InsideArbitrage Event Driven Monitor – November 21, 2022

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

Merger Arbitrage

  1. Zendesk (ZEN) received written notice from CFIUS that it had concluded its review and cleared the transaction contemplated by the Merger Agreement.
  2. Tegna’s (TGNA) planned sale to Standard General received no objections from the National Telecommunications and Information Administration.
  3. Black Knight (BKI) announced that it has agreed to sell its TitlePoint line of business to Fidelity National Financial (FNF) for $225 million in cash. The sale of TitlePoint is not conditioned on the completion of Intercontinental Exchange’s (ICE) acquisition of Black Knight.
  4. Shareholders of Aerie Pharmaceuticals (AERI) approved the company’s merger with Alcon (ALC) at a special meeting of shareholders.

Deal in the Works

  1. Ranger Oil Corp (ROCC) is exploring a potential sale as the south Texas oil and gas producer looks to capitalize on high energy prices to pursue strategic options, people familiar with the matter.
  2. Sculptor Capital Management (SCU) announced that its Board formed a special committee, comprised solely of independent directors, to explore potential interest from third parties in a transaction with the company that maximizes value for shareholders.
  3. Activist investor, Irenic Capital Management escalated its pressure on News Corp, (NWS) asking it to reconsider a proposal by Rupert Murdoch to combine the two parts of his media business, News Corp and Fox (FOX)

Insider Purchases

  1. Edward Shoen, the President of U-Haul (UHAL), purchased 603,150 shares at an average price of $53.80 totaling $32.45 million.
  2. Mark H. Rachesky, a Director of entertainment company Lions Gate Entertainment, Corp. (LGF.A), purchased 871,380 shares at an average price of $6.85 totaling $5.97 million. Gordon Crawford, another Director of the company, also purchased 100,000 class B shares at an average price of $6.35 totaling $634,510.
  3. Lip-Bu Tan, a Director of Intel, Corp. (INTC), purchased 50,000 shares at an average price of $29.49 totaling $1.47 million.
  4. Paula Santilli, a Director of Home Depot, Inc. (HD), purchased 1,583 shares at an average price of $315.80 totaling $499,911.
  5. Jay Farner, the Chief Executive Officer of mortgage originator Rocket Companies, Inc. (RKT), purchased 53,400 shares at an average price of $7.49 totaling $400,232. Matthew Rizik, a Director of the company, also purchased 5,800 shares at an average price of $7.49 totaling $43,442.
  6. Alicia M. Tranen, a Director of packaging products company Ranpak Holdings Corp. (PACK), purchased 75,100 shares at an average price of $5.76 totaling $432,346.
  7. Joseph J. Tabacco, a Director of online retailer Overstock.com, Inc. (OSTK), purchased 10,000 shares at an average price of $23.88 totaling $238,800. Jonathan E. Johnson, the CEO of the company, also purchased 4,000 shares at an average price of $23.13 totaling $92,520.
  8. Robert Carey, a Director of medical devices company Beyond Air, Inc. (XAIR), purchased 50,000 shares at an average price of $5.88 totaling $294,000.
  9. Michael L. Hollis, the President of oil and gas company HighPeak Energy, Inc. (HPK), purchased 12,854 shares at an average price of $22.43 totaling $288,323.
  10. Charles K. Cohn, the Chief Executive Officer of online learning platform Nerdy Inc. (NRDY), purchased 108,204 shares at an average price of $2.51 totaling $271,592.
  11. Patrick A. Roney, the Chief Executive Officer of winery Vintage Wine Estates, Inc. (VWE), purchased 50,000 shares at an average price of $3.16 totaling $157,925. Paul S. Walsh, a Director of the company, also purchased 10,000 shares at an average price of $3.04 totaling $30,400.
  12. Blake Schuhmacher, the Chief Accounting Officer of coffee and tea company Westrock Coffee Co (WEST), purchased 5,000 shares at an average price of $12.78 totaling $63,900. Joe T. Ford, a Director of the company, also purchased 5,000 shares at an average price of $12.75 totaling $63,750.
  13. James R. Abbott, the Senior Vice President of regional bank Zions Bancorporation (ZION), purchased 2,500 shares at an average price of $50.47 totaling $126,174.
  14. Deirdre P. Connelly, a Director of life insurance and annuities company Lincoln National Corp. (LNC), purchased 3,000 shares at an average price of $37.41 totaling $112,230.
  15. Gerard Johan Hart, the President and CEO of restaurants operator Red Robin Gourmet Burgers, Inc. (RRGB), purchased 14,293 shares at an average price of $7.64 totaling $109,241.
  16. Beat Kahli, a Director of automotive and consumer electronics company VOXX International Corp (VOXX), purchased 10,000 shares at an average price of $10.42 totaling $104,200.
  17. Robert Coxon, a Director of specialty chemicals company Ecovyst Inc. (ECVT), purchased 10,000 shares at an average price of $8.81 totaling $88,100.
  18. Dennis M. Gallagher, the Chief Operating Officer of electrified powertrains company Hyliion Holdings Corp. (HYLN), purchased 20,000 shares at an average price of $3.10 totaling $62,000. Jose Miguel Oxholm, the VP, General Counsel & CCO of the company, also purchased 1,000 shares at an average price of $2.99 totaling $2,990.
  19. Steven M. West, a Director of quantum computing company D-Wave Quantum Inc. (QBTS), purchased 25,000 shares at an average price of $2.55 totaling $63,750.
  20. Vincent D. Kelly, the President & CEO of healthcare communications company Spok Holdings, Inc (SPOK), purchased 5,000 shares at an average price of $8.25 totaling $41,228.
  21. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 14 shares at an average price of $2,605.32 totaling $36,474.
  22. Jeffrey Keenan, the Director of performance materials company Mativ Holdings, Inc. (MATV), purchased 1,911 shares at an average price of $19.05 totaling $36,405.
  23. Gary Charles Tolman, a Director of insurance company Global Indemnity Group, LLC (GBLI), purchased 1,500 shares at an average price of $23.88 totaling $35,820.
  24. David C. Rockecharlie, the Chief Executive Officer of oil and gas company Crescent Energy Co (CRGY), purchased 2,000 shares at an average price of $13.97 totaling $27,930. John Clayton Rynd, the Executive Vice President, Investments of the company, also purchased 500 shares at an average price of $13.74 totaling $6,870.
  25. Alan Yu, the CEO and Chairman of the BOD of packaging company Karat Packaging Inc. (KRT), purchased 2,400 shares at an average price of $14.00 totaling $33,600.
  26. Robert Duncan Bates, the President and CEO of manufactured homes company Legacy Housing Corp (LEGH), purchased 2,000 shares at an average price of $16.74 totaling $33,470.
  27. Andrew J. Gessow, a Director of advertising company Quotient Technology Inc. (QUOT), purchased 10,000 shares at an average price of $3.20 totaling $32,000.
  28. Nicholle Renee Taylor, the Senior Vice President of water and wastewater services company Artesian Resources, Corp. (ARTNA), purchased 535 shares at an average price of $50.00 totaling $26,750.
  29. Brian N. Hansen, a Director of office REIT Franklin Street Properties, Corp. (FSP), purchased 2,941 shares at an average price of $2.74 totaling $8,073.

SPACs

  1. Grindr (GRND) announced the closing of their previously announced business combination with Tiga Acquisition Corp.
  2. 8i Acquisition 2 Corp. (LAX) announced the completion of its business combination with EUDA Health Limited (EUDA).

Stock Buyback Announcements

  1. Atkore Inc. (ATKR) upsized the current share repurchase authorization from $800 million to $1,300 million, and extended the duration through November 30, 2025. This represents 10.5% of its market cap at announcement.
  2. Xenia Hotels & Resorts, Inc. (XHR) authorized the repurchase of up to an additional $100 million of the Company’s outstanding common shares. This represents around 6% of its market cap at announcement.
  3. Canada Goose Holdings Inc. (GOOS) receives TSX approval for a normal course issuer bid for the purchase of up to 5,421,685 subordinate voting shares over the twelve-month period commencing on November 22, 2022 and ending no later than November 21, 2023. This represents 5.2% of its market cap at announcement.
  4. LexinFintech Holdings Ltd. (LX) authorized a new US$20 million share repurchase program over the next twelve months. This represents around 6% of its market cap at announcement.

C-Suite Transitions

Appointment

  1. Ready Capital (RC) appointed Thomas E. Capasse to serve as the Chief Investment Officer.
  2. CarMax (KMX) appointed Charles Joseph Wilson as Chief Operating Officer.
  3. Triton International (TRTN) announced that Michael Pearl has been appointed Chief Financial Officer effective January 1, 2023.
  4. VIQ Solutions (VQS), announced the appointment of the company’s Chairman, Larry Taylor, as Executive Chairman.
  5. Focus Universal (FCUV) names Irving Kau as Chief Financial Officer.
  6. Palisade Bio (PALI) has announced the appointment of Herbert B. Slade, MD as Chief Medical Officer.

Departures

  1. Ready Capital (RC) Thomas Buttacavoli tendered his resignation as Chief Investment Officer.
  2. Bionano Genomics (BNGO) Richard Shippy resigned from his position as Chief Business Officer.
  3. Horizon Global Corp (HZN) Jay Goldbaum, currently General Counsel, and Chief Compliance Officer notifies of his resignation, effective December 2, 2022.
  4. Triton International (TRTN) John Burns, will retire as Chief Financial Officer, effective December 31, 2022.
  5. MoneyLion (ML) announces the stepping down of Chee Mun Foong, Chief Technology Officer, effective December 31, 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.

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