InsideArbitrage Event Driven Monitor – January 11, 2023

  • January 11, 2023

Editor’s Note: Last weekend we did a soft launch of a brand new version of the InsideArbitrage website. We are currently working through any issues and minor fixes in preparation for the full launch next week. The site now includes a new section called “Gurus” and a new premium screen of top performing insiders. Your feedback has already helped us identify and fix a few issues. Starting next week, the price of our premium service will increase. Existing subscribers will remain grandfathered at the current price.

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

Merger Arbitrage

  1. MaxLinear (MXL) CFO Steve Litchfield said at a Needham conference that the company’s planned purchase of Silicon Motion Technology (SIMO) is on track to be completed by mid 2023. He said, “Everything seems to be on track or moving as expected. Most of these deals are taking close to 12 months and that’s why we set the time frame where it is and it seems to be playing out that way.”
  2. Apollo Endosurgery (APEN) announced that the special meeting of stockholders will be on February 9, 2023.
  3. First Brands Group launched its tender offer with respect to its merger agreement with Horizon Global Corporation (HZN). The tender offer will expire on February 6, 2023.
  4. Malvern Bancorp (MLVF) announced that the special meeting of stockholders will be on February 23, 2023.

Deals In The Works

  1. WWE (WWE) Board of Directors elects Vince McMahon as Executive Chairman of the Board, co-CEO Stephanie McMahon resigns, Nick  Khan will be the sole CEO.

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. Jonathan E. Lim, the Chairman & CEO of biotechnology company Erasca, Inc. (ERAS), purchased 60,000 shares at an average price of $3.86 totaling $231,420.
  2. Matt McGraner, the Chief Investment Officer of mortgage REIT NexPoint Real Estate Finance, Inc. (NREF), purchased 5,000 shares at an average price of $16.81 totaling $84,050.
  3. Thomson F. Leighton, the Chief Executive Officer of security software and CDN services provider Akamai Technologies, Inc. (AKAM), purchased 580 shares at an average price of $86.47 totaling $50,155. He has been buying shares recently under an established 10b5-1 plan.
  4. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,134.11 totaling $44,816.

Spinoffs

  1. MDU Resources Group (MDU) announced that Nathan W. Ring has been named Chief Financial Officer of its subsidiary, Knife River Corporation, effective upon completion of the planned separation of Knife River.

Stock Buyback Announcements

  1. TD SYNNEX Corporation (SNX) has authorized a new $1 billion share repurchase program, representing around 10% of its market cap at announcement.
  2. DatChat, Inc. (DATS) authorized a $2 million stock repurchase plan, representing around 21% of its market cap at announcement.

C-Suite Transitions

Appointments

  1. American International Group (AIG): appoints Mark D. Lyons as Interim Chief Financial Officer.
  2. Eastern Co. (EML): appoints Mark Hernandez as its next Chief Executive Officer.
  3. Informatica (INFA): appoints Michael McLaughlin as Chief Financial Officer effective January 16, 2023.
  4. Instructure Holdings (INST): appoints Chris Ball as President and Chief Operating Officer
  5. Kimball Electronics (KE): appoints Richard D. Phillips as Chief Executive Officer, effective March 1, 2023.
  6. Builders FirstSource (BLDR): appoints Dave Rush as Chief Executive Officer.

Departures

  1. American International Group (AIG): Shane Fitzsimons Chief Financial Officer is taking a temporary medical leave of absence.
  2. Eastern Co. (EML): August (Gus) Vlak, Chief Executive Officer steps down
  3. Informatica (INFA): Eric Brown, Chief Financial Officer steps down effective January 13, 2023.
  4. Domo (DOMO): Catherine Wong Chief Operating Officer resigns from her position effective January 15, 2023.
  5. Kimball Electronics (KE): Donald D. Charron, Chairman, and Chief Executive Officer intend to retire effective February 28, 2023.
  6. ARKO Corp. (ARKO): Donald Bassell, Chief Financial Officer intends to retire effective in the fourth quarter of 2023.
  7. MeridianLink (MLNK): Alan Arnold Chief Operating Officer resigns, effective February 28, 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.