Four companies are leaving the public market. Each one has a different reason
Roku completed its sale to FOX and delisted, Utz nears a take-private close, Marygold agreed a $2.00-a-share sale, and Sylvamo put its European business up for sale.
- Roku completed its merger with FOX on November 6, 2026, and Roku shareholders receive 0.9799 shares of FOX Class A stock and $95.30 in cash per share. Self-reported m:…5363
- Intersnack Group agreed to acquire all outstanding Class A stock of Utz Brands for $14.25 per share in cash, with closing expected in the fourth quarter of 2026. Self-reported m:…8112
- The Marygold Companies entered a definitive merger agreement to be acquired by funds managed by Madison Dearborn Partners for $2.00 per share. Self-reported m:…1811
- Sylvamo entered a put option agreement with Midas Atlantic Partners and The Najafi Companies for the sale of its European business, which reported a $284 million loss in the third quarter of 2026. Self-reported m:…5158
Roku is gone
Roku completed its merger with FOX on November 6, 2026, and the filing leaves little of the old company behind. Roku shareholders receive 0.9799 shares of FOX Class A common stock and $95.30 in cash per share of Roku stock, the company says. Roku has delisted from NASDAQ, requested that trading of its Class A stock be halted effective November 9, 2026, and changed its name to Roku, LLC as a wholly owned subsidiary of FOX. m:…5363
The governance change was total. All Roku directors resigned effective November 6, 2026, including Anthony Wood, and all executive officers ceased to be officers of the company the same day. Roku also terminated its existing credit agreement with Citibank on November 6. A merger that ends with a delisting, a new name, a departed board and a cancelled credit line is a clean break rather than a partnership, and the filing reads that way. m:…5363
The take-private queue
Utz Brands is next in line to leave. Intersnack Group entered a definitive agreement to acquire all outstanding Class A stock of Utz Brands for $14.25 per share in cash, and the acquisition is expected to close in the fourth quarter of 2026, the company says. All regulatory conditions for the acquisition have been satisfied, which leaves closing conditions as the remaining step. The company will not provide a 2026 outlook or hold a conference call for its third-quarter results because of the pending acquisition. m:…8112
The quarter Utz is leaving behind was weak. The company says it reported third-quarter net sales of $369.2 million, a 2.3% decrease on the prior year period, a net loss of $32.1 million, and adjusted EBITDA of $42.0 million, down 30.3% year over year. A buyer paying cash for a shrinking, loss-making snack business is buying the brands and the distribution rather than the quarter, and the filing gives no other explanation for the price. m:…8112
Marygold is smaller and cheaper, and its deal is already signed. The company entered a definitive merger agreement under which funds managed by Madison Dearborn Partners will acquire all outstanding shares for $2.00 per share, and it is required to pay a termination fee of $2.6 million under certain circumstances. The company reported revenue of $9.356 million for the quarter ended September 30, 2026, up 80% on the prior year quarter, with average assets under management of $5.5 billion. It also committed to a plan to dispose of its Food Products segment and agreed to sell Printstock Products Limited for a minimum of NZ$2,450,000, so the sale to Madison Dearborn comes with a slimming-down already underway. m:…1811
The shrink-from-within deal
Sylvamo is not leaving the market, but it is leaving a continent. The company entered a put option agreement with Midas Atlantic Partners and The Najafi Companies for the sale of its European business, and it intends to focus on Latin America and North America. Net sales from continuing operations were $645 million in the third quarter of 2026, the company says, with net income from continuing operations of $85 million, or $2.13 per diluted share, and adjusted EBITDA from continuing operations of $128 million. m:…5158
The European business is the reason for the exit. It reported a $284 million loss in the third quarter of 2026, primarily due to a noncash impairment charge, according to the filing. Sylvamo also declared a dividend of $0.45 per share, paid on October 16, 2026. Selling a loss-making division while paying a dividend is a statement about where management thinks the value sits, and the filing points that value at the Americas. m:…5158
The four deals share a shape even though the reasons differ. Roku was bought outright, Utz and Marygold agreed cash prices to go private, and Sylvamo is selling a division to refocus. In each case the public market is being used as an exit: for shareholders to cash out, for a buyer to take control, or for a company to shed a business it no longer wants. That is a different mood from a market that rewards staying listed and growing into the listing. m:…5363 m:…8112 m:…1811 m:…5158
What is still unresolved
- The remaining closing conditions for the Utz acquisition, and whether it closes in the fourth quarter of 2026 as expected.
- The final closing terms and regulatory approvals for Sylvamo's European business sale.
- What FOX plans to do with Roku now that it is a wholly owned subsidiary, which the filing does not say.
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