InsideArbitrage Event Driven Monitor – November 21, 2022
Quick updates on the event-driven strategies we follow on InsideArbitrage.
- Zendesk (ZEN) received written notice from CFIUS that it had concluded its review and cleared the transaction contemplated by the Merger Agreement.
- Tegna’s (TGNA) planned sale to Standard General received no objections from the National Telecommunications and Information Administration.
- 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.
- Shareholders of Aerie Pharmaceuticals (AERI) approved the company’s merger with Alcon (ALC) at a special meeting of shareholders.
Deal in the Works
- 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.
- 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.
- 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)
- Edward Shoen, the President of U-Haul (UHAL), purchased 603,150 shares at an average price of $53.80 totaling $32.45 million.
- 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.
- Lip-Bu Tan, a Director of Intel, Corp. (INTC), purchased 50,000 shares at an average price of $29.49 totaling $1.47 million.
- Paula Santilli, a Director of Home Depot, Inc. (HD), purchased 1,583 shares at an average price of $315.80 totaling $499,911.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Grindr (GRND) announced the closing of their previously announced business combination with Tiga Acquisition Corp.
- 8i Acquisition 2 Corp. (LAX) announced the completion of its business combination with EUDA Health Limited (EUDA).
Stock Buyback Announcements
- 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.
- 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.
- 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.
- 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.
- Ready Capital (RC) appointed Thomas E. Capasse to serve as the Chief Investment Officer.
- CarMax (KMX) appointed Charles Joseph Wilson as Chief Operating Officer.
- Triton International (TRTN) announced that Michael Pearl has been appointed Chief Financial Officer effective January 1, 2023.
- VIQ Solutions (VQS), announced the appointment of the company’s Chairman, Larry Taylor, as Executive Chairman.
- Focus Universal (FCUV) names Irving Kau as Chief Financial Officer.
- Palisade Bio (PALI) has announced the appointment of Herbert B. Slade, MD as Chief Medical Officer.
- Ready Capital (RC) Thomas Buttacavoli tendered his resignation as Chief Investment Officer.
- Bionano Genomics (BNGO) Richard Shippy resigned from his position as Chief Business Officer.
- Horizon Global Corp (HZN) Jay Goldbaum, currently General Counsel, and Chief Compliance Officer notifies of his resignation, effective December 2, 2022.
- Triton International (TRTN) John Burns, will retire as Chief Financial Officer, effective December 31, 2022.
- MoneyLion (ML) announces the stepping down of Chee Mun Foong, Chief Technology Officer, effective December 31, 2022.
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