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
Aurora (ACB): Curaleaf (CURLF) increased its offer for Aurora, under which shareholders would receive total implied consideration of $5 per Aurora share, comprising 0.4013 Curaleaf Shares plus $1 cash. This will extend the tender offer expiry from December 1, 2026, to December 4, 2026. In August, Curaleaf had offered $4 per share, comprised of 0.3463 shares plus $0.75 cash, which Aurora had rejected. (Press Release)
CCC Intelligent Solutions (CCC): GTCR and Elliott Investment Management are in advanced talks to acquire car-insurance software provider CCC Intelligent Solutions. A deal could be announced as soon as next week. The company had started exploring a sale in July. (Bloomberg)
Mattel (MAT): New Zealand’s billionaire Nick Mowbray could launch a rival bid for Mattel. Mowbray has enlisted Australian bankers to support his efforts. He owns consumer products manufacturer Zuru, known for products such as Robo Fish and Bunch O Balloons. Last week, Authentic Brands had approached the company first with a takeover offer. (The Australian)
Pilgrim’s Pride (PPC): Formed a special committee to evaluate the unsolicited proposal received from JBS (JBS) to acquire the company. The special committee has selected Ropes & Gray as legal counsel and Moelis & Co as financial advisor to assist the special committee. In August, JBS offered a fixed exchange ratio of 2.086 JBS Class A common shares for each Pilgrim’s Pride share, pricing it at roughly $28.49 per share. (Press Release)
Rumors
Caribou Biosciences (CRBU): Exploring strategic alternatives and plans to stop further development of its two CAR-T cell therapy programs, vispa-cel and CB-011. As a result, Caribou will reduce its workforce and cut costs. Caribou’s Board approved initiating a process to evaluate strategic alternatives, including a merger, acquisition, business combination, or other strategic transactions involving Caribou and/or its assets. Wedbush Securities has been engaged as the financial advisor to assist in the process. (Press Release)
Chipotle Mexican Grill (CMG): Starbucks (SBUX) has explored a takeover of Chipotle. Starbucks has worked with advisers in recent months on a takeover proposal for Chipotle. The status of Starbucks’ takeover plans and whether the company has submitted any formal offer to Chipotle could not be determined. A deal of this size might never get off the ground, and a tie-up could never materialise given the complexity of combining two consumer giants. (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
Braemar Hotels & Resorts (BHR): Al Shams entered into a Cooperation and Settlement Agreement with the company, Ashford Hospitality Trust, and Ashford Inc. Al Shams has withdrawn the nomination notice and will have the opportunity to consult with the company’s search firm regarding candidates for one additional director seat. The Board retains sole discretion over the selection. Braemar has agreed to pay Al Shams $25 million plus expenses. (13D Filing)
Evogene (EVGN): Entered into a cooperation agreement with L.I.A. Pure Capital and Invest Pro Shukai Hon to resolve all outstanding differences between the parties. Under the terms of the agreement, two current directors, Yael Margolin and Yoshinori Oikawa, who resigned from the Board, will be replaced by Pure Capital Group nominees Adi Zuluf-Shani and Oz Adler. (Press Release)
Mattel (MAT): Ariel Investments, which has a 5.4% stake in Mattel, is calling for the toymaker to explore strategic alternatives, as the company deals with a sliding stock and now a chief executive transition. This comes after Roger Lynch took over as CEO, and Authentic Brands approached the company with a takeover offer. Southeastern Asset Management, with a 4% stake in the company, had also pushed for a sale in May. (WSJ)
Snap (SNAP): Blue Duck Capital urged the Board to raise dedicated external capital for Specs asset from venture investors or a strategic partner without diluting shareholders. Blue Duck believes that doing so would unlock a potential re-rating that could more than double Snap’s share price to $12-14. Blue Duck argues that Snap’s costly Specs investment is obscuring the profitability and value of its core advertising and subscription business. Bringing in outside capital for Specs could fund its development, establish a standalone valuation for the asset, and potentially unlock a higher sum-of-the-parts valuation for Snap. (Press Release)
UBS (UBS): CEO Sergio Ermotti said, “We believe being based in Switzerland is for the good of the Swiss economy,” when asked about activist calls to leave Switzerland. Artisan Partners had said in a letter to the board that Switzerland was no longer an attractive or desirable location for UBS. (CNBC Interview)
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
Toro Corp. (TORO): Toro completed the spin-off of its LPG carrier business into AI OKTO CORP. (AIOK), transferring two vessels, Dream Arrax and Dream Vermax, along with $45 million in cash. Toro shareholders received one AIOK share for every eight TORO shares held as of the October 1 record date, and AIOK began trading on Nasdaq on October 9.
Toro retains its refined petroleum products tanker business and an interest in AIOK through 5 million Series A convertible preferred shares with an aggregate stated value of $25 million. Toro CEO Petros Panagiotidis also serves as Chairman and CEO of AIOK. (Press Release)
Medtronic (MDT): Medtronic set the final exchange ratio for the MiniMed split-off at 4.5939 MMED shares for each MDT share accepted, the maximum permitted under the offer. Medtronic is offering 225.36 million MiniMed shares, representing about 80.1% of MiniMed’s outstanding shares, and if the offer is oversubscribed, it intends to exchange its remaining 27.45 million shares, potentially disposing of its entire 252.81 million-share MiniMed stake.
At the final ratio, Medtronic could accept approximately 49.06 million MDT shares, or up to 55.03 million MDT shares if it uses the additional MiniMed shares. The exchange offer expired on October 9, 2026, with final tender and proration results still pending. (Press Release)
Flex (FLEX): Flex announced a $2 billion convertible preferred investment in its planned spin-off, Axiom Solutions International, led by General Catalyst and Koch Equity Development, giving the business an initial $37.5 billion enterprise valuation. Axiom will house Flex’s cloud and power infrastructure business, including the planned acquisition of EPC Power, with a focus on AI and data centers. The tax-free spin-off remains targeted for Q1 2027, with Axiom expected to list on Nasdaq under AXM. Flex may retain up to 19.9% of Axiom. (Filing)
Axiom 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
Healthcare
Option Care Health (OPCH) / CD&R and McKesson (MCK) - $5.8 bn, H1 2027 (Press Release, Merger Agreement)
Pacira BioSciences (PCRX) / Viatris (VTRS) - $1.65 bn, 2026 (Press Release, Merger Agreement)
Industrial
RXO (RXO) / C.H. Robinson Worldwide (CHRW) - $5.8 bn, H1 2027 (Press Release, Merger Agreement)
Technology
PTC (PTC) / Schneider Electric - $23.70 bn, Q3 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.
Avient (AVNT): Chief Executive Officer Ashish K. Khandpur resigns effective October 7, 2026. (Filing)
Abits Group (ABTS): Chief Executive Officer Conglin Deng is terminated effective October 6, 2026. (Filing)
Fresenius Medical Care AG (FMS): Chief Executive Officer Helen Giza resigns effective October 12, 2026. (Filing)
Mynd.ai (MYND): Chief Executive Officer and Chief Financial Officer Arthur Giterman resigns effective October 11, 2026. (Filing)
Quantum (QMCO): Chief Financial Officer William H. White is terminated effective October 9, 2026. (Filing)
Standard Motor Products (SMP): Chief Financial Officer Nathan R. Iles resigns effective October 30, 2026. (Filing)
Leaving to become CFO of another public company and to relocate closer to his family. Former SMP CFO James J. Burke returns as interim CFO.
RB Global (RBA): Chief Financial Officer Eric J. Guerin resigns effective October 6, 2026, and Chief Operating Officer Steve Lewis resigns effective October 9, 2026. (Filing)
Their exits were announced as part of a broader organizational restructuring for RB Global’s “next phase of growth.”
Luda Technology Group (LUD): Chief Financial Officer Yung Chi Man resigns effective October 5, 2026. (Filing)
Ocean Power Technologies (OPTT): Chief Financial Officer Robert Powers resigns effective September 30, 2026. (Filing)
Clean Energy Fuels (CLNE): Chief Financial Officer Robert M. Vreeland resigns effective October 6, 2026. (Filing)
Insmed (INSM): Chief Financial Officer Sara Bonstein resigns effective October 30, 2026. (Filing)
She said she wants to pursue a broader leadership role after nearly seven years as CFO.
Neighborhood Intelligence (NXH): Chief Financial Officer Brian LaRose resigns effective October 5, 2026. (Filing)
HubSpot (HUBS): Chief Legal Officer Erika Fisher resigns effective November 6, 2026. (Filing)
Gartner (IT): Chief Legal Officer Thomas Kim resigns effective October 16, 2026. (Filing)
The Kraft Heinz Company (KHC): Global General Counsel and Corporate Affairs Officer Angel S. Willis resigns effective October 20, 2026. (Filing)
Avery Dennison (AVY): Chief Legal Officer Ignacio J. Walker resigns effective October 16, 2026. (Filing)
Skyworks Solutions (SWKS): General Counsel Robert Terry is terminated effective October 5, 2026. (Filing)
HealthEquity (HQY): Chief Commercial Officer Michael Fiore is terminated effective October 5, 2026. (Filing)
Vontier (VNT): Chief Transformation and Operations Officer Kathryn Rowen resigns effective October 16, 2026. (Filing)
lululemon athletica (LULU): Chief Supply Chain Officer Ted Dagnese and Chief Brand and Product Activation Officer Nikki Neuburger resign effective November 6, 2026. (Filing)
Both are leaving to pursue other opportunities; for employment-agreement purposes, lululemon treats the departures as terminations without cause as part of a broader leadership restructuring.
Portillo’s (PTLO): Chief People Officer Jill Waite is terminated effective November 1, 2026. (Filing)
BARK (BARK): Principal Accounting Officer Brian Dostie resigns effective October 9, 2026. (Filing)
Alkami Technology (ALKT): Chief Accounting Officer Prerna Sachdeva resigns effective November 2, 2026. (Filing)
Omnicom Group (OMC): Chief Accounting Officer Andrew Castellaneta resigns effective October 1, 2026. (Filing)
Box (BOX): Chief Accounting Officer Eli Berkovitch resigns effective October 23, 2026. (Filing)
Our C-Suite Transitions tool includes over 10,000 management changes including appointments, departures and sudden departures.
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