InsideArbitrage Event Driven Monitor – January 24, 2023

  • January 24, 2023

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

Merger Arbitrage

  1. Evoqua Water Technologies (AQUA) to be acquired by Xylem (XYL) for $7.52 billion in an all stock deal. Under the terms of the agreement, Evoqua shareholders will receive 0.480 shares of Xylem for each Evoqua share.
  2. Ritchie Bros. Auctioneers Incorporated (RBA) and IAA, Inc. (IAA) amended the terms of their previously announced merger agreement. Under the terms of the amended agreement, IAA shareholders will receive $12.801 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own. Additionally, the Ritchie Bros. Board of Directors announced that it expects to approve the issuance of a one-time special dividend to Ritchie Bros. shareholders in the amount of $1.08 per common share, which will be payable to holders of record as of a pre-closing record date to be determined with the consent of the Toronto Stock Exchange (“TSX”) and contingent on the closing of the IAA transaction.
  3. Coupa Software Incorporated (COUP) announced that the special meeting of stockholders will be on February 23, 2023. The company obtained clearance for the consummation of the merger in Germany on January 10, 2023.
  4. Horizon Therapeutics Public Limited Company (HZNP) announced that the special meeting of stockholders will be on February 24, 2023.
  5. AstraZeneca (AZN) launched its tender offer for CinCor Pharma (CINC), which is expected to expire on February 23, 2023.
  6. Ipsen launched its tender offer for Albireo Pharma (ALBO), which is expected to expire on February 21, 2023.
  7. Myovant Sciences (MYOV) announced that the special meeting of stockholders will be on March 1, 2023.

Deals In The Works

  1. U.S. industrial software firm Emerson Electric Co (EMR) said it would not nominate candidates for election to the board of NI Corp (NATI) and kept its buyout offer price unchanged.

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 25,000 shares at an average price of $9.50 totaling $237,500.
  2. David V. Goeddel, a Director of biotech company NGM Biopharmaceuticals Inc. (NGM), purchased 38,139 shares at an average price of $5.00 totaling $190,603.
  3. David V. Goeddel, a Director of biotech company Tenaya Therapeutics, Inc. (TNYA), purchased 69,739 shares at an average price of $2.50 totaling $174,201.
  4. Joseph C. Galante, a Director of regional Pinnacle Financial Partners Inc. (PNFP), purchased 1,000 shares at an average price of $72.26 totaling $72,260.
  5. Wes Cummins, the CEO and Chairman of data center operator Applied Blockchain, Inc. (APLD), purchased 20,000 shares at an average price of $2.41 totaling $48,200.
  6. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,139.27 totaling $44,925.

Stock Buyback Announcements

Update:

  1. InterDigital, Inc. (IDCC) commences a Modified “Dutch Auction” Tender Offer to repurchase up to $200 million of its common stock.

C-Suite Transitions

Appointments

  1. Splunk (SPLK): appoints Brian Roberts as Senior Vice President and Chief Financial Officer.
  2. Eos Energy Enterprises (EOSE): appoints Nathan Kroeker as Chief Financial Officer effective January 23, 2023.
  3. Blonder Tongue Laboratories (BDR): appoints Robert J. Palle as Chief Executive Officer and President effective March 18, 2023.
  4. Capri Holdings (CPRI): appoints Cedric Wilmotte as Chief Executive Officer of Michael Kors effective April 3, 2023.
  5. Fortune Brands Innovations (FBIN): appoints David V. Barry as Executive Vice President and Chief Financial Officer effective March 2, 2023.
  6. Bridge Investment Group Holdings (BRDG): appoints Garrett Behling as Chief Accounting Officer.
  7. Cardlytics (CDLX): appoints Amit Gupta as Chief Operating Officer effective January 23, 2023.
  8. Enovix Corporation (ENVX): appoints Ralph Schmitt as Chief Commercial Officer effective February 1, 2023.

Departures

  1. Eos Energy Enterprises (EOSE): Randall Gonzales resigns as Chief Financial Officer, effective January 23, 2023.
  2. Blonder Tongue Laboratories (BDR): Edward R. Grauch resigns as Chief Executive Officer and President effective March 18, 2023, and Ronald V. Alterio, Chief Technology Officer was terminated effective immediately.
  3. Entegris (ENTG): Greg Graves plans to retire from his position as Executive Vice President, Chief Financial Officer, and Treasurer.
  4. Brink`s Co (BCO): Rohan Pal steps down as the company’s Executive Vice President, Chief Information Officer, and Chief Digital Officer, effective January 31, 2023.
  5. Waitr Holdings (ASAP): D’Ambrosio resigns as Chief Sales Officer effective February 10, 2023.
  6. Fortune Brands Innovations (FBIN): Patrick D. Hallinan, Executive Vice President, and Chief Financial Officer effective on March 2, 2023.
  7. Enovix Corporation (ENVX): Ashok Lahiri retires as Chief Technology Officer and Cameron Dales retires as Chief Commercial Officer effective 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.