InsideArbitrage Event Driven Monitor – October 24, 2022

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

Merger Arbitrage

  1. Myovant Sciences (MYOV) to be acquired by Sumitovant Biopharma for $2.9 billion or $27.00 per share in cash.
  2. Applied Genetic Technologies Corporation (AGTC) to be acquired by Syncona Limited for $23.5 million. Under the terms of the agreement, shareholders of Applied Genetic Technologies Corporation will receive $0.34 per share in cash at the closing of the transaction plus potential future aggregate cash payments of up to $50.0 million (up to $0.73 per share) pursuant to contingent value rights (CVRs).
  3. Callodine has completed the acquisition of Manning & Napier (MN).
  4. Reuters reported that thousands of unionized retail workers from the U.S. Mid-Atlantic to the West Coast are lobbying regulators and lawmakers as part of a broader effort to nix the merger between supermarket operators Kroger (KR) and Albertsons (ACI).
  5. Sprague Resources (SRLP) announced that it anticipates that the merger with Hartree Partners will close on or about November 1, 2022.
  6. CyberOptics Corporation (CYBE) announced that the special meeting of stockholders will be on November 2, 2022.

Deal in the Works

  1. Veris Residential (VRE) confirmed receipt of unsolicited proposals from Kushner Companies to externally manage or acquire the company for $16.00 per share.

Insider Purchases

  1. Jeffrey Ubben, the Director of wood pellet manufacturer Enviva (EVA), purchased 25,000 shares at an average price of $50.24 totaling $1,256,125.
  2. Jay Farner, the Chief Executive Officer of mortgage originator Rocket Companies (RKT), purchased 62,500 shares at an average price of $6.39 totaling $399,40. Matthew Rizik, a Director of the company also purchased 6,800 shares at an average price of $6.39 totaling $43,453.
  3. Michael John Tomsicek, the Director of Biotechnology company Milestone Pharmaceuticals (MIST), purchased 15,000 shares at an average price of $5.32 totaling $79,800. Three other Directors also purchased 39,000 shares collectively.
  4. Beat Kahli, the Director of automotive and consumer Electronics company VOXX International (VOXX), purchased 25,000 shares at an average price of $7.52 totaling $188,000.
  5. Murray Stahl, the Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 13 shares at an average price of $2,091.05 totaling $27,184.

SPACs

  1. Quality Gold and Tastemaker Acquisition Corp. (TMKR) entered into a definitive agreement for a business combination that will result in Quality Gold becoming a public company.

Stock Buyback Announcements

  1. Sierra Bancorp (BSRR) approved a new share repurchase program authorizing the company to repurchase up to 630,000 shares of its outstanding common stock. This represents around 4.2% of its market cap at announcement.
  2. L3Harris Technologies (LHX) approved an additional $3 billion share repurchase authorization, bringing the total current authorization to $4.5 billion. This additional repurchase represents around 6.4% of its market cap at announcement.
  3. Hubbell Incorporated (HUBB) declared a 7% increase in its common stock dividend rate and approved a new $300 million share repurchase authorization representing around 2.6% of its market cap at announcement.
  4. Global Indemnity Group, LLC (GBLI) approved a new share repurchase authorization of up to $32 million, representing around 11% of its market cap at announcement.
  5. Value Line (VALU) approved renewal of the share repurchase program, of up to an aggregate amount of $3 million. The new repurchase program which replaces the May 2022 program represents 0.5% of its market cap at announcement.

C-Suite Transitions

Appointments

  1.  Ivanhoe Electric (IE) – Taylor Melvin appointed as President and Chief Executive Officer, effective November 21, 2022.
  2.  W. P. Carey (WPC) Brian Zander was appointed as Chief Accounting Officer, effective November 5, 2022
  3. Brinker International (EAT) – Aaron White appointed as Executive Vice President and Chief People Officer
  4. United Security Bancshares (UBFO)  has appointed David A. Kinross as Senior Vice President and Chief Financial Officer of the company and the Bank, commencing November 1, 2022.
  5. Central Pacific Financial (CPF) announced the appointment of Arnold Martines to Chief Executive Officer effective January 1, 2023.
  6. Guidewire (GWRE) announced the appointment of David Laker as Chief Sales Officer.
  7. EVgo (EVGO) announced the hiring of Tanvi Chaturvedi as Chief Revenue Officer.
  8. SHF Holdings (SHFS) announced the appointment of James Dennedy as Chief Financial Officer.
  9. Velo3D (VLD) announced it has appointed Jessie Lockhart as Chief People Officer.
  10. Mullen Automotive (MULN) announces the hiring of John Schwegman as its chief commercial officer.

Departures

  1. Ivanhoe Electric (IE)  announced that Robert Friedland will step down as Chief Executive Officer of the company effective November 21, 2022.
  2. Oceaneering International (OII) – David K. Lawrence announced his intention to retire as Senior Vice President, General Counsel, and Secretary.
  3. W. P. Carey (WPC) announced Arjun Mahalingam, will be resigning from his position as Chief Accounting Officer of the company as of November 4, 2022.
  4. Aurinia Pharmaceuticals (AUPH) announced that its Chief Medical Officer, Neil Solomons, and Executive Vice President, Research, Robert Huizinga, will resign from their positions effective October 31, 2022.
  5. Select Energy Services (WTTR) entered into a Transition and Separation Agreement and General Release of Claims with Adam R. Law, the Senior Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer of the company.

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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