New On The Block
The M&A rumor mill is churning, and some big names are on the menu. Let's start with the pantry: J.M. Smucker (SJM), the folks behind your peanut butter and jelly, have hired Goldman Sachs to conduct a strategic review of their portfolio. According to sources who spoke to Axios Pro, activist investor Elliott Investment Management has been turning up the heat, and Smucker is reportedly considering options that could include selling off Hostess—yes, the Twinkie maker. Because nothing says "activist pressure" like potentially pawning off the cream-filled spongecakes.
Over in the hotel world, American Hotel Income Properties REIT LP (AHIP) is also kicking the tires on strategic alternatives to maximize unitholder value. They've hired Robert W. Baird & Co. as their financial advisor. No timeline, no guarantees—just the usual "we're exploring options" dance.
FG Nexus (FGNX) formed a special committee of its board to evaluate strategic alternatives, with an independent financial advisor on board. The goal: enhance long-term stockholder value and further the company's strategic objectives. Because nothing says "we're serious" like a special committee.
Meanwhile, Southeastern Asset Management, which owns more than 4% of Mattel Inc (MAT), sent an open letter urging the toymaker to explore strategic alternatives—including a sale to a private equity firm, a merger with another toy company, or a deal with a major media company. Southeastern thinks Mattel's shares are worth close to $30 and wants the board and CEO Ynon Kreiz to actively pursue opportunities to maximize shareholder value. Because Barbie can only do so much alone.
Artificial intelligence data center company Hyperscale Data (GPUS) announced that its management team is evaluating a broad range of strategic alternatives—share repurchases, tender offers, structured capital return programs, strategic partnerships, financings, acquisitions, divestitures, joint ventures, or other transactions. Basically, everything but the kitchen sink. The company emphasized that all options remain on the table.
Clarus Corp (CLAR) hired Jefferies LLC to assist in evaluating its strategic alternatives, which could include the sale of all or part of the business. Because sometimes you need a banker to tell you what you're worth.
Park-Ohio Holdings Corp. (PKOH) announced it hired an investment banking firm to review strategic alternatives for its Southwest Steel Processing business, including a potential sale. "This review reflects our continued focus on aligning capital and resources toward higher-growth, higher-margin opportunities across our portfolio," a press release stated. Translation: we're trimming the fat.
Retail activist investment firm Randian Capital, a shareholder of Snap Inc. (SNAP), sent an open letter calling for the company to consider strategic alternatives, including a sale. "We believe a larger advertising, technology, or social media platform may be better positioned to realize Snap's full potential. The board should evaluate whether this is an attractive avenue to maximize shareholder value," Randian Capital wrote. Because sometimes the best filter is a buyout.
Updates From The Block
Now for the deals that are actually happening. GameStop Corp. (GME) submitted a non-binding proposal to acquire 100% of eBay Inc. (EBAY) at $125 per share in cash and stock, with third-party acquisition financing from GameStop and TD Securities for up to $20 billion. The transaction is valued at approximately $55 billion. eBay confirmed it received the proposal and will review it. Because nothing says "meme stock redemption arc" like buying a marketplace.
Long Lake Management bought the parent of American Express Global Business Travel (GBTG) for $9.50 a share, in a transaction valued at approximately $6.3 billion in cash. Investors in Long Lake include General Catalyst, Alpha Wave, D1 Capital, and Elad Gil. The deal is expected to close in the second half of 2026, after which Amex GBT's stock will no longer be publicly listed. So long, shareholders.
PlayMetrics has taken over youth-sports app SportsEngine from Versant Media Group (the owner of Golf Channel and E!), Bloomberg reported. Terms weren't disclosed, but it was previously reported that Versant had been exploring a sale valuing the company at $400 to $500 million. Because youth sports are big business.
Meta Platforms Inc (META) has bought Assured Robot Intelligence, a startup that specializes in AI for humanoid robots. Financial terms were not disclosed, but this merger marks a "significant" investment in futuristic robots—a key area of growth for Meta. Because Mark Zuckerberg wants his own robot army.
Hubbell has agreed to acquire NSI Industries, a company that provides electrical fittings, connectors, components, and wire-management products, in a transaction valued at $3 billion, The Wall Street Journal reported. Because even boring stuff can be worth billions.
International pharmaceutical company Angelini Pharma agreed to acquire all outstanding shares of Catalyst Pharmaceuticals Inc. (CPRX) for $31.50 per share in cash, for a total equity value of approximately $4.1 billion. The transaction has been unanimously approved by both boards and is expected to close in the third quarter of 2026. Angelini plans to integrate Catalyst's portfolio with its own brain health expertise to develop a next-generation therapeutic platform in rare diseases. Because rare diseases need big pharma love.
Western Midstream Partners, LP (WES) acquired all of the outstanding equity interests of Brazos Delaware II, LLC in a transaction valued at approximately $1.6 billion. Western Midstream will pay about $800 million in cash and issue about $800 million in common units. The deal is expected to close late in the second quarter of 2026.
Bayer AG (BAYRY) has purchased Perfuse Therapeutics, a biopharmaceutical company, for approximately $2.45 billion. The acquisition completes Bayer's pharmaceutical pipeline and strategically fits with its footprint and expertise in ophthalmology, the company wrote in a press release. Because eyes are the window to the soul—and profits.
Ametek Inc. (AME) has agreed to purchase a portfolio of instrumentation businesses from Indicor for approximately $5 billion in cash. Indicor Instrumentation creates high-performance solutions for complex industrial and scientific uses. The transaction is expected to close in the second half of 2026.
Cross Country Healthcare, Inc. (CCRN), a technology-driven healthcare workforce solutions company, has agreed to be acquired by Knox Lane, a growth-oriented investment firm, for $13.25 per share in an all-cash transaction valued at $437 million. The deal is expected to close in the third quarter of 2026, after which Cross Country Healthcare will cease trading on the Nasdaq. But the brand lives on.
