InsideArbitrage Event Driven Monitor – October 25, 2022

  • October 25, 2022
Quick updates on the event-driven strategies we follow on InsideArbitrage. Merger Arbitrage According to Reuters, Gold Fields (GFI) talked up support for it proposed takeover of Yamana Gold (AUY) with shareholders set to vote on the deal in four weeks’ time. The New Jersey Board of Public Utilities pushed out rate counsel/intervenor testimony about 20 days until November 20, 2022, from an original schedule of October 20, 2022, to allow for further “settlement negotiations,” over the sale of South Jersey Industries (SJI) to Infrastructure Investments Fund. The Board of Directors of Turquoise Hill (TRQ) unanimously recommended that minority shareholders vote FOR the arrangement resolution with Rio Tinto (RIO). Deal in the Works According to a 13D filing, BDT Capital has offered to buy the remaining shares of Weber (WEBR) that it does not already own for $6.25 per share in cash. Insider Purchases John Donovan, the Director of defense company Lockheed Martin (LMT), purchased 568 shares at an average price of $441.43 totaling $250,732. Lockheed also announced a $14 billion buyback last week, representing 12% of its market cap. Timothy Spence, the President and CEO of regional bank Fifth Third Bancorp (FITB), purchased 7,763 shares at an average price of $32.29 totaling $250,690. James Leonard, the CFO also purchased...

Only plus or premium subscribers can access this post. Subscribe today.