Quick updates on the event-driven strategies we follow on InsideArbitrage.
- Myovant Sciences (MYOV) to be acquired by Sumitovant Biopharma for $2.9 billion or $27.00 per share in cash.
- 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).
- Callodine has completed the acquisition of Manning & Napier (MN).
- 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).
- Sprague Resources (SRLP) announced that it anticipates that the merger with Hartree Partners will close on or about November 1, 2022.
- CyberOptics Corporation (CYBE) announced that the special meeting of stockholders will be on November 2, 2022.
- Veris Residential (VRE) confirmed receipt of unsolicited proposals from Kushner Companies to externally manage or acquire the company for $16.00 per share.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Ivanhoe Electric (IE) – Taylor Melvin appointed as President and Chief Executive Officer, effective November 21, 2022.
- W. P. Carey (WPC) Brian Zander was appointed as Chief Accounting Officer, effective November 5, 2022
- Brinker International (EAT) – Aaron White appointed as Executive Vice President and Chief People Officer
- 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.
- Central Pacific Financial (CPF) announced the appointment of Arnold Martines to Chief Executive Officer effective January 1, 2023.
- Guidewire (GWRE) announced the appointment of David Laker as Chief Sales Officer.
- EVgo (EVGO) announced the hiring of Tanvi Chaturvedi as Chief Revenue Officer.
- SHF Holdings (SHFS) announced the appointment of James Dennedy as Chief Financial Officer.
- Velo3D (VLD) announced it has appointed Jessie Lockhart as Chief People Officer.
- Mullen Automotive (MULN) announces the hiring of John Schwegman as its chief commercial officer.
- Ivanhoe Electric (IE) announced that Robert Friedland will step down as Chief Executive Officer of the company effective November 21, 2022.
- Oceaneering International (OII) – David K. Lawrence announced his intention to retire as Senior Vice President, General Counsel, and Secretary.
- 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.
- 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.
- 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.
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