InsideArbitrage Event Driven Monitor – October 19, 2022
Quick updates on the event-driven strategies we follow on InsideArbitrage.
- AVEO Oncology (AVEO) to be acquired by LG Chem for $440.99 million or $15.00 per share in cash.
- Akouos (AKUS) to be acquired by Eli Lilly and Company (LLY) for $248.84 million. Under the terms of the agreement, Lilly will acquire Akouos for a purchase price of $12.50 per share in cash plus one non-tradeable contingent value right per share (“CVR”) that entitles the holder to receive up to an additional $3.00 in cash, for a total consideration of up to $15.50 per share in cash without interest.
- Semtech Corporation (SMTC) and Sierra Wireless (SWIR) announced that each company has received a request for additional information and documentary material from the U.S. Department of Justice in connection with Semtech’s previously announced acquisition of Sierra Wireless.
- According to Reuters, a U.S. Senate antitrust panel is expected to announce as soon as Tuesday a hearing on the merger of grocery giants Kroger (KR) and Albertsons (ACI), signaling growing scrutiny of the deal.
- Shareholders of Zymergen (ZY) approved the company’s merger with Ginkgo Bioworks (DNA) at a special meeting of shareholders.
- Shareholders of iRobot Corporation (IRBT) approved the company’s merger with Amazon (AMZN) at a special meeting of shareholders.
- ChemoCentryx (CCXI) shareholders approved Amgen’s (AMGN) $3.7B acquisition of the company.
- Shareholders of Micro Focus International (MFGP) approved the terms of the recommended all-cash offer by OpenText (OTEX).
- Thoma Bravo completes the acquisition of Ping Identity (PING).
Deals In The Works
- Sierra Metals Inc. (SMTS) announced that a special committee comprised of its independent directors has initiated a process to evaluate and consider the company’s current financial and liquidity position, operational challenges and possible financing and restructuring alternatives
- Buyout firms CDH Investments and PAG are considering bids for US-listed Chinese data center company Vnet Group (VNET).
- Tony Wehner, the SVP and Chief Operating Officer of entertainment company Dave & Buster’s Entertainment (PLAY), purchased 14,823 shares at an average price of $33.86 totaling $501,913.
- Jeremy Andrus, the Chief Executive Officer of wood pellet grills manufacturer Traeger, Inc. (COOK), purchased 148,878 shares at an average price of $2.90 totaling $431,151.
- Stephen L. Eastman, the Director of industrial products company FASTENAL CO (FAST), purchased 1,000 shares at an average price of $43.88 totaling $43,885. Another Director also purchased 500 shares at an average price of $44.89 totaling $22,445.
- Beat Kahli, the Director of automotive and consumer electronics company VOXX International Corp (VOXX), purchased 25,000 shares at an average price of $6.84 totaling $171,000. The CEO also purchased 8,234 shares at an average price of $6.25 totaling $51,463.
- Murray Stahl, the Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 17 shares at an average price of $2,052.68 totaling $34,896.
- Darryl Schmidt, the Executive Vice President of regional bank Bancfirst Corp. (BANF), purchased 397 shares at an average price of $91.67 totaling $36,393.
- Joe Wolk, Chief Financial Officer of Johnson & Johnson (JNJ), mentioned plans to “rightsize” the firm during the Q3 2022 earnings call ahead of the anticipated split of its consumer health segment as a public company called Kenvue in 2023.
- Parsec Capital Acquisitions Corp. (PCX) announced the execution of an agreement and plan of merger with Enteractive Media Inc.
- ION Acquisition Corp. 3 Ltd (IACC) filed a proxy statement to seek shareholder approval to liquidate early.
Stock Buyback Announcements
- Lockheed Martin (LMT) announced an additional $14 billion share repurchase, representing around 12% of its market cap at announcement. It also increased the quarterly dividend by 7% to $3.00 per share.
- Navigator Holdings Ltd. (NVGS) launches $50M stock buyback representing around 5% of its market cap at announcement.
- Amalgamated Financial (AMAL) – Jason Darby, Chief Financial Officer of the company, began serving as Chief Accounting Officer on an interim basis.
- Purple Innovation (PRPL) – Keira Krausz signed an offer letter to become the Chief Marketing Officer of the company, effective November 1, 2022.
- SomaLogic (SLGC) announced the appointment of Troy Cox, as Executive Chair of the Board.
- Charah Solutions (CHRA) appointed Jonathan Batarseh, as Chief Financial Officer and Treasurer.
- FIS (FIS) announced the appointment of Stephanie L. Ferris as President and Chief Executive Officer.
- Gaming and Leisure Properties (GLPI) promoted Brandon Moore, its current Executive Vice President, and General Counsel, to Chief Operating Officer and Desiree Burke as Chief Financial Officer.
- Coherent (COHR) announced that Dr. Julie Sheridan has been appointed as Chief Technology Officer.
- SHF Holdings (SHFS) – Chris Fameree notified the company of his intent to voluntarily resign from his position as Chief Financial Officer.
- Faraday Future Intelligent Electric (FFIE) – Interim Chief Financial Officer Becky Roof, resigned from the company
- XPEL (XPEL) – Brooks Meltzer, Vice President, General Counsel and Corporate Secretary, has separated from the company.
- Leafly Holdings (LFLY) – Samuel Martin resigns from his position as Chief Operating Officer.
- Papa John’s International (PZZA) – Marvin Boakye, the Chief People and Diversity Officer notified the company of his intention to resign from his position, effective November 4, 2022.
- Amalgamated Financial (AMAL) – Frank DeMaria notified his decision to resign from his position as the Chief Accounting Officer.
- Peloton (PTON) – Chief People Officer Shari Eaton is leaving the company
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