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
111 (YI): The Board has established a special committee, comprising three independent directors, Chairman Jian Sun, Nee Chuan Teo, and Jun Luo, to consider and evaluate the non-binding offer from co-founders, as well as other potential strategic alternatives the company may pursue. (Press Release)
GoDaddy (GDDY): Gen Digital (GEN) CEO Vincent Pilette said he “can’t comment on rumors” when asked whether Gen Digital was buying GoDaddy. (LinkedIn Post)
Mattel (MAT): Approached by Authentic Brands Group for a takeover that could value the Barbie maker at around $6 billion or more. Authentic Brands was discussing a takeover offer of more than $20 per share. (Reuters)
We wrote the following about Authentic Brands in a Merger Arbitrage Mondays article in August 2025:
“Authentic will acquire 51% of Guess’ trademarks and other intellectual property, while the shareholder group—including brothers Maurice Marciano and Paul Marciano, Paul’s son Nicolai Marciano, and CEO Alberini—will retain 49%. The two Marciano brothers currently own 47% of the company, while Alberini owns a little more than 3%, giving the three of them combined control of over 50% of Guess.
Authentic Brands, led by CEO Jamie Salter, has built a portfolio of more than 50 fashion, celebrity, and media brands through acquisitions. Its past deals include Dockers from Levi Strauss & Co. (LEVI), Champion from Hanesbrands Inc. (HBI), and Reebok from Adidas AG. Salter has indicated he may take the company public in 2026.”
Rumors
Flux Power (FLUX): Solidion Technology (STI) said it intends to pursue the acquisition of Flux Power, offering an undisclosed price, which was below the company’s last closing price. Flux rejected the offer. (Press release)
Perella Weinberg Partners (PWP): Investment bank Piper Sandler (PIPR) has been in talks to combine with advisory firm Perella Weinberg Partners. (WSJ)
UBS (UBS): Several major foreign banks have expressed their interest in a possible merger or combination with Switzerland’s UBS. (Reuters, citing a Swiss newspaper, Blick)
Xeris Biopharma (XERS): H Lundbeck has expressed interest in acquiring Xeris Biopharma, a commercial-stage drugmaker. (Bloomberg)
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 Holding (BETR): Vishal Garg, founder and former chief executive officer of online mortgage firm Better Home & Finance, has received enough shareholder support to remove five board directors. Garg started a proxy challenge to gain control of the company after he was ousted as the CEO in August. (Bloomberg)
Fiserv (FISV): Activist investor Jana Partners is urging Fiserv to more than double its planned cost cuts and use software firm Palantir’s (PLTR) products to speed up its own technology transformation program. (Reuters)
H.B. Fuller (FUL): Ancora Holdings said it is now offering to pay as much as $1.4 billion in cash for H.B. Fuller’s building adhesives unit, after the chemical company’s board rejected its previous offer. (Press Release)
It was interesting to see a cluster of insider purchases at H. B. Fuller last week:
Independence Realty Trust (IRT): Irenic Capital Management expressed its opposition to the proposed acquisition of Centerspace (CSR). The activist asked IRT to look for options, including a sale. (Press Release)
MoneyHero (MNY): Jonathan Honig issued an open letter to the Board urging it to immediately explore strategic alternatives, including a potential sale of the company. (Press Release)
People Inc. (PPLI): HighSage Ventures said that it supports a potential bid by MGM Resorts (MGM) to acquire People Inc. (13D Filing)
UBS Group (UBS): The Artisan Partners Global Value Team and International Value Group said in a letter to the board that Switzerland is no longer an attractive or desirable location for UBS, and that the company should consider leaving the country. (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): Corteva completed the spin-off of its seed business as Vylor (VYLR) on October 1, distributing 1 VYLR share for every 1 CTVA share held on the September 24 record date. Most of Corteva’s apparent 84% stock drop on the spin date was simply the value moving into Vylor. CTVA closed at $12.57 and VYLR at $68.26, for a combined $80.83 versus Corteva’s $77.65 pre-spin close. Vylor had about $10 billion of 2025 revenue and $3 billion of EBITDA, versus roughly $7.5 billion and $1.4 billion for the remaining crop-protection company. (Press Release)
The spin also came with a legal overhang, as 15 states and Guam sued Corteva over alleged PFAS liability shifting, although a federal judge had declined to block the separation. (Reuters)
Modine (MOD): Modine completed the spin-off of its Performance Technologies business and combination with Gentherm (THRM) on October 1. MOD holders received 0.44619 THRM shares per MOD share held September 28, retained their MOD shares, and now own 43.62% of Gentherm. Modine received $156 million in cash to repay debt, while the transferred business was valued at about $946.4 million. Gentherm’s $2.07 special dividend goes only to existing THRM shareholders as of September 28. The remaining Modine will focus on data-center cooling, HVAC and refrigeration, plans to rename itself Modexus Solutions, and will keep the MOD ticker. (Press Release)
KBR (KBR): KBR and Trinzic will hold separate Investor Days on November 11 and November 12, 2026, respectively. Trinzic is the planned spin-off of KBR’s Mission Technology Solutions business, which serves government, defense and space customers and is expected to have more than $5 billion in revenue and about 18,000 employees. Trinzic also filed its Form 10 on September 30, with the spin-off expected on January 4, 2027. (Press Release) (Form 10)
Madison Square Garden Sports (MSGS): Madison Square Garden Sports approved the New York Rangers spin-off, with shareholders receiving 1 MSG Rangers (MSGR) share for every 2 MSGS shares held on the October 20 record date and distribution expected October 26. The remaining company will be renamed MSG Knickerbockers Corp. (MSGK) and retain the Knicks, while MSGR will own the Rangers business. (Filing)
Madison Square Garden Sports filed Amendment No. 4 to MSGS Spinco’s Form 10 on September 30, 2026. (Form 10-12B/A)
Keurig Dr Pepper (KDP): Keurig Dr Pepper appointed Russ Torres as CEO of the future Global Coffee Co. He will join KDP on November 3, 2026, lead the Coffee Operating Unit and integration with JDE Peet’s, and become CEO of Global Coffee Co. upon the planned early-2027 separation. Tim Cofer will become CEO of the remaining Beverage Co. (Press Release)
Flex (FLEX): Flex reiterated its planned tax-free spin-off of Axiom Solutions International, its cloud and power infrastructure business. Axiom has filed its Form 10, and Flex plans to seek shareholder approval for spin-off-related proposals through a Schedule 14A proxy statement. (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
Financial Services
Capital Bancorp (CBNK) / Peoples Bancorp (PEBO) - $728.10 mn, H1 2027 (Press Release, Merger Agreement)
Healthcare
Lifecore Biomedical (LFCR) / Webster Equity Partners - $663.7 mn, Q4 2026 (Press Release, Merger Agreement)
Technology
Sangoma Technologies (SANG) / BRC Group (RILY) - $204 mn, Early 2027 (Press Release, Merger Agreement)
SoundThinking (SSTI) / Transom Capital Group - $159 mn, 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.
MongoDB (MDB): President and CEO Chirantan “CJ” Desai resigned effective September 28, 2026. He left to take a senior role at Meta; former CEO Dev Ittycheria returned as interim CEO. (Filing)
We will discussing this departure in more detail in Episode 71 of The Special Situations Report podcast on Monday.
Mattel (MAT): CEO Ynon Kreiz resigned effective October 2, 2026. (Filing)
He is joining the new Skydance, created after the merger of Paramount Skydance with Warner Bros., as its CO-CEO with David Ellison.
Neurocrine Biosciences (NBIX): Chief Medical Officer Sanjay Keswani’s employment terminated effective September 25, 2026. (Filing)
Flutter Entertainment (FLUT): Chief Legal Officer Don Liu resigned effective September 30, 2026. (Filing)
StandardAero (SARO): COO Kimberly Ernzen stepped down effective September 28, 2026. (Filing)
Global-E Online (GLBE): Chief Revenue Officer Ran Fridman resigned effective October 1, 2026 to pursue another opportunity. (Filing)
Achieve Life Sciences (ACHV): CFO Mark Oki stepped down effective October 5, 2026. (Filing)
United States Antimony (UAMY): CFO Richard Isaak was terminated effective September 30, 2026. He had been on personal leave since May 4, with Shawn Winkler serving as interim CFO. (Filing)
Evotec (EVO): Chief Scientific Officer Cord Dohrmann stepped down effective September 30, 2026 by mutual consent. (Filing)
Carlsmed (CARL): CFO Leo Greenstein resigned effective September 25, 2026. (Filing)
Gain Therapeutics (GANX): Principal Financial Officer Gianluca Fuggetta resigned effective September 30, 2026. (Filing)
Jasper Therapeutics (JSPR): CFO Herb Cross resigned effective October 9, 2026. (Filing)
Surf Air Mobility (SRFM): CFO Oliver Reeves stepped down effective September 30, 2026. (Filing)
Seritage Growth Properties (SRG): COO Eric Dinenberg’s employment ended effective September 30, 2026. (Filing)
Arrive AI (ARAI): COO Mark Hamm resigned effective October 2, 2026. (Filing)
La Rosa Holdings (LRHC): CEO and Interim CFO Joseph La Rosa resigned effective October 1, 2026 for personal reasons. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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