InsideArbitrage Event Driven Monitor – December 16, 2022
Quick updates on the event-driven strategies we follow on InsideArbitrage.
- Abiomed (ABMD) and Johnson & Johnson (JNJ) received clearance for their merger from the German Federal Cartel Office and the Japan Fair Trade Commission.
- Euronav (EURN) acknowledged the receipt from CMB NV of a letter to its Supervisory Board asking it to terminate the Combination Agreement with Frontline (FRO) and reaffirmed its commitment to the combination.
- The waiting period with respect to the merger between UserTesting (USER) and Thoma Bravo and Sunstone Partners, under the HSR Act, expired on December 9, 2022.
- The Australian Competition and Consumer Commission provided notice that it does not intend to conduct a public review of the merger between UserTesting (USER) and Thoma Bravo and Sunstone Partners.
- The waiting period with respect to the merger between Benefitfocus (BNFT) and Voya Financial (VOYA), under the HSR Act, expired.
Deal in the Works
- AWH Capital urges Purple Innovation’s (PRPL) board of directors to reject the acquisition proposal by Coliseum Capital Management.
- Jana Partners LLC pushing Freshpet Inc (FRPT) to consider selling itself has told the pet-food company that it plans to launch a proxy fight and run for board seats, according to a regulatory filing
You can check out new deals, all deal updates and spreads on active deals in our Merger Arbitrage Tool for premium members here.
- Bryant R. Riley, the Chairman and Co-CEO of mid-market investment bank B. Riley Financial, Inc. (RILY), purchased 63,527 shares at an average price of $41.31 totaling $2.62 million.
- Sameer K. Gandhi, a Director of cloud software company Freshworks Inc. (FRSH), purchased 125,901 shares at an average price of $14.92 totaling $1.88 million. These shares were purchased indirectly through the venture capital firm Accel, which has been involved in funding the company since its series A round in 2011.
- Shah Capital Management, the CFO of solar company ReneSola Ltd (SOL), purchased 173,354 shares at an average price of $4.40 totaling $763,363. I double checked this filing and it was the entity (Shah Capital Management) that was listed as the CFO/Chairman and Director and not an individual from the firm.
- Gordon Crawford, a Director of movie studio company Lions Gate Entertainment, Corp. (LGF.B), purchased 100,000 shares at an average price of $6.18 totaling $617,700.
- Richard W. Baker, a Director of regional bank Guaranty Bancshares, Inc. (GNTY), purchased 16,219 shares at an average price of $34.45 totaling $558,812.
- Tobias Lutke, a Director of cryptocurrency exchange Coinbase Global, Inc. (COIN), purchased 8,685 shares at an average price of $46.04 totaling $399,857.
- Rajath Shourie, a Director of oil & gas E&P company Berry Corp (bry) (BRY), purchased 50,000 shares at an average price of $7.79 totaling $389,728.
- Tommy G. Thompson, a Director of healthcare REIT Physicians Realty Trust (DOC), purchased 24,335 shares at an average price of $15.13 totaling $368,130.
- Benno O. Dorer, the Interim President and CEO of apparel manufacturing company VF Corp. (VFC), purchased 10,000 shares at an average price of $28.50 totaling $284,950. This is the third insider purchase by three different insiders in the last three days.
- Balan Nair, the President and CEO of telecom services company Liberty Latin America Ltd. (LILA), purchased 35,076 shares at an average price of $7.12 totaling $249,590.
- Jeffrey Gould, the President and CEO of multifamily REIT BRT Apartments Corp. (BRT), purchased 12,300 shares at an average price of $20.21 totaling $248,541.
- Glenn W. Welling, a Director of packaged foods company BRC Inc. (BRCC), purchased 37,288 shares at an average price of $6.51 totaling $242,593.
- Jonathan E. Lim, the Chairman & CEO of biotechnology company Erasca, Inc. (ERAS), purchased 40,000 shares at an average price of $4.99 totaling $199,600. Alexander W. Casdin, a Director of the company, also purchased 20,000 shares at an average price of $4.87 totaling $97,490.
- David Michael Johnson, a Director of biotechnology company Aura Biosciences, Inc. (AURA), purchased 10,000 shares at an average price of $12.37 totaling $123,700.
- Ira Liran, a Director of non-alcoholic beverages company Vita Coco Company, Inc. (COCO), purchased 10,000 shares at an average price of $12.17 totaling $121,700.
- Alan Yu, the CEO and Chairman of the BOD of packaging & containers company Karat Packaging Inc. (KRT), purchased 8,500 shares at an average price of $13.77 totaling $117,010.
- Carl Benjamin Brink, the EVP & Chief Financial Officer of funeral homes operator Carriage Services, Inc. (CSV), purchased 4,000 shares at an average price of $25.85 totaling $103,400. Carlos R. Quezada, the President & COO of the company, also purchased 2,000 shares at an average price of $25.14 totaling $50,280.
- Stephen W. Hipp, a Director of payment solutions company Priority Technology Holdings, Inc. (PRTH), purchased 18,832 shares at an average price of $5.44 totaling $102,446.
- Prasad Gundumogula, the Chief Executive Officer of travel software company Mondee Holdings, Inc. (MOND), purchased 11,400 shares at an average price of $8.81 totaling $100,432.
- Matthew Simoncini, a Director of self-driving company Luminar Technologies, Inc. (LAZR), purchased 11,458 shares at an average price of $7.43 totaling $85,117. Three other Directors of the company also purchased 27,153 shares of the company.
- Scott N. Flanders, a Director of real estate services company Fathom Holdings Inc. (FTHM), purchased 12,986 shares at an average price of $5.88 totaling $76,309.
- Robert G. Adams, a Director of healthcare REIT National Health Investors, Inc. (NHI), purchased 1,000 shares at an average price of $56.60 totaling $56,600.
- Ock Hee Kim, a Director of regional bank OP Bancorp (OPBK), purchased 4,514 shares at an average price of $11.80 totaling $53,265.
- Murray Stahl, a Director of Texas landowner company Texas Pacific Land Corp (TPL), purchased 20 shares at an average price of $2,570.39 totaling $51,408.
- Matthew B. Crisp, the President & CEO of agricultural inputs company Benson Hill, Inc. (BHIL), purchased 20,000 shares at an average price of $2.54 totaling $50,702.
- Marc N. Duber, a Director of regional bank FVCBankcorp, Inc. (FVCB), purchased 2,585 shares at an average price of $19.34 totaling $49,989.
- William Curtis Brighton, a Director of regional bank First Financial Corp. (THFF), purchased 1,000 shares at an average price of $46.33 totaling $46,330.
- DarkPulse announced the signing of a definitive business combination agreement with Global System Dynamics (GSD).
- Greenfire Resources and M3-Brigade Acquisition III Corp. (MBSC) entered into a definitive agreement for a business combination.
- Southwest Gas Holdings (SWX) announced that it will pursue a spin-off of its wholly owned subsidiary, Centuri Group,to form a new independent publicly traded utility infrastructure services company.
- Siemens Healthineers and General Electric Co’s (GE) healthcare business are weighing a potential acquisition of two units being spun off by Medtronic Plc (MDT), Bloomberg reported.
- Crane (CR) announced that it has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission and is on track to complete the previously announced separation on April 3, 2023.
Stock Buyback Announcements
- DXP Enterprises, Inc. (DXPE) authorized a new stock repurchase program under which up to $85 million or 2.8 million shares of its outstanding common stock may be acquired, representing around 17% of its market cap at announcement. This follows the successful completion of the previous program, which began in May 2021.
- Shoe Carnival, Inc. (SCVL) authorized a new share repurchase program for up to $50 million of its outstanding common stock, effective January 1, 2023, representing 8.4% of its market cap at announcement.
- Granite Ridge Resources, Inc. (GRNT) has approved a $50 million stock repurchase program through December 31, 2023. This represents around 4.4% of its market cap at announcement.
- Apollo Medical Holdings, Inc. (AMEH) authorized a new $50 million share repurchase program, effective immediately. This represents around 4% of its market cap at announcement.
- Outbrain Inc. (OB) approved a new $30 million stock repurchase program, representing around 17% of its market cap at announcement.
- Cadence Bank (CADE) authorized a new 10 million share repurchase program. This represents around 5.5% of its market cap at announcement.
- Alpha Pro Tech, Ltd. (APT) has authorized a $2 million expansion of the company’s existing share repurchase program, representing around 4% of its market cap at announcement.
- AMMO (POWW): appoints Jared Smith as President and Chief Operating Officer, effective January 3, 2023.
- OptiNose (OPTN): appoints Paul Spence, Jr. as Chief Commercial Officer.
- Washington Trust Bancorp (WASH): appoints Mary E. Noons as President and Chief Operating Officer effective April 25, 2023.
- First Hawaiian (FHB): appoints James M. Moses to serve as Vice Chairman and Chief Financial Officer, effective January 3, 2023.
- Martin Marietta Materials (MLM): appoints Kelly Bennett Chief Human Resource Officer.
- Synovus Financial (SNV): appoints Kevin S. Blair, Chief Executive Officer, and President, as the Chairman of the Board, effective as of January 1, 2023
- Barings BDC (BBDC): appoints Eric Lloyd as Chief Executive Officer.
- JELD-WEN Holding (JELD): appoints William J. Christensen as Chief Executive Officer
- Fidelity National Information Services (FIS): appoints Stephanie L. Ferris as Chief Executive Officer.
- Huron Consulting Group (HURN): appoints C. Mark Hussey as Chief Executive Officer effective January 1, 2023.
- National Instruments Corporation (NATI): appoints Daniel Berenbaum as Chief Financial Officer effective January 9, 2023.
- W.W. Grainger (GWW): appoints Nancy L. Berardinelli-Krantz as General Counsel.
- Sysco Corporation (SYY): appoints Neil A. Russell, Chief Communications Officer, to serve as interim Chief Financial Officer.
- Tronox Holdings (TROX): appoints John Srivisal as Chief Financial Officer effective April 1, 2023.
- Main Street Capital (MAIN): Lance A. Parker, Vice President, and Chief Accounting Officer step down effective March 31, 2023.
- OptiNose (OPTN): Victor Clavelli, Chief Commercial Officer resigns effective December 22, 2022.
- Washington Trust Bancorp (WASH): Mark K.W. Gim informed of his intent to retire as President and Chief Operating Office effective April 25, 2023.
- First Hawaiian (FHB): Ralph M. Mesick, who has been serving as Interim Chief Financial Officer steps down.
- Martin Marietta Materials (MLM): announced that Craig La Torre, Chief Human Resource Officer will be retiring in the second half of 2023.
- Synovus Financial (SNV): Kessel D. Stelling, Executive Chairman will retire from his position effective December 31, 2022.
- Barings BDC (BBDC): Jonathan Bock notified that he will step down as Chief Executive Officer.
- Fidelity National Information Services (FIS): Gary A. Norcross will depart as Chief Executive Officer effective December 16, 2022.
- National Instruments Corporation (NATI): announced Karen Rapp will resign as Executive Vice President and Chief Financial Officer
- W.W. Grainger (GWW): John L. Howard, Senior Vice President and General Counsel notified the company of his intention to retire.
- Sysco Corporation (SYY): Aaron E. Alt, Chief Financial Officer , resigns from his position effective January 6, 2023
- Tronox Holdings (TROX): announced that Timothy C. Carlson, Chief Financial Officer, will retire effective as of April 1, 2023.
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