InsideArbitrage Event Driven Monitor – December 28, 2022

  • December 28, 2022

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

Merger Arbitrage

  1. Global Infrastructure Solutions has completed the acquisition of Hill International (HIL).
  2. The stockholders of Poshmark (POSH) voted to approve the company’s pending acquisition by NAVER Corporation. The transaction is expected to close in early January 2023.

Deal In The Works

  1. PolarityTE (PTE), announced that it signed a non-binding letter of intent with Michael Brauser for him to make an offer to acquire 100% of the outstanding equity interests of the company at a proposed offering price of $1.03 per common share, which would be paid entirely in cash.

You can check out new deals, all deal updates and spreads on active deals in our Merger Arbitrage Tool for premium members here.

Insider Purchases

  1. Hill Path Capital Partners purchased 410,202 shares of entertainment company Dave & Buster’s Entertainment, Inc. (PLAY) at an average price of $34.74 totaling $14.25 million.
  2. Edwin Rock, the Chief Medical Officer of biotechnology company GlycoMimetics, Inc. (GLYC), purchased 110,000 shares at an average price of $2.25 totaling $247,500.
  3. Kevin S. Wilson, the CEO and President of specialty medical devices company Heska Corp. (HSKA), purchased 3,440 shares at an average price of $59.64 totaling $205,152.
  4. Jeffrey Gould, the President and CEO of multifamily REIT BRT Apartments Corp. (BRT), purchased 8,536 shares at an average price of $19.37 totaling $165,362.
  5. Carin Marcy Barth, a Director of midstream energy company Enterprise Product Partners L.P. (EPD), purchased 5,000 shares at an average price of $23.99 totaling $119,950.
  6. Douglas H. Martin, a Director of retail appliance company Conns Inc. (CONN), purchased 12,000 shares at an average price of $6.41 totaling $76,958.
  7. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,489.92 totaling $52,288.
  8. Thomson F. Leighton, the Chief Executive Officer of content delivery and cloud infrastructure company Akamai Technologies, Inc. (AKAM), purchased 302 shares at an average price of $83.03 totaling $25,075.

SPACs

  1. SPK Acquisition  (SPK) terminated its Merger Agreement With Varian Biopharmaceuticals.

Stock Buyback Announcements

  1. P10, Inc. (PX) has authorized an increase to its stock buyback program by an additional $20 million of its outstanding shares of Class A and Class B Common Stock. This represents around 2% of its market cap at announcement.

C-Suite Transitions

Departures

  1. Gibraltar Industries (ROCK): Elizabeth R. Jensen notified Gibraltar Industries, of her intent to resign from her position as Vice President and Chief Human Resources Officer, effective January 13, 2023.
  2. Forge Global Holdings (FRGE): Jose Cobos notified his decision to step down as President of the company, effective December 31, 2022.

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.