InsideArbitrage Event Driven Monitor – November 30, 2022

  • November 30, 2022

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

Merger Arbitrage

  1. Apollo Endosurgery (APEN) to be acquired by Boston Scientific Corporation for $615 million or $10.00 per share in cash.
  2. Taylor Maritime Investments Limited and Grindrod Shipping Holdings (GRIN)  announced the expiration of the previously announced voluntary conditional cash offer made by Good Falkirk Limited and the commencement of a subsequent offering period for the remaining Shares. The offer and withdrawal rights expired on November 28, 2022.
  3. STORE Capital Corporation (STOR) announced that leading independent proxy advisory firms Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co. have each recommended that stockholders vote “FOR” the previously announced all-cash acquisition of the company by affiliates of GIC.
  4. Syncona Limited Portfolio Company extends tender offer to acquire Applied Genetic Technologies Corporation (AGTC) from November 28, 2022 to November 30, 2022.
  5. PBF Energy (PBF) and PBF Logistics (PBFX) announced that C. Erik Young, Chief Financial Officer, has resigned to pursue other professional opportunities.
  6. Atlas Air Worldwide (AAWW) announced that its shareholders voted to approve the company’s pending acquisition by an investor group led by funds managed by affiliates of Apollo Global Management (APO).

Deal in the Works

  1. The Board of Horizon Therapeutics plc (HZNP) confirms that it is engaged in highly preliminary discussions with Amgen, Janssen Global Services, LLC and Sanofi (each a Possible Offeror) which may or may not lead to an offer being made for the entire share capital of the company.

Insider Purchases

  1. Charles N. Reeves, the Chief Executive Officer of regional bank MidWestOne Financial Group, Inc. (MOFG), purchased 24,858 shares at an average price of $34.47 totaling $856,738.
  2. Jeffrey A. Graves, the President and CEO of 3D manufacturing company 3D Systems Corp. (DDD), purchased 20,000 shares at an average price of $9.60 totaling $192,000.
  3. Malcolm Wilson, the Chief Executive Officer of logistics company GXO Logistics, Inc. (GXO), purchased 4,174 shares at an average price of $43.97 totaling $183,531. GXO was spun out of XPO Logistics (XPO) in August 2021 and this is the first insider purchase at the company post-spin.
  4. Susan C. Schnabel, a Director of medical devices company ViewRay, Inc. (VRAY), purchased 25,000 shares at an average price of $4.70 totaling $117,409.
  5. Beat Kahli, a Director of automotive and consumer electronics company VOXX International Corp (VOXX), purchased 10,000 shares at an average price of $10.99 totaling $109,900.
  6. Fallon William, a Director of regional bank Veritex Holdings, Inc. (VBTX), purchased 2,000 shares at an average price of $32.14 totaling $64,280.
  7. Alan Yu, the CEO and Chairman of the BOD of packaging & containers company Karat Packaging Inc. (KRT), purchased 4,000 shares at an average price of $13.47 totaling $53,880.
  8. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,563.66 totaling $53,837.
  9. Todd E. Siegel, a Director of branding solutions company Superior Group of Companies, Inc. (SGC), purchased 5,000 shares at an average price of $10.50 totaling $52,503.
  10. John P. Cato, the Chairman, President and CEO of apparel and fashion accessories company CATO CORP (CATO), purchased 3,000 shares at an average price of $10.38 totaling $31,140.
  11. Kurt A. Gustafson, the EVP, Finance and CFO of biotechnology company OmniAb, Inc. (OABI), purchased 10,000 shares at an average price of $2.81 totaling $28,100.

SPACs

  1. Carbon Revolution Limited and Twin Ridge Capital Acquisition Corp. (TRCA) signed a definitive business combination agreement.
  2. Horizon Space Acquisition 1 Corp. filed for a $60 million IPO.

Stock Buyback Announcements

  1. Workday, Inc. (WDAY) approved a share repurchase program, with a term of 18 months, to purchase up to $500 million of shares of its Class A common stock. This represents around 1.4% of its market cap at announcement.

C-Suite Transitions

Appointment

  1. Floor & Decor Holdings Inc. (FND): Bryan Langley to serve as its Executive Vice President and Chief Financial Officer.
  2. Foot Locker Inc. (FL): Franklin R. Bracken, a named executive officer, appointed as Executive Vice President and Chief Commercial Officer, effective December 1, 2022. Elliott D. Rodgers, appointed as Executive Vice President and Chief Operations Officer, effective December 1, 2022.
  3. Synopsys, Inc. (SNPS): Shelagh Glaser appointed as Chief Financial Officer of the company, effective as of December 2, 2022.
  4. Team, Inc. (TISI): Keith D. Tucker, Interim Chief Executive Officer of the company, appointed as the company’s Chief Executive Officer.

Departures

  1. Compass Therapeutics Inc. (CMPX): Susan Kalled, PhD departed her position as Chief Scientific Officer of  the company.
  2. Pbf Logistics Lp. (PBFX): C. Erik Young, the Senior Vice President, Chief Financial Officer of the company, announced his resignation.

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.