InsideArbitrage Event Driven Monitor – January 19, 2023

  • January 19, 2023

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

Merger Arbitrage

  1. Volta (VLTA) to be acquired by Shell plc (SHEL) for $273.79 million or $0.86 per share in cash.
  2. Shareholders of Altra Industrial Motion (AIMC) approved the company’s merger with Regal Rexnord Corporation (RRX) at a special meeting of shareholders.
  3. AVEO Oncology (AVEO) and LG Chem received written notice from CFIUS, clearing the transaction.
  4. F-star Therapeutics (FSTX) and invoX Pharma extended the tender offer to January 31, 2023, unless further extended.
  5. Ritchie Bros. (RBA) holder Luxor Capital formally filed a preliminary proxy in opposition to the company’s planned acquisition of IAA Inc. (IAA).

Deals In The Works

  1. Kushner Companies informed Veris Residential (VRE) that it is not currently interested in moving forward with a transaction with the REIT.

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. Peter Yu, a Director of asset management company Alvarium Tiedemann Holdings, Inc. (ALTI), purchased 27,000 shares at an average price of $10.00 totaling $270,000. Alvarium Tiedemann recently went public through a SPAC business combination with Cartesian Growth Corporation and the stock has been very volatile since.
  2. Wes Cummins, the CEO and Chairman of data center company Applied Blockchain, Inc. (APLD), purchased 50,000 shares at an average price of $2.25 totaling $112,500.
  3. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,135.07 totaling $44,836.
  4. Douglas Edward Jones, the CEO of animal safety and food product company Neogen Corp. (NEOG), purchased 2,500 shares at an average price of $17.91 totaling $44,775.

SPACs

  1. APRINOIA Therapeutics Inc. and Ross Acquisition Corp II (ROSS) entered into a definitive agreement for a business combination.

Stock Buyback Announcements

  1. Kinder Morgan, Inc. (KMI) approved an increase in KMI’s share repurchase authorization from $2 billion to $3 billion. This represents around 2.4% of its market cap at announcement.
  2. Radian Group Inc. (RDN) has approved a new two-year $300 million share repurchase program, representing around 9% of its market cap at announcement.
  3. Prosperity Bancshares, Inc. (PB) authorized a stock repurchase program of up to 4.6 million shares of its outstanding common stock over a one-year period expiring on January 17, 2024. This represents around 5% of its market cap at announcement.
  4. Pinnacle Financial Partners, Inc. (PNFP) has authorized a new $125 million share repurchase program to commence upon expiration of its existing share repurchase program on March 31, 2023. This represents around 2% of its market cap at announcement.

C-Suite Transitions

Appointments

  1. Dropbox (DBX): appoints Andrew Houston, Dropbox’s Chief Executive Officer, and Chair, as Interim President.
  2. nCino (NCNO): promotes current Chief Corporate Development & Strategy Officer, Greg Orenstein, to the position of Chief Financial Officer.
  3. Amergent Hospitality Group (AMHG): promotes Mark Whittle EVP of Franchise Development to Interim President.
  4. Horizon Bancorp (HBNC): appoints Thomas M. Prame as Chief Executive Officer effective as of June 1, 2023.
  5. NeuroBo Pharmaceuticals (NRBO): appoints Joseph Hooker as Interim Chief Executive Officer and President.
  6. Kinder Morgan (KMI): appoints Kimberly Dang, President as Chief Executive Officer.

Departures

  1. Parke Bancorp (PKBK): Celestino R. Pennoni, Chairman of the Board, retired effective January 17, 2023.
  2. Dropbox (DBX): Timothy Young resigns as President, effective February 1, 2023.
  3. nCino (NCNO): David Rudow Chief Financial Officer was terminated without cause effective as of January 31, 2023.
  4. Primis Financial (FRST): Jeffrey L. Karafa, Executive Vice President and Chief Accounting Officer resigns, effective January 26, 2023.
  5. Horizon Bancorp (HBNC): Craig M. Dwight Chief Executive Officer retires effective as of June 1, 2023.
  6. NeuroBo Pharmaceuticals (NRBO): Gil Price, M.D. resigned as Chief Executive Officer and President effective immediately.
  7. Kinder Morgan (KMI): Steve Kean Chief Executive 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.