InsideArbitrage Event Driven Monitor – October 13, 2022

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

Merger Arbitrage

  1. The acquisition of KnowBe4 (KNBE) by Vista Equity Partners for $4.6 billion or $24.90 per share in cash.
  2. Grindrod Shipping Holdings (GRIN) to be acquired by Taylor Maritime Investments Limited and Good Falkirk Limited for $506 million. Under the terms of the agreement, shareholders of Grindrod Shipping Holdings will receive $26.00 per share, comprising the offer price of $21.00 in cash and a special dividend of $5.00.
  3. TransGlobe Energy Corporation (TGAreceived final approval from the Court of King’s Bench of Alberta for the previously announced plan of arrangement.
  4. Rentokil Initial completes the acquisition of Terminix Global Holding (TMX).
  5. According to Reuters, Microsoft (MSFT) said Britain’s competition regulator had relied on objections from its rival Sony in referring its Activision Blizzard (ATVI) deal to an in-depth inquiry, in particular “misplaced” concerns about ‘Call of Duty’.
  6. Brookline Bancorp (BRKL) and PCSB Financial Corporation (PCSB) announced that the deadline for stockholders of PCSB to elect the form of consideration that they wish to receive in PCSB’s pending merger with Brookline has been extended to November 15, 2022.

Deals In The Works

  1. Grindrod Shipping Holdings (GRIN) announces agreement with Taylor Maritime Investments
  2. Aurora Innovation (AUR) announced it will release third quarter 2022 results on November 2, 2022.
  3. Atlas Corp. (ATCO) plans to release its financial results for the quarter ended on November 1, 2022.

Insider Purchases

  1. Akiva Katz, the Director of multifamily REIT Veris Residential (VRE), purchased 725,000 shares at an average price of $11.34 totaling $8.22 million. These shares were purchased indirectly through Bow Street. The CEO Mahbod Nia also purchased 865,530 shares at an average price of $11.51 totaling $995,911.
  2. Jeffrey Ubben, the Director of wood pellets production company Enviva Inc. (EVA), purchased 200,000 shares at an average price of $50.69 totaling $10.14 million. These shares were purchased indirectly through Inclusive Capital Partners.
  3. Jay Farner, the Chief Executive Officer of mortgage originator Rocket Companies, Inc. (RKT), purchased 89,700 shares at an average price of $6.71 totaling $602,163. A Director also purchased 9,600 shares at an average price of $6.71 totaling $64,406.
  4. Jeffrey Gould, the CEO of multifamily REIT BRT Apartments (BRT), purchased 28,043 shares at an average price of $19.07 totaling $534,718.
  5. William C. Warden, the furniture company Bassett Furniture Industries, Inc. (BSET), purchased 5,000 shares at an average price of $17.97 totaling $89,860.
  6. Jeffrey E. Eberwein, the CEO of staffing firm Hudson Global, Inc. (HSON), purchased 1,500 shares at an average price of $33.88 totaling $50,825.
  7. Matthew I. Hirsch, the Director of manufactured home communities operator UMH Properties, Inc. (UMH), purchased 3,207 shares at an average price of $15.57 totaling $49,933.
  8. Bradford A. Phillips, the Director of diversified real estate company American Realty Investors, Inc, (ARL), purchased 2,375 shares at an average price of $15.10 totaling $35,871.

Spinoffs

  1. The LGL Group (LGL) announces completion of the Spin-Off of M-tron Industries (MPTI).

SPACs

  1.  Lefteris Acquisition Corporation (LFTR), announced that it intends to dissolve and liquidate due to its anticipated inability to consummate an initial business combination.

Stock Buyback Announcements

  1. Orchid Island Capital (ORC), announced that the Board approved an increase of 4.3 million shares to its previously announced stock repurchase program, bringing the total remaining authorization to approximately 5.0 million shares. The Board also declared a monthly cash dividend of $0.16 per share for the month of October 2022.
  2. Fastenal Company (FAST) purchased 2 million shares of its common stock at an average price of $47.68 per share in the third quarter of 2022. The Board also declared a dividend of $0.31 per share to be paid in cash on November 23, 2022.

C-Suite Transitions

Appointments

  1. ​Quest Resource Holding (QRHC), a Nevada corporation, appointed Brett Johnston as the new Senior Vice President and Chief Financial Officer, effective November 1, 2022.
  2. Squarespace (SQSP), appointed Nathan Gooden as the company’s Chief Financial Officer and Treasurer, effective October 18, 2022.
  3. Tripadvisor (TRIP) appointed Mike Noonan as Chief Financial Officer and Senior Vice President, effective October 31, 2022.
  4. Skillsoft (SKIL) appointed Richard Walker, Skillsoft’s current Chief Corporate Strategy and Development Officer, as Chief Financial Officer, effective October 28, 2022.
  5. ON24 (ONTF) appointed Callan Young as its next Chief Marketing Officer
  6. Domo (DOMO) announced that Monica Pool Knox will join the company as Chief People Officer
  7. CSW Industrials (CSWI) announced that Danielle R. Garde joined the executive leadership team as Senior Vice President and Chief People Officer.
  8. Vaxcyte (PCVX) announced the appointment of Mark Wiggins as Chief Business Officer and Jakub Simon as Chief Medical Officer.

Departures

  1. Generac Holdings (GNRC) – Thomas F. Pettit, Chief Operations Officer resigns effective November 1, 2022
  2. Tripadvisor (TRIP) announced that Ernst Teunissen will retire from his role as Chief Financial Officer
  3. Skillsoft Corp. (SKIL) announced that Gary Ferrera, Skillsoft’s current Chief Financial Officer resigns

Disclaimer: I have a long position in Activision Blizzard, Inc. (ATVI) and Rocket Companies, Inc. (RKT). 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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