InsideArbitrage Event Driven Monitor – October 11, 2022

Quick updates on the event-driven strategies we follow on InsideArbitrage.

Merger Arbitrage

  1. Pzena Investment Management (PZN) announced that it has received all regulatory approvals required under the merger agreement to complete the proposed transaction. The transaction is expected to close in the fourth quarter of 2022.

Deals In The Works

  1. According to WSJ, Bio-Rad Laboratories (BIO) is in talks to combine with fellow life-sciences company Qiagen (QGEN) in a deal that would be worth more than $10 billion.
  2. According to Bloomberg, Exxon Mobil (XOM) is considering a takeover of Denbury (DEN).
  3. Flexsteel Industries (FLXS), announced that it will issue its first quarter 2023 financial results after market close on October 24, 2022.

Insider Purchases

EDGAR was on holiday on Monday and hence no Form 4s were filed. We will be back to regular programming tomorrow.

SPACs

  1.  XBP Europe the European business of Exela Technologies (XELA) and CF Acquisition Corp. VIII (CFFE) announced that they have entered into a definitive merger agreement.
  2. Dragonfly Energy Corp., (DFLI) completed its business combination with Chardan NexTech Acquisition 2 Corp.
  3. Turmeric Acquisition Corp. (TMPM) announced that it will redeem all of its outstanding Class A ordinary shares effective as of the close of business on October 20, 2022, because the company will not consummate an initial business combination.

Spinoffs

  1. XPO Logistics (XPO) approved the previously announced separation of its tech-enabled brokered transportation platform through the distribution of all of the outstanding shares of common stock of its wholly owned subsidiary, RXO

Stock Buyback Announcements

  1. Medical Properties Trust (MPW) announces authorization of $500 million stock repurchase program representing around 8% of its market cap at announcement.

C-Suite Transitions

Appointments

  1. Sarcos Technology and Robotics Corporation (STRC​appoints Drew Hamer as Chief Financial Officer
  2. XPO Logistics (XPO) announced the appointment of Carl Anderson as Chief financial officer, effective November 8, 2022.
  3. SunPower (SPWR) announced Eileen Evans as its new Chief Legal Officer.
  4. Light & Wonder (LNW) names Matt Wilson as President and Chief Executive Officer, effective immediately.
  5. eHealth (EHTH) announced the appointment of Jana Brown as SVP, Chief People Officer.
  6. Passage Bio (PASG)  announced the appointment of William Chou, M.D. as CEO, effective immediately
  7. Five9 (FIVN) Mike Burkland, long-time Chairman and former CEO of Five9, has been appointed to the CEO position, effective on November 28, 2022.
  8. Xerox Holdings Corporation (XRX) announced it has appointed Fred Beljaars as Executive Vice President and Chief Delivery and Supply Chain Officer.
  9. Dycom Industries, (DY) announced the appointment of Jason T. Lawson as Vice President and Chief Human Resources Officer.

Departures

  1. Passage Bio (PASG) Edgar B. (Chip) Cale will resign his position as the company’s interim CEO and will continue in his role as general counsel and corporate secretary.
  2. Five9 (FIVN), announced that Chief Executive Officer Rowan Trollope has resigned.

Disclaimer: I have a long position in Pfizer (PFE). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

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