InsideArbitrage Event Driven Monitor – January 10, 2023

  • January 10, 2023

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

Merger Arbitrage

  1. Paya Holdings (PAYA) to be acquired by Nuvei Corporation (NVEI) for $1.3 billion or $9.75 per share in cash.
  2. Duck Creek Technologies (DCT) to be acquired by Vista Equity Partners for $2.6 billion or $19.00 per share in cash.
  3. Peoples Bancorp (PEBO) and Limestone Bancorp (LMST) announced that each will hold a special meeting of its shareholders to vote on the adoption and approval of the Merger Agreement on February 23, 2023.
  4. Vivint Smart Home (VVNT) and NRG Energy (NRG) announced that the applicable waiting period under the HSR Act will expire on January 19, 2023.
  5. Maverix Metals (MMX) announced that the deadline for shareholders to elect to receive either “all cash” or “all shares” as their form of consideration under the Plan of Agreement involving Maverix and Triple Flag Precious Metals (TFPM) has been extended to January 11, 2023.
  6. Frontline (FRO) announced that it no longer pursues a combination between Frontline and Euronav (EURN) and has terminated the combination agreement.
  7. Umpqua Holdings Corporation (UMPQ) and Columbia Banking System (COLB) received approval from the Federal Deposit Insurance Corporation. The merger is expected to be completed by the end of February and the outside date has been extended to March 11, 2023.

Deals In The Works

  1. CVS Health Corp. (CVS) is exploring an acquisition of Oak Street Health Inc. (OSH), which runs primary care centers for Medicare recipients, according to people familiar with the matter.
  2. A potential deal we added on June 17, 2022, announced that they have entered into a definitive agreement whereby Nuvei (NVEI) will acquire Paya (PAYA) in an all-cash transaction at USD $9.75 per share.

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. Randall E. Paulson, a Director of mid-market investment bank B. Riley Financial, Inc. (RILY), purchased 20,000 shares at an average price of $37.22 totaling $744,346.
  2. Kevin S. Wilson, the CEO and President of medical devices company Heska Corp. (HSKA), purchased 11,018 shares at an average price of $58.62 totaling $645,926.
  3. Peter Yu, a Director of asset management company Alvarium Tiedemann Holdings, Inc. (ALTI), purchased 62,035 shares at an average price of $8.59 totaling $532,908. Alvarium Tidemann went public through a SPAC business combination with Cartesian Growth Corporation last week and the stock has been very volatile in recent days.
  4. Mark Lampert, a Director of Biotechnology company XOMA Corp (XOMA), purchased 22,249 shares at an average price of $18.91 totaling $420,737. These shares were purchased indirectly through BVF Partners.
  5. Richard W. Baker, a Director of regional bank Guaranty Bancshares (GNTY), purchased 4,143 shares at an average price of $34.50 totaling $142,934.
  6. Charles Elliott Sigal, a Director of biotechnology company Vir Biotechnology, Inc. (VIR), purchased 2,500 shares at an average price of $24.96 totaling $62,396.
  7. Ana Radeljevic, a Director of biotechnology company Merrimack Pharmaceuticals, Inc. (MACK), purchased 4,156 shares at an average price of $12.03 totaling $49,997.
  8. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,104.81 totaling $44,201.

SPACs

  1. First Light Acquisition Corp (FLAG) and Calidi Biotheraputics entered into a definitive merger agreement.
  2. Newcourt Acquisition Corp (NCAC) and Psyence Group entered into a definitive business combination agreement.

Stock Buyback Announcements

  1. Agilent Technologies Inc. (A) has approved a new $2 billion share repurchase program, representing around 5% of its market cap at announcement.
  2. Brookfield Asset Management Ltd. (BAM) announced that the Toronto Stock Exchange has accepted its notice to commence a normal course issuer bid to purchase up to 31,785,036 Class A Shares. This represents around 8% of its market cap at announcement.

C-Suite Transitions

Appointments

  1. Rite Aid Corporation (RAD): appoints Elizabeth (Busy) Burr as interim Chief Executive Officer
  2. Sensus Healthcare (SRTS): appoints Magdalena Martinez as Chief Operating Officer.
  3. Texas Roadhouse (TXRH): promotes Regina A. Tobin to President of the company effective January 9, 2023.
  4. Sight Sciences (SGHT): appoints Jim Rodberg as interim Chief Financial Officer and Treasurer
  5. Udemy (UDMY): appoints Gregory Brown as the President and Chief Executive Officer, effective as of February 28, 2023.
  6. Novavax (NVAX): appoints John C. Jacobs, as President and Chief Executive Officer effective as of January 23, 2023.
  7. MYR Group (MYRG): appoints Kelly Huntington as Senior Vice President and Chief Financial Officer.
  8. Acacia Research Corp (ACTG): appoints Kirsten Hoover as interim Chief Financial Officer effective January 28, 2023.
  9. Agiliti (AGTI): appoints Thomas W. Boehning as Chief Executive Officer.
  10. Appgate (APGT): appoints Leo Taddeo,current Chief Information Security Officer, as Chief Executive Officer and President effective on January 4, 2023.
  11. KemPharm (KMPH): appoints Richard W. Pascoe to serve as Chief Executive Officer.
  12. ViewRay (VRAY): appoints William P. “Bill” Burke as Chief Financial Officer.

Departures

  1. Rite Aid Corporation (RAD): Heyward Donigan, President and Chief Executive Officer steps down as Chief Executive Officer effective immediately.
  2. Tyson Foods (TSN): Scott Spradley departs from the role of Executive Vice President, Chief Technology and Automation Officer.
  3. Workiva (WK): Jeffrey D. Trom intends to retire as Chief Technology Officer effective as of February 1, 2023.
  4. Sight Sciences (SGHT): Jesse Selnick, Chief Financial Officer and Treasurer steps down.
  5. MYR Group (MYRG): As part of a planned leadership succession process, Betty R. Johnson notified her decision to retire as Chief Financial Officer, effective on February 24, 2023.
  6. Tanger Factory Outlet Centers (SKT): Chad D. Perry, Executive Vice President, General Counsel and Secretary resigns effective April 3, 2023.
  7. Udemy (UDMY): Gregg Coccari intends to retire as President, Chief Executive Officer and Chairman of the Board effective as of February 28, 2023.
  8. CS Disco (LAW): Keith Zoellner, Executive Vice President, Chief Technology Officer resigns from his positions, effective January 20, 2023.
  9. Acacia Research Corp (ACTG): Richard Rosenstein resigns as Chief Financial Officer effective January 27, 2023.
  10. Mirum Pharmaceuticals (MIRM): Ian Clements resigns as Chief Financial Officer.
  11. Editas Medicine (EDIT): Mark S. Shearman, Ph.D., Chief Scientific Officer will step down effective March 31, 2023.
  12. Agiliti (AGTI): Thomas J. Leonard, Chief Executive Officer will resign effective March 10, 2023.
  13. Appgate (APGT): Barry Field, Chief Executive Officer, and Jawahar Sivasankaran President and Chief Operating Officer stepped down.
  14. KemPharm (KMPH): Travis C. Mickle resigned as Chief Executive Officer.
  15. ViewRay (VRAY): Zach Stassen, Chief Financial Officer resigns
  16. Nevro Corp (NVRO): D. Keith Grossman intends to retire as Chief Executive Officer and President in 2023.
  17. Mitek Systems (MITK): Frank Teruel, the Chief Financial Officer resigns, effective as of February 1, 2023.

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.