InsideArbitrage Event Driven Monitor – November 4, 2022
Quick updates on the event-driven strategies we follow on InsideArbitrage. We are seeing a significant uptick in both insider buying and stock buyback announcements. I look forward to aggregating the data during the next few weekends to see if there are any signals in the aggregate data.
- Shareholders of Hill International (HIL) approved the company’s merger with Global Infrastructure Solutions at a special meeting of shareholders.
- Nordson Corporation completed the acquisition of CyberOptics Corporation (CYBE).
- Axar Capital Management completed the acquisition of StoneMor (STON).
- According to Bloomberg, Justice Department officials are scrutinizing whether Standard General’s proposed purchase of broadcaster Tegna (TGNA) could lead to higher cable prices.
- According to Reuters, a state court in Washington has temporarily blocked Albertsons Companies (ACI) from paying a $4 billion dividend to shareholders before the grocery chain closes its proposed deal with rival Kroger (KR).
Deal in the Works
- The top shareholder in Nano Dimension Ltd. (NNDM) has made a proposal to acquire the rest of the 3D printing company it doesn’t already own in a transaction that would value the company at roughly $995 million.
- American Axle & Manufacturing Holdings (AXL) a maker of drivetrain components, is attracting preliminary interest from suitors including Melrose Industries people familiar with the matter said.
- Veris Residential (VRE) unanimously rejects unsolicited proposals from Kushner Companies, believes this proposal grossly undervalues the company
- Eric Louis Zinterhofer, the Director of cable company Charter Communications, Inc. (CHTR), purchased 27,202 shares at an average price of $374.04 totaling $10.17 million.
- Joseph M. Hogan, the President and CEO of dental devices company Align Technology, Inc. (ALGN), purchased 10,600 shares at an average price of $188.58 totaling $2 million. Anne Myong and Warren S. Thaler, Directors of the company, purchased 1,500 shares and 1,050 shares respectively.
- Thomas J. Hook, the President and CEO of specialty industrial machinery company Barnes Group, Inc. (B), purchased 27,500 shares at an average price of $36.27 totaling $997,295.
- Brian Choi, a Director of regional bank OP Bancorp (OPBK), purchased 34,656 shares at an average price of $11.23 totaling $389,167.
- Matthew L. Trerotola, a Director of drug dispensing and packaging technologies company AptarGroup, Inc. (ATR), purchased 3,170 shares at an average price of $94.48 totaling $299,503.
- Beat Kahli, the Director of automotive and consumer electronics company VOXX International Corp (VOXX), purchased 25,000 shares at an average price of $9.79 totaling $244,750.
- Duy-Loan Le, a Director of semiconductors company Wolfspeed, Inc. (WOLF), purchased 3,000 shares at an average price of $74.97 totaling $224,900.
- James R. Groch, a Director of financial technology service provider WEX Inc. (WEX), purchased 1,400 shares at an average price of $151.25 totaling $211,750.
- Sven Ante Lundberg, the President, CEO & PFO of biotech company Merus N.V. (MRUS), purchased 14,706 shares at an average price of $14.38 totaling $211,431.
- Barry Finn, a Director of regional bank Old Second Bancorp, Inc. (OSBC), purchased 10,000 shares at an average price of $16.44 totaling $164,400.
- Thomas M. Prame, the President of regional bank Horizon Bancorp, Inc. (HBNC), purchased 6,750 shares at an average price of $15.09 totaling $101,858. Craig M. Dwight, the Chief Executive Officer of the company, also purchased 2,000 shares at an average price of $15.08 totaling $30,160.
- James Craigie, the Director of household & personal products company Newell Brands, Inc. (NWL), purchased 10,000 shares at an average price of $13.36 totaling $133,600.
- Mark Miller, the President and COO of insurance company Goosehead Insurance, Inc. (GSHD), purchased 2,000 shares at an average price of $39.25 totaling $78,500.
- Greg M. Graves, a Director of regional bank UMB Financial Corp. (UMBF), purchased 281 shares at an average price of $83.12 totaling $23,357. Tamara Peterman, a Director of the company, also purchased 213 shares at an average price of $83.12 totaling $17,705.
- James Slavet, the Director of Real Estate Services company Redfin Corp (RDFN), purchased 6,667 shares at an average price of $4.99 totaling $33,295.
- Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 14 shares at an average price of $2,334.18 totaling $32,679.
- Daniel J. Crowley, a Director of communication equipment company Knowles Corp (KN), purchased 2,000 shares at an average price of $13.97 totaling $27,940.
- Gores Technology Partners (GTPA) filed a preliminary proxy statement to seek stockholder approval to Liquidate in 2022.
- Gores Technology Partners II (GTPB) filed a preliminary proxy statement to seek stockholder approval to Liquidate in 2022.
- Gores Holdings VII (GSEV) filed a preliminary proxy statement to seek stockholder approval to Liquidate in 2022.
Stock Buyback Announcements
- Humana Inc. (HUM) entered into separate accelerated stock repurchase agreements with each of Goldman Sachs & Co. LLC and Mizuho Markets Americas LLC to repurchase an aggregate of $1 billion of Humana’s common stock as part of the $3 billion share repurchase program that Humana announced on February 18, 2021. This represents around 1.4% of its market cap at announcement.
- ConocoPhillips (COP) approved a $20 billion increase in the existing share repurchase program to $45 billion. This represents around 12.5% of its market cap at announcement.
- ING Groep N.V. (ING) announced the start of a share buyback programme under which it plans to repurchase ordinary shares of ING Groep N.V., for a maximum total amount of €1.5 billion ($1.46B). This represents around 4% of its market cap at announcement.
- Monster Beverage Corporation (MNST) authorized a new share repurchase program for the repurchase of up to $500 million of the Company’s outstanding common stock. This represents around 1% of its market cap at announcement.
- Yelp Inc. (YELP) authorized a $250 million increase to stock repurchase program, representing nearly 10% of its market cap at announcement.
- California Resources Corporation (CRC) authorized a raise in the share repurchase program by $200 million and extended the term of the program through December 31, 2023. This represents around 5.6% of its market cap at announcement.
- Universal Corporation (UVV) approved a $100 million share repurchase program. This represents 8.2% of its market cap at announcement.
- WideOpenWest, Inc. (WOW) authorized a $50 million share repurchase program to be completed over 18-month period.This represents 5% of its market cap at announcement.
- Tecnoglass Inc. (TGLS), announced that the Board of Directors authorized Tecnoglass to buy back up to $50 million of its common shares, representing around 4.3% of its market cap at announcement.
- Emerald Holding, Inc. (EEX) authorized a raise in the share repurchase program by $20 million, representing around 8.3% of its market cap at announcement.
- Distribution Solutions Group, Inc. (DSGR) authorized an increase of the existing share buyback program from $7.5 million to $12.5 million. This represents less than 1% of its market cap at announcement.
- Service Corporation International (SCI) Lori Spilde, will assume the role of Senior Vice President, General Counsel, and Secretary effective April 1, 2023, as a part of the Company’s succession planning process.
- Valmont Industries (VMI) appointed Eugene Padgett as Chief Accounting Officer
- Tyra Biosciences (TYRA) appointed Alan Fuhrman as Chief Financial Officer, effective January 1, 2023.
- ESS Tech (GWH) announced the appointment of Anthony Rabb as Chief Financial Officer of the company, effective November 4, 2022
- Nikola Corporation (NKLA) appointed Michael Lohscheller as Chief Executive Officer
- BK Technologies Corporation (BKTI) appointed Scott Malmanger, as the Chief Financial Officer
- The Lovesac Company (LOVE) announced that John Legg has been appointed as Chief Supply Chain Officer
- ATI Inc. (ATI) has named Jimmy Williams, Jr. as Senior Vice President and Chief Technology Officer.
- Service Corporation International (SCI) announced that Gregory T. Sangalis, Senior Vice President, General Counsel and Secretary, informed the Company of his intent to retire effective March 31, 2023.
- Valmont Industries (VMI) Tim P. Francis steps down as Chief Accounting Officer
- Tyra Biosciences (TYRA) Esther van den Boom, informed the company of her intent to resign as the Chief Financial Officer, effective December 31, 2022.
- ESS Tech (GWH) Amir Moftakhar, tendered his resignation as Chief Financial Officer to be effective as of November 4, 2022.
- Nikola Corporation (NKLA) announced Mark A. Russell retires as Chief Executive Officer
- CapStar Financial Holdings (CSTR) announced that John A. Davis, Chief Operations and Technology Officer resigned
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