InsideArbitrage Event Driven Monitor – November 9, 2022

  • November 9, 2022

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

Merger Arbitrage.

  1. Yamana Gold (AUY) announced that the arrangement agreement with Agnico Eagle Mines Limited (AEM) and Pan American Silver (PAAS) entered into on November 4, 2022, has become effective upon the termination by Gold Fields Limited of the arrangement agreement between the company and Gold Fields (GFI) entered into on May 31, 2022.
  2. Yamana Gold (AUY) announced that the arrangement agreement with Agnico Eagle Mines Limited (AEM) and Pan American Silver (PAAS) entered into on November 4, 2022, has become effective upon the termination by Gold Fields Limited of the arrangement agreement between the company and Gold Fields (GFI) entered into on May 31, 2022.
  3. Albertsons Companies (ACI) announced that the U.S. District Court for the District of Columbia has denied the request by the California, Illinois, and District of Columbia Attorneys General for a temporary restraining order against the company’s previously announced $6.85 per common share Special Dividend, originally scheduled to be paid on November 7, 2022.
  4. According to Reuters, A U.S. federal court denied requests to temporarily block Albertsons Companies’ (ACI) $4 billion dividend payment to shareholders before the closing of the proposed merger with Kroger (KR), but the payout remained blocked due to another court order.
  5. CarLotz (LOTZ) announced that the special meeting of stockholders will be on December 7, 2022.

Deals In The Works

  1. Yamana Gold Inc (AUY) had agreed to be acquired by Agnico Eagle Mines Ltd (AEM) and Pan American Silver Corp(PAAS), ending a deal with Gold Fields (GFI).
  2. Middlefield Banc Corp. (MBCN), announced that the shareholders of Middlefield have voted to approve the proposed merger of Liberty Bancshares, (LBSI). The merger is expected to be completed during the fourth quarter of 2022.

Insider Purchases

  1. Kelcy L. Warren, the Executive Chairman of oil & gas midstream company Energy Transfer LP (ET), purchased 1,200,000 units at an average price of $12.35 totaling $14.82 million.
  2. William R. Shepard, a Director of financial exchange CME Group Inc. (CME), purchased 48,645 shares at an average price of $170.00 totaling $8.27 million.
  3. David L. Calhoun, the President & CEO of Boeing Co. (BA), purchased 25,000 shares at an average price of $158.88 totaling $3.97 million. Steven M. Mollenkopf, a Director of the company, purchased 1,285 shares at an average price of $157.09 totaling $201,861.
  4. Arlen Dale Nordhagen, Co-founder and Executive Chairman of self storage REIT National Storage Affiliates Trust (NSA), purchased 53,000 shares at an average price of $37.88 totaling $2 million. David Cramer, the President of the company, purchased 10,000 shares at an average price of $37.88 totaling $378,800.
  5. Thomas J. Hook, the President and CEO of specialty industrial machinery company Barnes Group Inc. (B), purchased 35,000 shares at an average price of $38.09 totaling $1.33 million. Julie K. Streich, the SVP, Finance and CFO of the company, purchased 8,100 shares at an average price of $37.56 totaling $304,266. Elijah Kent Barnes, a Director of the company, purchased 3,330 shares at an average price of $38.00 totaling $126,540.
  6. James D. Dondero, the President of apartment REIT NexPoint Residential Trust, Inc. (NXRT), purchased 28,488 shares at an average price of $44.78 totaling $1.28 million. Dennis Charles Sauter, the General Counsel of the company, purchased 2,223 shares at an average price of $44.57 totaling $99,090.
  7. Michael E. Maroone, a Director of auto dealer Carvana Co. (CVNA), purchased 100,000 shares at an average price of $8.61 totaling $861,000. Ira J. Platt, a Director of the company, purchased 50,000 shares at an average price of $7.40 totaling $370,000.
  8. Ruben S. Martin, a Director of oil & gas midstream company Martin Midstream Partners L.P. (MMLP), purchased 134,306 shares at an average price of $3.08 totaling $413,442. Robert D. Bondurant, the President and CEO of the company, purchased 700 shares at an average price of $3.22 totaling $2,254. Sharon L. Taylor, the Chief Financial Officer of the company, purchased 412 shares at an average price of $3.22 totaling $1,327.
  9. Shiu Leung Chan, a Director of computer hardware and server technology company Super Micro Computer, Inc. (SMCI), purchased 4,500 shares at an average price of $76 totaling $341,994.
  10. Beat Kahli, a Director of automotive and consumer Electronics company VOXX International Corp (VOXX), purchased 25,000 shares at an average price of $10.13 totaling $253,250.
  11. Julie Howard, a Director of mattress manufacturer Sleep Number Corp (SNBR), purchased 6,500 shares at an average price of $26.31 totaling $170,983.
  12. Brian Choi, a Director of regional bank OP Bancorp (OPBK), purchased 12,775 shares at an average price of $11.36 totaling $145,089.
  13. Gregory S. Rush, a Director of home-based medical care and hospice company Enhabit, Inc. (EHAB), purchased 10,000 shares at an average price of $12.67 totaling $126,713.
  14. Wes Cummins, the CEO and Chairman of datacenter company Applied Blockchain, Inc. (APLD), purchased 50,000 shares at an average price of $2.42 totaling $121,000.
  15. Andrew LaBenne, the Chief Financial Officer of personal lending company LendingClub Corp (LC), purchased 12,300 shares at an average price of $9.52 totaling $117,084.
  16. Steven T. Clontz, a Director of telecom services company Lumen Technologies, Inc. (LUMN), purchased 11,500 shares at an average price of $5.90 totaling $67,850.
  17. Larry Hoff, a Director of regional bank Riverview Bancorp Inc. (RVSB), purchased 8,800 shares at an average price of $6.96 totaling $61,277.
  18. Lip Bu Tan, a Director of Intel Corp. (INTC), purchased 1,854 shares at an average price of $27.49 totaling $50,975.
  19. Thomas Lynn Brown, a Director of specialty insurance company James River Group Holdings, Ltd. (JRVR), purchased 2,000 shares at an average price of $23.03 totaling $46,067.
  20. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 14 shares at an average price of $2,664.59 totaling $37,304.
  21. John T. Nesser, a Director of specialty industrial nachinery company Thermon Group Holdings, Inc. (THR), purchased 1,959 shares at an average price of $18.80 totaling $36,829.

SPACs

  1. Conduit Pharmaceuticals Limited and Murphy Canyon Acquisition Corp. (MURF) announced that they have entered into a definitive business combination agreement.
  2. Profusa and NorthView Acquisition Corp. (NVACentered into a definitive business combination agreement, that will result in Profusa becoming a publicly listed company.

Stock Buyback Announcements

  1. DuPont de Nemours, Inc. (DD) announced a new $5 billion share repurchase program with intended $3.25 billion accelerated share repurchase program to be executed imminently. This represents around 16% of its market cap at announcement.
  2. Planet Fitness, Inc. (PLNT) has authorized a new $500 million share repurchase program, representing around 9% of its market cap at announcement.
  3. Alpha Metallurgical Resources, Inc. (AMR) has increased share buyback authorization by $400 million. This represents around 13% of its market cap at announcement.
  4. First Advantage Corporation (FA) increased and extended share repurchase program by $100 million through December 31, 2023. This represents around 6.3% of its market cap at announcement.
  5. Aflac Incorporated (AFL)  authorized the purchase of up to 100 million shares of its common stock. This represents around 16% of its market cap at announcement.
  6. XP Inc. (XP) has approved an additional amount of up to R$1.0 billion ($194.4 million) to the existing share repurchase program, bringing the total amount of the program of up to R$2.0 billion of its outstanding Class A common shares. This represents around 2% of its market cap at announcement.
  7. The Hackett Group, Inc. (HCKT) has approved an additional $120 million to its share repurchase plan, representing around 18% of its market cap at announcement. The Company also announced its plan to launch a modified “Dutch auction” tender offer tomorrow to purchase up to $120 million in value of its common stock, at a price ranging from $20.50 to $23.50.

C-Suite Transitions

Appointments

  1. Party City Holdco Inc. (PRTY) appointed Sean Thompson as President and Chief Commercial Officer and Denise Kulikowsky as Chief People and Administrative Officer
  2. Bankwell Financial Group, Inc. (BWFG) announced that Courtney E. Sacchetti has been appointed Executive Vice President and Chief Financial Officer effective January 1, 2023.
  3. Oscar Health, Inc. (OSCR) appointed R. Scott Blackley as the Chief Transformation Officer and Siddhartha Sankaran as Interim Chief Financial Officer
  4. Veritone (VERI) intends to appoint Ryan Steelberg, the company’s current President, as Chief Executive Officer
  5. Farmland Partners (FPI) appointed Luca Fabbri, the company’s current President, as Chief Executive Officer
  6. Grocery Outlet Holding Corp. (GO) appointed Robert Joseph Sheedy, Jr. as President and Chief Executive Officer, effective January 1, 2023
  7. Xenon Pharmaceuticals (XENE), announced the appointment of Andrea DiFabio as Chief Legal Officer
  8. Auburn National Bancorporation (AUBN) appointed David Hedge as President and Chief Executive Officer effective January 1, 2023
  9. WPP plc (WPP) Joanne Wilson appointed as Chief Financial Officer
  10. Energy Vault Holdings, Inc. (NRGV) announced the appointment of Jan Kees van Gaalen as Chief Financial Officer
  11. Talkspace (TALK), announced that it has appointed Dr. Jon R. Cohen, as its new Chief Executive Officer.
  12. Levi Strauss (LEVI) Michelle Gass joins as President in January and will step into the role of CEO within the next 18 months

Departures

  1. Party City Holdco Inc. (PRTY) Reginald M. Rasch, Chief Legal Officer, will be departing the Company effective November 18, 2022
  2. Independence Realty Trust, Inc. (IRT) Ella S. Neyland, Chief Operating Officer resigns effective December 15, 2022.
  3. Veritone (VERI) Chad Steelberg informed the company of his intention to resign as Chief Executive Officer effective as of January 1, 2023
  4. Farmland Partners (FPI) Paul A. Pittman steps down as Chief Executive Officer but will remain as Executive Chairman
  5. Grocery Outlet Holding Corp. (GO) Eric J. Lindberg, Jr. Chief Executive Officer retires effective December 31, 2022
  6. Wingstop Inc. (WING) Stacy Peterson, Executive Vice President, Chief Revenue & Technology Officer resigns effective December 2, 2022
  7. Auburn National Bancorporation, Inc. (AUBN) announced that Robert W. Dumas has decided to retire as President and Chief Executive Officer
  8. WPP plc (WPP) John Rogers to step down as Chief Financial Officer
  9. Kohl’s Corporation (KSS) Chief Executive Officer Michelle Gass to step down

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.