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
Dine Brands (DIN): The Board reviewed the offer from Arkhouse Management and Cobblers Cove Capital and determined that it was inadequate and substantially undervalued the company. On October 29, the company informed Arkhouse and Cobblers about the rejection of the proposal. (Press Release)
Wendy’s (WEN): Rejected the non-binding proposal from Trian Partners offering $7.35 per share in cash. It also adopted a poison pill. Wendy’s is issuing one right for each share as of November 16, 2026. The rights will be triggered if a person or group acquires 15% or more of Wendy’s outstanding stock. The Rights Plan is effective immediately and has a one-year duration, expiring on November 3, 2027. Morgan Stanley and Goldman Sachs are acting as financial advisors to the independent committee, and Simpson Thacher & Bartlett is acting as legal counsel. Kirkland & Ellis is serving as legal advisor to the company. (Press Release)
Rumors
EVgo (EVGO): Received an unsolicited and non-binding proposal from LS Power Equity Advisors and certain of its affiliates to acquire all of the outstanding shares of EVgo’s Class A common stock for cash consideration of $2 per share. LS Power currently holds roughly 56% of the combined voting power of EVgo’s outstanding common stock. (Press Release)
Extreme Networks (EXTR): Is exploring a sale after attracting inbound acquisition interest. Potential strategic buyers for Extreme Networks could include cybersecurity provider Fortinet (FTNT), networking giant Cisco Systems (CSCO) and data infrastructure provider NetApp (NTAP), among others. The company is working with an investment bank on a sale process following the approach. (Reuters)
Helen of Troy (HELE): Empower Brands, the Home & Personal Care business jointly owned by Spectrum Brands (SPB) and Oaktree Capital funds, announced it has submitted a non-binding proposal to the Board of Helen of Troy to acquire it in an all-cash transaction for $37 per share, at an implied enterprise value of roughly $1.60 billion. An affiliate of Empower Brands currently owns approximately 4.50% of the company’s outstanding shares. The company rejected this offer. Empower Brands made several attempts to engage privately with Helen of Troy’s Board regarding a potential transaction. Empower Brands submitted an initial proposal for $34 per share in August, and subsequently increased its proposed acquisition price to $37 per share in October. (Press Release)
Rhythm Pharmaceuticals (RYTM): AstraZeneca (AZN) recently made a roughly $10 billion offer to buy Rhythm Pharmaceuticals. The U.K. pharmaceutical giant offered to pay $124 a share for the biotech last month. AstraZeneca expressed interest in Rhythm previously. (WSJ)
Unity Software (U): Held recent talks to be acquired by a consortium of investors including private equity firm Silver Lake Partners and Saudi Arabia’s sovereign wealth fund PIF. Silver Lake, which owns about 8% of Unity, and PIF approached the company in recent weeks. Unity has been working with an investment bank to evaluate its options following the approach. (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.