InsideArbitrage Event Driven Monitor – January 13, 2023

  • January 13, 2023

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

Merger Arbitrage

  1. Sen. Elizabeth Warren (D-MA) urged the Federal Communications Commission to block TEGNA’S (TGNA) planned sale to Standard General due to competition concerns.
  2. Thoma Bravo and Sunstone Partners completed the acquisition of UserTesting (USER).
  3. Semtech Corporation (SMTC) completed the acquisition of Sierra Wireless (SWIR).
  4. Shareholders of ForgeRock (FORG) approved the company’s merger with Thoma Bravo at a special meeting of shareholders.
  5. Velodyne Lidar (VLDR) announced that independent proxy advisory firm Glass, Lewis & Co. has recommended that shareholders vote “FOR” the proposed merger with Ouster (OUST) at the company’s upcoming Special Meeting of Stockholders, scheduled for January 26, 2023.
  6. Shareholders of Maverix Metals (MMX) approved the company’s merger with Triple Flag Precious Metals Corp. (TFPM). Maverix also received clearance from the Canadian Competition Bureau.
  7. According to Bloomberg, Google (GOOG) and Nvidia (NVDA) have expressed concerns to the FTC about Microsof’s (MSFT) acquisition of Activision Blizzard (ATVI), adding fuel to the government’s case against the $69 billion deal.

Deals In The Works

  1. WWE (WWE) has retained The Raine Group as financial advisor, Kirkland & Ellis as legal advisor, and August LLC as strategic communications advisor to support WWE’s management team and its Board of Directors in connection with a review of strategic alternatives.
  2. Purple Innovation (PRPL) announced that the Special Committee of the Purple Board of Directors has rejected a $4.35 per share unsolicited, non-binding proposal from Coliseum Capital Management.

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. David V. Goeddel, a Director of biotechnology company NGM Biopharmaceuticals, Inc. (NGM), purchased 309,070 shares at an average price of $4.79 totaling $1.48 million.
  2. Peter Yu, a Director of asset management company Alvarium Tiedemann Holdings, Inc. (ALTI), purchased 152,590 shares at an average price of $9.48 totaling $1.45 million. 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.
  3. Ken Allen Peterman, the Chairman, President and CEO of communication equipment company Comtech Telecommunications Corp. (CMTL), purchased 44,000 shares at an average price of $12.75 totaling $560,944.
  4. Tobias Lutke, a Director of cryptocurrency brokerage Coinbase Global, Inc. (COIN), purchased 9,668 shares at an average price of $37.76 totaling $365,064.
  5. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,111.43 totaling $44,340.
  6. Asit Parikh, a Director of pharmaceutical company Phathom Pharmaceuticals, Inc. (PHAT), purchased 5,000 shares at an average price of $7.00 totaling $35,000.

Stock Buyback Announcements

Update:

  1. Simulations Plus, Inc. (SLP) has entered into a $20 million accelerated share repurchase agreement with Morgan Stanley & Co. The ASR Agreement is part of the $50 million share repurchase program authorized by the Board on December 29, 2022.

C-Suite Transitions

Appointments

  1. Cognizant (CTSH): appoints Ravi Kumar S as Chief Executive Officer effective immediately.
  2. Gamelancer Media Corp. (GAMGF): appoints Pooja Sharma as Chief Financial Officer.
  3. Alithya Group (ALYA): appoints Bernard Dockrill as Chief Operating Officer, effective January 30, 2023.
  4. urban-gro (UGRO): appoints JT Archer as Chief Operating Officer
  5. Skeena Resources (SKREF): Randy Reichert, President, and Chief Executive Officer will temporarily assume Chief Operating Officer duties additionally.
  6. The Walt Disney Company (DIS): appoints Mark G. Parker as Chairman of the Board

Departures

  1. Cognizant (CTSH): Brian Humphries steps down as Chief Executive Officer.
  2. Gamelancer Media Corp. (GAMGF): Steve Brooks Chief Financial Officer transitions to an advisory role to the Chairman and CEO.
  3. Alithya Group (ALYA): Claude Rousseau, Chief Operating Officer departs effectively on March 31, 2023.
  4. Mountain Valley MD (MVMDF): Azhar Rana, Chief Medical Officer, transitions to an advisory role effective February 1, 2023.
  5. Skeena Resources (SKREF): Shane Williams Chief Operating Officer steps down.
  6. Ero Copper (ERO): Noel Dunn retires as Executive Chairman and will remain Chairman.
  7. Beyond Meat (BYND): Beth Moskowitz, Chief Brand Officer steps down.

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.