InsideArbitrage Event Driven Monitor – October 18, 2022

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

Merger Arbitrage

1. Continental Resources (CLR) to be acquired by Omega Acquisition, an entity that is owned by Continental’s founder, Harold G. Hamm for $4.3 billion. Omega Acquisition will purchase any and all of the outstanding shares of Continental’s common stock at $74.28 per share, other than (i) shares of common stock owned directly or indirectly by Mr. Hamm and the Hamm family and (ii) shares of common stock underlying unvested equity awards issued pursuant to Continental’s long-term incentive plans (the “Rollover Shares”). The offer price includes $0.28 in lieu of Continental’s anticipated dividend for the third quarter of 2022.
2. Archaea Energy (LFG) to be acquired by BP p.l.c. (BP) for $4.1 billion or $26 per share in cash.
3. STORE Capital Corporation (STOR) announced the expiration of the “go-shop” period set forth in the previously announced definitive merger agreement with GIC and Oak Street.
4. Standard General responded to the repeated ad hominem attacks made by opponents of its proposed acquisition of TEGNA (TGNA) at the U.S. Federal Communications Commission), raising concerns with certain opposing parties’ conduct in the proceeding.
5. Nikola Corporation (NKLA) has completed the acquisition of Romeo Power (RMO).
6. Shareholders of Ping Identity Holding (PING) approved the company’s merger with Thoma Bravo at a special meeting of shareholders.
7. According to Reuters, Canada’s Competition Tribunal has scheduled in late October a mediation between Rogers Communications (RCI), Shaw Communications (SJR) and the agency for the merger of the telecom firms.
8. Euronav NV (EURN) sold the ULCC (Ultra Large Crude Carrier) Europe. The vessel is debt free and the sale will generate a capital gain of USD 34.7 million.

Deals In The Works

1. Continental Resources (CLR) announced that it has entered into an Agreement and Plan of Merger with Omega Acquisition, Inc., an Oklahoma corporation, an entity that is owned by Continental’s founder, Harold G. Hamm.
2. Activist investor Starboard Value LP has a sizable stake in Splunk (SPLK) and plans to push the software maker to take action to boost its stock price, according to people familiar with the matter.

Insider Purchases

1. Wes Cummins, the Director of wireless technology company CalAmp Corp. (CAMP), purchased 234,300 shares at an average price of $3.49 totaling $817,157. The President & CEO also purchased 2,000 shares at an average price of $3.36 totaling $6,719.
2. Philip A. Schlom, the SVP, Chief Financial Officer of metal fabrication company AZZ INC (AZZ), purchased 3,000 shares at an average price of $34.99 totaling $104,970. The COO and the President also purchased 3,000 and 2,000 shares respectively.
3. John C. Bumgarner, the Director of wood pellets manufacturer Enviva Inc. (EVA), purchased 3,288 shares at an average price of $49.50 totaling $162,756.
4. Beat Kahli, the Director of automotive and consumer electronics company VOXX International Corp (VOXX), purchased 16,161 shares at an average price of $6.95 totaling $112,319.
5. Bradley T. Wiemann, the Exec Vice President of electronic components company Daktronics (DAKT), purchased 25,000 shares at an average price of $2.79 totaling $69,645.
6. Snehal Patel, the CEO and CFO of biotech Greenwich LifeSciences, Inc. (GLSI), purchased 3,000 shares at an average price of $9.75 totaling $29,250.

Spinoffs

1. On October 31, the day before it spins off its RXO brokerage business, XPO is scheduled to present its earnings report.

SPACs

1. flyExclusive, a provider of premium private jet charter experiences, and EG Acquisition Corp. (EGGF) entered into a definitive business combination agreement.
2. DLTx ASA and Blockchain Moon Acquisition Corp. (BMAQ) entered into a business combination agreement.
3. Benessere (BENE) announced that its merger target eCombustible has terminated the pair’s combination agreement.
4. Oculis, SA., a biopharmaceutical company, and European Biotech Acquisition Corp (EBAC) announced they have entered into a definitive business combination agreement.
5. Sanaby Health Acquisition Corp. I (SANB) announced that due to its inability to consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation, as amended) the company intends to dissolve and liquidate.
6. PWP Forward Acquisition Corp. I (FRW) filed a proxy statement to seek shareholder approval to liquidate early.

Stock Buyback Announcements

1. BCB Bancorp, Inc. (BCBP) amended its current stock repurchase program to increase the number of shares to be repurchased from 82,350 to 500,000 shares. This represents around 2.5% of its market cap at announcement.

C-Suite Transitions

Appointments

1. MSA Safety (MSA), Lee McChesney was appointed Senior Vice President and Chief Financial Officer of the company.
2. El Pollo Loco Holdings (LOCO) appointed Maria Hollandsworth as Senior Vice President, Chief Operating Officer of the company, effective as of October 31, 2022.
3. AbbVie (ABBV) announced that Perry C. Siatis, who currently serves as Senior Vice President and Deputy General Counsel, will assume the role of Executive Vice President, General Counsel and Secretary
4. Stewart Information Services Corporation (STC) Elizabeth Giddens will succeed Killea as Chief Legal Officer.
5. Exelon (EXC) announced that it has promoted Calvin G. Butler Jr. to President and Chief Operating Officer and Jeanne Jones to executive vice president and Chief Financial Officer.
6. Airgain (AIRG) appointed Michael Elbaz as the company’s Chief Financial Officer and Secretary effective October 17, 2022.
7.  Ollie’s Bargain Outlet Holdings (OLLI) announced the appointment of Robert F. Helm as Senior Vice President and Chief Financial Officer of the Company.
8. AlerisLife (ALR) has appointed Philip Benjamson as Senior Vice President and Chief Operating Officer of the Company, effective October 17, 2022.
9. Green Dot Corporation (GDOT) appoints George Gresham as Chief Executive Officer and President
10. Splunk (SPLK),  announced Sharyl Givens has been appointed as the company’s Chief People Officer.

Departures

1. Stewart Information Services Corporation (STC) announced the planned retirement of John Killea, Chief Legal Officer and Chief Compliance Officer, effective early next year.
2. Tiptree (TIPT) Sandra Bell will be retiring as Chief Financial Officer, effective March 31, 2023.
3. AbbVie (ABBV) announced that Laura J. Schumacher, vice chairman of external affairs and Chief Legal Officer, will retire from the company.
4. Hanover Bancorp (HNVR) announced that Brian K. Finneran, who currently serves as the President , will retire effective February 15, 2023.
5. Pardes Biosciences (PRDS) Philippe Tinmouth, the Chief Business and Strategy Officer provided notice of his resignation from the company effective November 30, 2022.
6. Turning Point Brands (TPB) Yavor Efremov has resigned as Chief Executive Officer and President.
7. Nordstrom, (JWN)  Anne Bramman Chief Financial Officer has informed the company of her intention to step down from her role effective December 2, 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.