InsideArbitrage Event Driven Monitor – November 17, 2022

  • November 17, 2022

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

Merger Arbitrage

  1. The acquisition of Elevate Credit (ELVT) by an affiliate of Park Cities Asset Management for $943.06 million or $1.87 per share in cash.
  2. Alexio, AstraZeneca Rare Disease completed the acquisition of LogicBio Therapeutics (LOGC).
  3. Stealth Parent Limited completed the acquisition of Stealth BioTherapeutics Corp (MITO).
  4. According to Reuters, Albertsons Companies (ACI) said that its $4 billion dividend payment to shareholders will continue to remain on hold as a Washington state court postponed a scheduled case hearing to December 9, 2022.

Deals In The Works

  1. Argo Group (ARGO) details exhaustive outreach to more than 80 parties in pursuit of sale or other strategic transaction

Insider Purchases

  1. Patrick G. Ryan, the Chief Executive Officer of specialty insurance company Ryan Specialty Holdings, Inc. (RYAN), purchased 182,400 shares at an average price of $33.86 totaling $6.18 million.
  2. Joseph S. Steinberg, a Director of winery Crimson Wine Group, Ltd (CWGL), purchased 171,300 shares at an average price of $6.25 totaling $1.07 million. John D. Cumming, another Director of the company, also purchased 171,300 shares at an average price of $6.25 totaling $1.07 million.
  3. Richard N. Massey, a Director of human capital software company Alight, Inc. (ALIT), purchased 100,000 shares at an average price of $8.40 totaling $840,500.
  4. David Angelo Daglio, a Director of biotech company Alkermes plc. (ALKS), purchased 35,000 shares at an average price of $23.31 totaling $815,734.
  5. Olivier Goudet, a Director of cosmetics and personal products company Coty, Inc. (COTY), purchased 100,000 shares at an average price of $7.61 totaling $760,980.
  6. Shiu Leung Chan, a Director of computer hardware company Super Micro Computer, Inc. (SMCI), purchased 9,000 shares at an average price of $83.76 totaling $753,840.
  7. Jay Farner, the Chief Executive Officer of mortgage originator Rocket Companies, Inc. (RKT), purchased 49,500 shares at an average price of $8.09 totaling $400,312. Matthew Rizik, a Director of the company, also purchased 5,400 shares at an average price of $8.09 totaling $43,690.
  8. Eric E. Burrough, a Director of regional bank ChoiceOne Financial Services, Inc. (COFS), purchased 10,000 shares at an average price of $22.53 totaling $225,300.
  9. Beat Kahli, a Director of automotive and consumer Electronics company VOXX International Corp (VOXX), purchased 13,603 shares at an average price of $10.99 totaling $149,497.
  10. Benjamin Conner, the EVP, Investments of independent energy company Crescent Energy Co (CRGY), purchased 10,620 shares at an average price of $14.07 totaling $149,396. A cluster of five other insiders including the CEO and CFO also purchased shares.
  11. Timothy A. Crown, a Director of IT solutions provider Insight Enterprises, Inc. (NSIT), purchased 1,250 shares at an average price of $100.06 totaling $125,075.
  12. Andrew Kenner, the SVP, Olefin Material & Corporate Procurement of ethylene production company Westlake Chemical Partners LP (WLKP), purchased 4,362 shares at an average price of $22.97 totaling $100,213.
  13. Yakov Faitelson, the CEO, President, Chairman of enterprise data security company Varonis Systems, Inc. (VRNS), purchased 4,785 shares at an average price of $20.88 totaling $99,911.
  14. Christopher W. Claus, a Director of automotive digital marketplace TrueCar, Inc. (TRUE), purchased 40,000 shares at an average price of $2.40 totaling $96,000.
  15. Jon Panzer, the Chief Financial Officer of electrified powertrain solutions provider Hyliion Holdings Corp. (HYLN), purchased 25,000 shares at an average price of $3.12 totaling $78,094.
  16. Joseph Todisco, the Chief Executive Officer of biotech company CorMedix Inc. (CRMD), purchased 20,000 shares at an average price of $3.82 totaling $76,400.
  17. Tridivesh Kidambi, the Chief Financial Officer of marketing platform System1, Inc. (SST), purchased 15,942 shares at an average price of $4.39 totaling $69,985.
  18. Jeffrey Keenan, a Director of performance materials company Mativ Holdings, Inc. (MATV), purchased 3,200 shares at an average price of $19.20 totaling $61,440. Two other Directors also purchased shares.
  19. Stephen W. Hipp, a Director of payments solutions provider Priority Technology Holdings, Inc. (PRTH), purchased 10,975 shares at an average price of $5.11 totaling $56,082.
  20. Michael J.M. Hitchcock, a Director of biotech company Biomea Fusion, Inc. (BMEA), purchased 5,000 shares at an average price of $7.93 totaling $39,650.
  21. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 14 shares at an average price of $2,661.53 totaling $37,261.
  22. Leslie B. Daniels, a Director of aerospace company Redwire Corp (RDW), purchased 15,000 shares at an average price of $2.40 totaling $36,000.
  23. James S. Carter, the Director of energy company Calumet Specialty Products Partners, L.P. (CLMT), purchased 2,000 shares at an average price of $17.73 totaling $35,450.
  24. Timothy D. Proctor, a Director of winery Vintage Wine Estates, Inc. (VWE), purchased 10,000 shares at an average price of $3.32 totaling $33,150.
  25. John D. Dilullo, the Chief Executive Officer of contact center platform LiveVox Holdings, Inc. (LVOX), purchased 15,218 shares at an average price of $2.04 totaling $31,041.
  26. Kevin M. Charlton, a Director of security screening company Evolv Technologies Holdings, Inc. (EVLV), purchased 8,000 shares at an average price of $3.87 totaling $30,960.
  27. Michelle Brennan, a Director of medical distribution company Cardinal Health, Inc. (CAH), purchased 400 shares at an average price of $75.51 totaling $30,204.
  28. Robert S. Miller, a Director of home builder Landsea Homes Corp (LSEA), purchased 5,000 shares at an average price of $5.42 totaling $27,100.

SPACs

  1. Mobix Labs and Chavant Capital Acquisition Corp. (CLAY) announced a definitive merger agreement.
  2. AtlasClear, Atlas Fintech Holdings Corp. and Quantum FinTech Acquisition Corporation (QFTA) entered into a definitive business combination agreement.

Spinoffs

  1. Castor Maritime (CTRM) announces the proposed spin-off of its Tanker Fleet. In the Spin-Off, Castor shareholders will receive two common shares of Toro Corp, a newly formed subsidiary that will act as the holding company for the eight tanker vessels, for every five Castor common shares held at the close of business on December 6, 2022.

Stock Buyback Announcements

  1. Performance Food Group Company (PFGC) authorized a new $300 million share repurchase program through November 16, 2026. This authorization replaces the previously authorized $250 million share repurchase program and represents around 3.3% of its market cap at announcement.
  2. Arconic Inc. (ARNC) approved a two-year share repurchase program authorizing the repurchase of up to $200 million of common stock, representing approximately 10% of its market cap at announcement.
  3. Group 1 Automotive, Inc. (GPI) increased the company’s common stock repurchase authorization by $161 million to $200 million. This represents around 6% of its market cap at announcement.
  4. indie Semiconductor, Inc. (INDI) has authorized the repurchase of up to $50 million of indie’s Class A common stock. This represents around 4.6% of its market cap at announcement.

C-Suite Transitions

Appointment

  1. i3 Verticals (IIIV), Paul Christians was appointed as the company’s Chief Operating Officer.
  2. Post Holdings (POST) promotes Matt Mainer to Chief Financial Officer: and Jeff Zadoks to Chief Operating Officer effective December 1, 2022.
  3. Moog has appointed Patrick J. Roche,  to the position of Chief Executive Officer effective February 1, 2023
  4. Sonos (SONO) appointed Eddie Lazarus, Interim Chief Financial Officer, and Chief Legal Officer, as Chief Financial Officer, effective immediately.
  5. Saga Communications (SGA) announced the promotion of Christopher Forgy to the position of President and Chief Executive Officer.
  6. The Andersons (ANDE) promoted William E. Krueger, President of Trade and Processing, to the position of Chief Operating Officer effective December 1, 2022.
  7. Restaurant Brands International (QSR) appointed former Domino’s Pizza CEO Patrick Doyle as Executive Chairman.
  8. Axalta Coating Systems (AXTA) appointed Chris Villavarayan as the Company’s Chief Executive Officer and President, effective as of January 1, 2023.
  9. Esperion (ESPR) Ben Halladay has been promoted to the role of Chief Financial Officer, effective immediately.

Departures

  1. Starry Group Holdings (STRY) Komal Misra informed her voluntary resignation from her position as Chief Financial Officer.
  2. NetApp (NTAP) announced that Matthew Fawcett informed his intent to retire from his position as the Company’s Chief Strategy Officer effective February 28, 2023.
  3. Hamilton Beach Brands Holding (HBB) Michelle O. Mosier notified her decision to resign as Senior Vice President, Chief Financial Officer, effective January 13, 2023.
  4. Cisco Systems (CSCO) Prat Bhatt notified his decision to retire as Chief Accounting Officer, effective July 29, 2023.
  5. Saga Communications (SGA) Warren S. Lada Interim President and Chief Executive Officer steps down.
  6. Membership Collective Group (MCG) Nick Jones steps down as Chief Executive Officer.
  7. LL Flooring Holdings (LL) Nancy A. Walsh, Chief Financial Officer resigns effective December 9, 2022.

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.