InsideArbitrage Event Driven Monitor – November 14, 2022

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

Merger Arbitrage

  1. Luther Burbank Corporation (LBC) to be acquired by Washington Federal (WAFD) for $654 million in an all-stock deal. Under the terms of the agreement, Luther Burbank shareholders will be entitled to receive 0.3353 shares of Washington Federal common stock for each share of Luther Burbank common stock they own.

Deals In The Works

  1. M2 Capital Partners offered to buy  auto parts maker Superior Industries (SUP) for $160 million or $5.85 per superior share.
  2. Compañia Minera Kolpa, in conjunction with Arias Resource Capital and its affiliates, which are the largest shareholder of Sierra Metals Inc. (SMTS), announced the delivery of a new letter to the Board of Directors of Sierra highlighting certain key terms of the proposed business combination between Sierra and Kolpa

Insider Purchases

  1. No form 4 filings because of the Veterans Day holiday last Friday.

SPACs

  1. Alkaid Acquisition Corp. (ALKD) filed its S-1 for a $50 million IPO.
  2. Pono Capital Three (PTHR) filed its S-1 for a $100 million IPO.

Stock Buyback Announcements

  1. Hilton Worldwide Holdings Inc. (HLT) authorized the repurchase of an additional $2.5 billion of common stock under the company’s existing stock repurchase program, bringing the total amount currently authorized for future repurchases to approximately $3.4 billion. This represents around 7% of its market cap at announcement.
  2. American Equity Investment Life Holding Company (AEL) has put in place an additional $400 million common stock buyback authorization, bringing the total available authorization to $594 million. This represents around 13% of its market cap at announcement.
  3. Bowman Consulting Group Ltd. (BWMN) announced the authorization of a $10 million share repurchase program. This represents around 5% of its market cap at announcement.
  4. Goldman Sachs Asset Management (GER) approved a share repurchase program of up to $10 million of its outstanding common shares. This represents around 5% of its market cap at announcement.

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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