Asymmetric ideas (Merger Arb, Spin Offs, Turnarounds, Activist, Tender/Repuchase, Special Div, etc)

[mt04]

NDLS Noodles & Company announced a review of strategic alternatives in September 2025; entered into retention bonus agreements in November 2025 that incentivize management to conclude a transaction that results in a change of control (e.g. take-private). They will report financials on Friday, July 24, and there could be an update regarding the strategic alternatives.

[ratiman]

On May 26, Utz announced this: 

 

On May 26, 2026, Mitchell Arends, the EVP, Chief Integrated Supply Chain Officer and principal operating officer of Utz Brands, Inc. tendered his resignation to assume a role at another publicly traded company. 

Following the resignation, Howard Friedman, the Company’s Chief Executive Officer, will assume the additional role of principal operating officer of the Company. Additionally, Mr. Friedman and other members of the Company’s Executive Leadership Team will take responsibility for the Company’s Integrated Supply Chain functions.

About two months later, Utz was acquired for a 100% premium. I wonder if senior exec resigning and not being replaced is a good predictor of an upcoming acquisition. 

[hasilp89]

22 hours ago, Marco Van Basten said:

There is a document posted on the cpac website, interesting exchange between Peru sec and the company re takeover.  Given 5.1 bm sols ev, and debt levels coming down, value could be north of usd 13 per adr.  Using 8.8x ebitda and 655mm forecast for 2026, can get to sixteen per adr.  Time will tell

yep that math checks out.