InsideArbitrage Event Driven Monitor – October 20, 2022

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

Merger Arbitrage

  1. The merger of HV Bancorp (HVBC) with Citizens Financial Services (CZFS) for $67.4 million in a cash or stock deal. Under the terms of the Agreement, the shareholders of HVBC will have the right to elect to receive for each share of HVBC common stock either $30.50 in cash or 0.400 shares of CZFS common stock.
  2. The merger of Ayala Pharmaceuticals (AYLA) and Advaxis (ADXS) in an all stock deal. Under the terms of the agreement, each share of Ayala shall be automatically converted into the right to receive 0.1874 shares of Advaxis.
  3. Spirit Airlines (SAVE) announced that its stockholders approved the merger agreement with JetBlue Airways Corporation (JBLU).
  4. Sen. Elizabeth Warren called for the Federal Trade Commission to block Kroger’s (KR) planned acquisition of rival supermarket chain Albertsons (ACI).
  5. Berkshire Hathaway (BRK.A) has completed the acquisition of Alleghany Corporation (Y).
  6. Ginkgo Bioworks (DNA) has completed the acquisition of Zymergen (ZY).
  7. Turquoise Hill Resources (TRQ) announced that proxy advisor Glass Lewis has recommended that the company’s shareholders vote “FOR” the previously announced proposed plan of arrangement.
  8. Shell USA (SHEL) completed the acquisition of Shell Midstream Partners (SHLX).
  9. Vista Equity Partners completed the acquisition of Avalara (AVLR).
  10. Atlas Air Worldwide Holdings (AAWW) announced that the special meeting of stockholders will be on November 29, 2022.

Deals In The Works

  1. Bloomberg reported that SurveyMonkey owner Momentive Global (MNTV) is weighing a sale after getting takeover interest.

Insider Purchases

  1. Jay Farner, the Chief Executive Officer of mortgage originator Rocket Companies, Inc. (RKT), purchased 86,800 shares at an average price of $6.90 totaling $599,272. A Director also  purchased 9,300 shares at an average price of $6.90 totaling $64,170.
  2. David V. Goeddel, the Director of biotech NGM Biopharmaceuticals (NGM), purchased 130,000 shares at an average price of $3.56 totaling $462,396.
  3. Beat Kahli, the Director of automotive and electronics company VOXX International Corp (VOXX), purchased 25,000 shares at an average price of $7.24 totaling $181,000.

SPACs

  1. Evo Acquisition Corp. (EVOJ) announced the execution of a definitive business combination agreement with 20Cube Logistics Pte. Ltd.
  2. Super Apps Holdings Sdn Bhd, a Malaysian private limited company and Technology & Telecommunication Acquisition Corporation (TETE) entered into a definitive agreement and plan of merger for a business combination.

Stock Buyback Announcements

  1. Cullman Bancorp (CULL) adopted a stock repurchase program to repurchase up to 550,000 shares of its common stock, representing around 7.4% of its market cap at announcement.

C-Suite Transitions

Appointments

  1. Baker Hughes Company (BKR) announced that effective November 2, 2022, Nancy Buese has been appointed Chief Financial Officer.
  2. Green Giant (GGE) appointed Sheng Liu as the Chief Operating Officer.
  3. PPG Industries (PPG) elected Timothy M. Knavish as President and Chief Executive Officer and Michael H. McGarry as Executive Chairman, both effective January 1, 2023.
  4. Texas Capital Bancshares (TCBI) appointed John Cummings, to serve as Chief Administrative Officer.
  5. MidWestOne Financial Group (MOFG), announced that it has appointed Charles N. Reeves to serve as the Chief Executive Officer effective November 1, 2022.
  6. Chegg (CHGG) promoted Nathan Schultz to Chief Operating Officer.
  7. Lithia & Driveway (LAD) announced that Gary Glandon has been named Senior Vice President and Chief People Officer.
  8. Urban Edge (UE) appointed Jeffrey Mooallem as Chief Operating Officer, effective January 9, 2023.
  9. Fidelity National Information Services (FIS) Stephanie Ferris will assume the role of President and Chief Executive Officer, effective January 1, 2023.
  10. Gaming and Leisure Properties (GLPI), promoted Brandon Moore, General Counsel to serve as the company’s Chief Operating Officer and also promoted Desiree Burke as the company’s Chief Financial Officer.

Departures

  1. MidWestOne Financial Group (MOFG), announced that Funk will step down as Chief Executive Officer, effective November 1, 2022.
  2. Urban Edge (UE) – Chris Weilminster will be departing the company effective November 18, 2022.
  3. Fidelity National Information Services (FIS) announced that Gary A. Norcross will step down from his position as Chief Executive Officer, effective December 31, 2022, and assume a new role as Executive Chairman of the Company’s Board of Directors on January 1, 2023.
  4. MAA (MAA) announced the planned retirement of Thomas L. Grimes, Jr., Executive VP and Chief Operating Officer, effective December 31, 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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