InsideArbitrage Event Driven Monitor – January 12, 2023

  • January 12, 2023

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

Merger Arbitrage

  1. Merck (MRK) completes the acquisition of Imago BioSciences (IMGO).
  2. Coupa Software Incorporated (COUP) and Thoma Bravo filed their respective notification and report Forms with the FTC and the Antitrust Division of the DOJ on December 21, 2022. They also made the required filings with Germany, Austria, and South Africa.
  3. Standard General highlighted in a press release, that it has a broad and strong support for its pending acquisition of TEGNA (TGNA).

Deals In The Works

  1. According to Bloomberg, Univar Solutions (UNVR) has attracted interest from potential bidders including Apollo Global Management (APO) and Platinum Equity, people familiar with the matter said.

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. A cluster of insiders of aerospace company HEICO (HEI) purchased both common shares and class A shares. The insiders included seven different directors, two Co-Presidents and the CEO. All the purchases of the common shares were at the exact same price and two of the form 4 filings indicated that they were on account of a company leadership compensation plan (409A plan).
  2. Ashley Zickefoose, the SVP, Chief Marketing Officer of entertainment company Dave & Buster’s Entertainment, Inc. (PLAY), purchased 3,600 shares at an average price of $41.58 totaling $149,684.
  3. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,065.88 totaling $43,383.

Stock Buyback Announcements

  1. Veradigm Inc. (MDRX) has approved a new share repurchase program under which Veradigm may purchase up to $250 million of its common stock. This represents around 12.5% of its market cap at announcement.
  2. Victoria’s Secret & Co. (VSCO) has authorized a new $250 million share repurchase program, representing around 8% of its market cap at announcement.
  3. Codorus Valley Bancorp, Inc. (CVLY) has approved a new $5 million treasury stock repurchase program, representing around 2% of its market cap at announcement.
  4. Super Group (SGHC) Limited (SGHC) has authorized the repurchase of up to $25 million of Super Group ordinary shares through December 31, 2023. This represents around 2% of its market cap at announcement.

C-Suite Transitions

Appointments

  1. Kandi Technologies Group (KNDI): appoints Xueqin Dong as Chief Executive Officer.
  2. Artisan Partners Asset Management (APAM): appoints Samuel B. Sellers as Chief Operating Officer.
  3. Broadstone Net Lease (BNL): appoints John Moragne as Chief Executive Officer.
  4. Advanced Micro Devices (AMD): appoints Jean Hu as Chief Financial Officer effective January 23, 2023
  5. First Financial Bankshares (FFIN): appoints Michelle S. Hickox, as Executive Vice President and Chief Financial Officer.
  6. Tff Pharmaceuticals (TFFP): appoints Zamaneh Mikhak, M.D. to serve as Chief Medical Officer.
  7. Latch (LTCH): appoints Jason Keyes as interim Chief Executive Officer

Departures

  1. Sachem Capital (SACH): William C. Haydon resigned from his position as the Chief Investment Officer, Chief Credit Officer.
  2. Kandi Technologies Group (KNDI): Xiaoming Hu, Chief Executive Officer resigned from his position.
  3. EchoStar (SATS): Muhammad Ali Butt steps down as Chief Accounting Officer
  4. Broadstone Net Lease (BNL): Christopher J. Czarnecki resigns from his roles as the President and Chief Executive Officer effective February 28, 2023.
  5. Advanced Micro Devices (AMD): Devinder Kumar retires as Chief Financial Officer effective as of January 23, 2023,
  6. First Financial Bankshares (FFIN): James R. Gordon resigned as Executive Vice President and Chief Financial Officer effective January 9, 2023.
  7. Latch (LTCH): Luke Schoenfelder, Chief Executive Officer resigned effective as of January 11, 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.