InsideArbitrage Event Driven Monitor – October 25, 2022

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

Merger Arbitrage

  1. 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.
  2. 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.
  3. 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

  1. 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

  1. 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.
  2. 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 3,893 shares at an average price of $32.15 totaling $125,179.
  3. Matthew Thornton III, the Director of cell towers REIT Crown Castle (CCI), purchased 1,215 shares at an average price of $123.78 totaling $150,398.
  4. Beat Kahli, the Director of automotive and consumer electronics company VOXX International (VOXX), purchased 16,029 shares at an average price of $7.79 totaling $124,866.
  5. Kimberly Swan, the Director of regional bank First Bancorp (FNLC), purchased 1,000 shares at an average price of $29.46 totaling $29,456.
  6. Murray Stahl, the Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 13 shares at an average price of $2,085.85 totaling $27,116.

Spinoffs

  1. Ligand Pharmaceuticals Incorporated (LGND) announced that the business combination of Avista Public Acquisition Corp. II (AHPA) and OmniAb, was approved by APAC shareholders. The spin-off of OmniAb from Ligand remains on track with an expected closing on November 1, 2022.

SPACs

  1. International Media Acquisition Corp. (IMAQ) entered into a stock purchase agreement by which it will acquire Risee Entertainment and Reliance Studios for $102 million in cash and $38 million in investment.
  2. The Music Acquisition Corp. (TMAC) filed a proxy seeking shareholder approval to liquidate its trust early.

Stock Buyback Announcements

  1. Scholastic Corporation (SCHL) has authorized the repurchase of up to $75 million of the company’s common stock through a modified “Dutch Auction” tender offer representing around 6% of its market cap at announcement.
  2. BayCom Corp (BCML) approved its sixth stock repurchase program for the repurchase of up to 645,000 shares of its common stock which is approximately 5% of its market cap at announcement.
  3. ACNB Corporation (ACNB) approved a new plan to repurchase up to 255,575 shares, representing approximately 3% of its market cap at announcement.

C-Suite Transitions

Appointments

  1. Opthea Limited (OPT), announced the appointment of Timothy E. Morris as Chief Financial Officer.
  2. Cellebrite DI (CLBT) announced Lisa Cole as Chief Marketing Officer.
  3. The Children’s Place (PLCE) announced that Sheamus Toal has been appointed Senior Vice President, Chief Financial Officer, effective November 7, 2022.
  4. Arbutus Biopharma Corporation (ABUS) appointed Mike McElhaugh, as the company’s Chief Operating Officer, effective as of November 1, 2022.
  5. RBB Bancorp (RBB) announced that David Morris, Interim Chief Executive Officer, and President, has been named President and Chief Executive Officer of the company.
  6. RBB Bancorp (RBB) announced that Shalom Chang, currently SVP and Controller at the company, will assume the role of Chief Accounting Officer.
  7. Biofrontera (BFRI) announced Fred Leffler has been appointed as Chief Financial Officer of the company.
  8. PaxMedica (PXMD) has named Stefan Schwabe as the company’s new Chief Medical Officer.
  9. Reunion Neuroscience (REUN) has appointed Edward Smith as the company’s Chief Financial Officer.
  10. Vista Outdoor (VSTO) announced that Andrew Keegan has been appointed as the company’s interim Chief Financial Officer.
  11. Electromed (​​ELMD) – Bradley M. Nagel to serve as the company’s next Chief Financial Officer.
  12. Keurig Dr Pepper (KDP) announced the appointment of Sudhanshu Priyadarshi to the position of Chief Financial Officer, effective November 14, 2022.
  13. Sterling Bancorp (SBT) appointed Elizabeth M. Keogh to the position of Chief Legal Officer.

Departures

  1. Sutro Biopharma (STRO) said that Chief Medical Officer, Arturo Molina,  will be leaving the company.
  2. Vista Outdoor (VSTO) – Sudhanshu Priyadarshi resigns from the position of Chief Financial Officer.
  3. NeuBase Therapeutics (NBSE) – William Mann, Ph.D., President, and Chief Operating Officer notified his intent to resign from 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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