge fund Jana Partners is urging theme-park operator Six Flags to explore a sale. (WSJ)
Vertical Aerospace (EVTL): Mudrick Capital Management said it intends to exercise its rights to remove two directors nominated by MCM (JK Brown and Carsten Stendevad) and to nominate five additional directors. (13D Filing)
Voya Financial (VOYA): Lost its bid to block activist investor Toms Capital Investment Management from conducting a non-binding shareholder referendum on the performance of the retirement manager’s executives and directors. (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
Corteva (CTVA): Vylor filed its final information statement for the October 1 spin-off from Corteva, confirming a 1-for-1 share distribution before 9:30 a.m. ET. The transaction is intended to be tax-free, and Vylor is expected to begin NYSE trading under VYLR the same day. (Information Statement)
Corteva said the SEC declared Vylor’s Form 10 effective, clearing a key step toward the October 1 spin-off. (Filing)
Medtronic (MDT): Medtronic updated the MiniMed exchange-offer website, showing an indicative exchange ratio of 4.5939 MiniMed shares per Medtronic share, with the exchange offer’s upper limit currently in effect. The exchange offer remains scheduled to expire on October 9, 2026. (Filing)
Medtronic filed an investor presentation related to the MiniMed split-off, providing additional business, pipeline, and financial information on MiniMed. (Investor Presentation)
Madison Square Garden Sports (MSGS): MSGS SpinCo filed Amendment No. 3 to its Form 10 for the planned Madison Square Garden Sports spin-off. The company will be renamed MSG Rangers Corp. before distribution and plans to list its Class A shares on the NYSE. (Form 10-12B/A)
Toro (TORO): Toro set October 1 as the record date for the spin-off of its LPG carrier business, AI OKTO, with distribution expected around October 8. Shareholders will receive 1 AI OKTO share for every 8 Toro shares held. (Filing)
KBR (KBR): KBR appointed Michael LaRouche as CEO-Designate of Trinzic, its planned Mission Technology Solutions spin-off, expected to launch on January 4, 2027. Trinzic will have more than $5 billion in revenue and about 18,000 employees. Gabe Butler will join as VP-Designate of Investor Relations ahead of Trinzic’s inaugural Investor Day on November 12. (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
Basic Materials
Vista Gold (VGZ) / Artemis Gold (ARGTF) - $427 mn, Q1 2027 (Press Release, Merger Agreement)
Financials
Marygold (MGLD) / Madison Dearborn Partners - $80.78 mn, H1 2027 (Press Release)
Technology
Priority Technology (PRTH) / CEO Thomas Priore - $1.6 bn, H1 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.
Angi (ANGI): Chief Executive Officer Jeffrey Kip resigns effective September 24, 2026. (Filing)
Beacon Financial (BBT): President and Chief Executive Officer Paul A. Perrault retires effective September 21, 2026. (Filing)
BitGo (BTGO): Chief Operating Officer Jody Mettler resigns effective October 16, 2026. (Filing)
CNX Resources (CNX): Chief Financial Officer Everett W. Good resigns effective October 2, 2026. (Filing)
CoreCivic (CXW): President and Chief Executive Officer Patrick D. Swindle resigns effective September 24, 2026, due to health reasons. (Filing)
Fiserv (FISV): Chief Administrative Officer and Chief Legal Officer Adam L. Rosman resigns effective September 30, 2026. (Filing)
Houlihan Lokey (HLI): General Counsel Christopher M. Crain transitions effective September 16, 2026. (Filing)
MasterBrand (MBC): Chief Digital and Technology Officer Navi Grewal resigns effective October 15, 2026. (Filing)
Nutanix (NTNX): President and Chief Commercial Officer Tarkan Maner resigns effective October 2, 2026. (Filing)
Pedevco (PED): President and Chief Executive Officer Douglas Schick transitions effective September 21, 2026. (Filing)
Turning Point Brands (TPB): President and Chief Executive Officer Graham Purdy resigns effective September 30, 2026, for personal reasons. (Filing)
United Parks & Resorts (PRKS): Chief Commercial Officer Christopher Finazzo resigns effective September 25, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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