InsideArbitrage Event Driven Monitor – November 18, 2022

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

Merger Arbitrage

  1. Apollo Global Management (APO) completed the acquisition of Tenneco (TEN).
  2. Regal Rexnord Corporation (RRX) announced that it has completed the first phase of financing for its proposed acquisition of Altra Industrial Motion Corp. (AIMC), by successfully amending its credit agreement, and upsizing its revolver and an existing Term Loan, by $1.1 billion.
  3. Rio Tinto (RIO) cancelled an agreement with Turquoise Hill (TRQ) shareholders, Pentwater Capital and SailingStone Capital, who had publicly opposed the C$43/share sale agreed.

Insider Purchases

  1. Patrick G. Ryan, the Chief Executive Officer of specialty insurance company Ryan Specialty Holdings, Inc. (RYAN), purchased 183,700 shares at an average price of $34.64 totaling $6.36 million. Michael D. Ohalleran, a Director of the company, also purchased 29,474 shares at an average price of $33.94 totaling $1 million.
  2. Wes Cummins, a Director of foil technology and sensors company Vishay Precision Group, Inc. (VPG), purchased 25,000 shares at an average price of $38.98 totaling $974,587.
  3. Jason Marc Adler, a Director of cannabinoid company Cronos Group Inc. (CRON), purchased 280,860 shares at an average price of $3.04 totaling $855,137.
  4. Michael Stubblefield, the CEO of business products and services company Avantor, Inc. (AVTR), purchased 15,000 shares at an average price of $20.95 totaling $314,250. Thomas A. Szlosek, the EVP & CFO of the company, also purchased 12,500 shares at an average price of $20.71 totaling $258,850.
  5. Tobias Lutke, a Director of cryptocurrency brokerage Coinbase Global, Inc. (COIN), purchased 6,952 shares at an average price of $55.00 totaling $382,360.
  6. John T. Treace, the Chief Executive Offer of medical devices company Treace Medical Concepts, Inc. (TMCI), purchased 10,000 shares at an average price of $21.67 totaling $216,714. Scot Michael Elder, the Chief Legal & Compliance Officer of the company, also purchased 3,736 shares at an average price of $21.48 totaling $80,232.
  7. Dean P. Freeman, the Chief Financial Officer of food technology company Benson Hill, Inc. (BHIL), purchased 50,000 shares at an average price of $3.37 totaling $168,500. Matthew B. Crisp, the President & CEO of the company, also purchased 32,000 shares at an average price of $3.25 totaling $103,917.
  8. George W.M. Maxwell, the Chief Executive Officer of oil and gas company Vaalco Energy, Inc. (EGY), purchased 20,000 shares at an average price of $5.57 totaling $111,400. Ronald Y. Bain, the Chief Financial Officer of the company, also purchased 4,250 shares at an average price of $5.55 totaling $23,588.
  9. Beat Kahli, a Director of automotive and consumer Electronics company VOXX International Corp (VOXX), purchased 10,327 shares at an average price of $10.93 totaling $112,874.
  10. Prasad Gundumogula, the Chief Executive Officer of travel services and technology company Mondee Holdings, Inc. (MOND), purchased 9,000 shares at an average price of $9.08 totaling $81,720.
  11. Thomas J. Aaron, a Director of body sculpting company Airsculpt Technologies, Inc. (AIRS), purchased 18,000 shares at an average price of $3.50 totaling $63,000.
  12. Leslie A. Moriyama, the Chief Financial Officer of oil and gas company Dorchester Minerals L.P. (DMLP), purchased 1,732 shares at an average price of $28.75 totaling $49,795.
  13. Gary Charles Tolman, a Director of insurance company Global Indemnity Group, LLC (GBLI), purchased 1,600 shares at an average price of $24.55 totaling $39,280.
  14. James L. Posze, the CAO & SVP, Human Resources of cellulose specialties products company Rayonier Advanced Materials, Inc. (RYAM), purchased 5,000 shares at an average price of $7.55 totaling $37,754.
  15. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 14 shares at an average price of $2,663.62 totaling $37,291.
  16. Richard Lee Boger, a Director of broadcasting company Gray Television, Inc. (GTN), purchased 3,200 shares at an average price of $11.35 totaling $36,320.
  17. James S. Carter, a Director of energy products company Calumet Specialty Products Partners, L.P. (CLMT), purchased 2,000 shares at an average price of $17.80 totaling $35,600.
  18. David W. Karp, a Director of regional bank Northrim Bancorp, Inc. (NRIM), purchased 500 shares at an average price of $53.57 totaling $26,785.
  19. Gretchen A. Hayes, a Director of insurance and reinsurance company SiriusPoint Ltd (SPNT), purchased 4,200 shares at an average price of $5.98 totaling $25,116.

SPACs

  1. Arabian Entertainment Company and Sagaliam Acquisition Corp. (SAGA) entered into a definitive business combination agreement.
  2. Digital Virgo Group and Goal Acquisitions Corp. (PUCK) entered into a definitive agreement for a business combination.

Stock Buyback Announcements

  1. Alibaba Group Holding Limited (BABA) has approved to upsize its share repurchase program by another US$15 billion and extend the program to the end of fiscal year 2025. This represents around 7.5% of its market cap at announcement.
  2. NetEase, Inc. (NTES) has approved a new share repurchase program of up to US$5.0 billion of the company’s ADSs and ordinary shares in open market transactions, representing around 11% of its market cap at announcement.
  3. Primerica, Inc. (PRI) has authorized a $375 million share repurchase program starting from January 1, 2023 through December 31, 2023. This represents around 7.5% of its market cap at announcement.
  4. Open Lending Corporation (LPRO) has authorized a repurchase program of up to $75 million of the Company’s outstanding common stock, through November 17, 2023. This represents around 9% of its market cap at announcement.
  5. Youdao, Inc. (DAO) has authorized the company to adopt a US$20 million share repurchase program in the near future during a period of up to 36 months. This represents around 4% of its market cap at announcement.

C-Suite Transitions

Appointment

  1. Rackspace Technology (RXT) appoints Bobby Molu as Chief Financial Officer.
  2. Hub Group (HUBG): Phillip D. Yeager promoted to President and CEO and Brian Alexander, will be promoted to Chief Operating Officer effective January 1, 2023.
  3. Katapult Holdings (KPLT) appointed Nancy Walsh, as Chief Financial Officer, effective as of December 12, 2022.
  4. Rogers Corporation (ROG) plans to appoint Colin Gouveia as President and Chief Executive Officer.
  5. Cross Country Healthcare (CCRN) announced that James V. Redd III has been promoted to Senior Vice President and Chief Accounting Officer.
  6. Qualtrics International (XM) appointed Brian Stucki as President and Chief Operating Officer.
  7. Visa (V) elected Ryan McInerney to succeed Alfred F. Kelly, Jr. as the company’s Chief Executive Officer, effective February 1, 2023.
  8. Bed Bath & Beyond (BBBY) names Scott Lindblom as Chief Technology & Digital Officer.
  9. KeyCorp (KEY): Clark H.I. Khayat succeeds Donald R. Kimble as Chief Financial Officer and Chief Administrative Officer effective May 1, 2023.
  10. DigitalOcean Holdings (DOCN) announced the appointment of Matt Steinfort as Chief Financial Officer beginning in early January 2023.

Departures

  1. Hub Group (HUBG): David P. Yeager, will retire as Chief Executive Officer while continuing in the role of Executive Chairman effective January 1, 2023.
  2. Katapult Holdings (KPLT): Karissa Cupito would step down as Chief Financial Officer effective as of December 12, 2022.
  3. Rogers Corporation (ROG): Bruce Hoechner, President and Chief Executive Officer, has decided to retire, effective December 31, 2022.
  4. Brighthouse Financial (BHF): Christine DeBiase, Chief Administrative Officer and General Counsel notified her intention to resign from the company, effective December 2, 2022.
  5. Erie Indemnity (ERIE): Gregory J. Gutting notified that he will retire as Chief Financial Officer of the company on April 30, 2023.
  6. Visa (V): Alfred F. Kelly, Jr. steps down as Chief Executive Officer but will continue to serve the company as Executive Chairman.
  7. Innovation1 Biotech (IVBT): Dr. Andrew Salzman resigns from his position as Chief Science Officer.
  8. KeyCorp (KEY): Donald R. Kimble retires Chief Financial Officer and Chief Administrative Officer on May 1, 2023.
  9. Markel Corporation (MKL) announced the retirement of Richard R. Whitt III, Co-Chief Executive Officer, effective January 1, 2023.

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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