InsideArbitrage Event Driven Monitor – October 14, 2022

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

Merger Arbitrage

  1. VAALCO Energy (EGY) completes the acquisition of TransGlobe Energy Corporation (TGA).
  2. Clayton, Dubilier & Rice and TPG complete the acquisition of Covetrus (CVET).
  3. Enerflex completes the acquisition of Exterran Corporation (EXTN).
  4. Nikola Corporation (NKLA) announced the successful completion of its exchange offer to purchase all outstanding shares of common stock of Romeo Power (RMO).
  5. Altair US, a pre-IPO angel investor in Avalara (AVLR) and one of the company’s largest shareholders, reiterated that it intends to vote against the company’s proposed sale to Vista Equity Partners.
  6. According to Bloomberg, Twitter’s (TWTR) lawyers tried again last week to learn what Elon Musk had told federal authorities who were investigating his attempt to take the social media company private.

Deals In The Works

  1. According to Bloomberg, Kroger (KR) is in talks about a tie-up with rival Albertsons (ACI) in a deal that would create a US grocery giant.
  2. China Index Holdings Limited (CIH) announced that its special committee of the board of directors has received a revised preliminary non-binding proposal letter, dated October 13, 2022, fromFang Holdings Limited.
  3. Western Asset Mortgage Capital Corporation (WMC) announced that it will release financial results for the third quarter on November 3, 2022.

Insider Purchases

  1. Wes Cummins, the Director of wireless technology company CalAmp Corp. (CAMP), purchased 110,000 shares at an average price of $3.46 totaling $380,580.
  2. A cluster of three insiders purchased shares of wood pellets manufacturer Enviva Inc. (EVA). The largest purchase was by Thomas Meth, the President of the company who purchased 5,000 shares at an average price of $50.84 totaling $254,200. The General Counsel and CEO also purchased 5,023 and 4,943 shares respectively.
  3. Les Lehner, the SVP, Chief Procurement Officer of entertainment company Dave & Buster’s Entertainment, Inc. (PLAY), purchased 12,154 shares at an average price of $32.81 totaling $398,741. Path Capital Hill also acquired 300,000 shares.
  4. Tobias Lutke, the Director of cryptocurrency brokerage Coinbase Global, Inc. (COIN), purchased 5,519 shares at an average price of $67.61 totaling $373,140.
  5. Murray Stahl, the Director of Texas based landowner Texas Pacific Land Corp (TPL), purchased 13 shares at an average price of $2,055.37 totaling $26,720.

Spinoffs

  1. Ecoark Holdings (ZEST) announced that all common and preferred stockholders of record as of the close of business on November 15, 2022, will receive on a pro-rata basis, one share of Zest Labs Inc. common stock for every one share of Ecoark share they own through a future distribution via spin-off of Ecoark’s ownership of capital stock in Zest Labs Inc.

SPACs

  1. Spring Valley Acquisition Corp. II announces pricing of $200 million IPO.
  2. TenX Keane Acquisition announces pricing of $60 million IPO.
  3. Alternus Energy Group and Clean Earth Acquisitions (CLIN) announced the execution of a definitive business combination agreement.
  4. Zoomcar and Innovative International Acquisition Corp. (IOAC) entered into a definitive merger agreement that will result in Zoomcar becoming a publicly listed company.
  5. Good Works II Acquisition Corp. (GWII) and Direct Biologics announced the signing of a definitive agreement that, will result in Direct Biologics becoming a publicly traded company.
  6. OceanTech Acquisitions I Corp. (OTEC) announced that its agreement and plan of merger with Captura Biopharma has been terminated by mutual agreement of all relevant parties.
  7. Pine Island Acquisition Corp. (PIPP) announced that it intends to dissolve and liquidate because the company will not consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation.
  8. Hunt Companies Acquisition Corp. I (HTAQ) announced that it will redeem all of its outstanding Class A ordinary shares, because the Company will not consummate an initial business combination within the time period required by its amended and restated memorandum and articles of association.

Stock Buyback Announcements

  1. Infosys Limited (INFY) announced a stock repurchase program for up to $1.13 billion of the company’s outstanding common stock representing around 1.5% of its market cap at announcement. The company reported its FQ2 earnings with 11% rise in its quarterly profit.
  2. Tricon Residential Inc. (TCN), gets TSX approval for a normal course issuer bid. Pursuant to the bid, Tricon intends to acquire up to 2,500,000 common shares representing around 1% of its market cap at announcement.

C-Suite Transitions

Appointments

  1. ​Rocky Brands (RCKY) announced that Thomas D. Robertson, has been appointed to the additional office of Chief Operating Officer and is now the company’s Chief Operating Officer, Chief Financial Officer, and Treasurer.
  2. On October 13, 2022, Berkshire Hills Bancorp (BHLB) and Berkshire Bank appointed Senior Vice President and Chief Accounting Officer Brett Brbovic, as Interim Chief Financial Officer, effective October 7, 2022.
  3. SciPlay Corporation (SCPL) announced that James Bombassei, will succeed Daniel O’Quinn as Chief Financial Officer and Secretary of the company, effective December 1, 2022.
  4. Keurig Dr Pepper (KDP) appoints Roger Johnson as the company’s Chief Supply Chain Officer.
  5. IO Biotech (IOBT) appoints Amy Sullivan as the company’s Chief Financial Officer.
  6. United Natural Foods (UNFI) announced that Erin Horvath has been appointed to the position of Chief Supply Chain Transformation Officer.

Departures

  1. On October 13, 2022, Berkshire Hills Bancorp (BHLB) and Berkshire Bank announced that Subhadeep Basu, Chief Financial Officer of the company and the Bank, has resigned effective October 7, 2022.

Disclaimer: 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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