InsideArbitrage Event Driven Monitor – November 3, 2022
Quick updates on the event-driven strategies we follow on InsideArbitrage. Merger Arbitrage South Jersey Industries (SJI) announced that its transaction with Infrastructure Investments Fund was unanimously approved by the Federal Energy Regulatory Commission, the Federal Communications Commission and has cleared the waiting period under Hart-Scott-Rodino. The transaction remains subject to regulatory approval by the New Jersey Board of Public Utilities. Turquoise Hill Resources (TRQ) acknowledged the announcement by Rio Tinto International Holdings Limited (RIO) of agreements entered into between Rio Tinto, Rio Tinto and certain shareholders of the company related to Pentwater Capital Management LP and SailingStone Capital Partners LLC holding in aggregate 32,617,578 common shares of the company. Partners Bancorp (PTRS) announced that the special meeting of stockholders will be on December 14, 2022. Deal in the Works According to Bloomberg, Garrett Motion (GTX), a maker of turbochargers and other automotive equipment, is exploring strategic options including a sale. Insider Purchases Ernest S. Rady, the Chairman & CEO of diversified REIT American Assets Trust, Inc. (AAT), purchased 50,000 shares at an average price of $27.60 totaling $1.38 million. I wrote about Mr. Rady’s buying spree in August here. Jay Farner, the Chief Executive Officer of mortgage originator Rocket Companies, Inc. (RKT), purchased 87,100 shares at an average...
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