InsideArbitrage Event Driven Monitor – January 4, 2023
Quick updates on the event-driven strategies we follow on InsideArbitrage.
- The acquisition of Horizon Global Corporation (HZN) by First Brands Group for $1.63 billion or $1.75 per share in cash.
- Shaw Communications (SJR) issued a statement in reaction to the decision of the Competition Tribunal, stating that it continues to engage with government officials to obtain the final regulatory approval.
- Viatris (VTRS) has completed the acquisition of Oyster Point Pharma (OYST).
Deals In The Works
- German chemicals distributor Brenntag said it is ending talks with smaller U.S. rival Univar Solutions (UNVR) on a possible takeover, weeks after activist investor PrimeStone called on the company to consider a break-up instead.
- Bradley L. Radoff and Michael Torok, who own approximately 8.4% of the outstanding common stock of Sesen Bio (SESN) reiterated their intent to vote AGAINST the Company’s proposed merger with Carisma Therapeutics.
- A potential deal we added on August 8, 2022, Horizon Global Corporation (HZN) announced it has entered into a definitive merger agreement with First Brands Group.
You can check out new deals, all deal updates and spreads on active deals in our Merger Arbitrage Tool for premium members here.
- Eric Andersen, a Director of biotechnology company Merrimack Pharmaceuticals, Inc. (MACK), purchased 259,936 shares at an average price of $10.67 totaling $2.77 million. These shares were purchased indirectly through Western Standard Partners.
- Donald J. Hayden, a Director of biotechnology company Theseus Pharmaceuticals, Inc. (THRX), purchased 10,000 shares at an average price of $5.00 totaling $49,989. Foresite Capital Management, a 10% owner of the company, also picked up $2.5 million worth of stock.
- Christopher Shackelton, a Director of automotive training company Universal Technical Institute, Inc. (UTI), purchased 90,340 shares at an average price of $6.67 totaling $602,568. This purchase was made indirectly through Coliseum Capital Management.
- William D. Nash, the President & CEO of used car retailer Carmax, Inc. (KMX), purchased 8,220 shares at an average price of $60.98 totaling $501,256.
- Wes Cummins, a Director of communication equipment company CalAmp Corp. (CAMP), purchased 55,000 shares at an average price of $4.42 totaling $243,097. These shares were purchased indirectly through B. Riley Asset Management.
- Richard Hermanns, the President and CEO of staffing & employment services franchisor HireQuest, Inc. (HQI), purchased 6,316 shares at an average price of $15.00 totaling $94,709. We wrote about HireQuest briefly on Sunday in an article titled Insider Weekends: Independent Director of Microcap Company HireQuest Purchases Shares.
- Catherine A. Lynch, a Director of mortgage REIT PennyMac Mortgage Investment Trust (PMT), purchased 5,000 shares at an average price of $12.39 totaling $61,943.
- Snehal Patel, the CEO and CFO of biotechnology company Greenwich LifeSciences, Inc. (GLSI), purchased 4,000 shares at an average price of $15.19 totaling $60,760.
- Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,366.15 totaling $49,689.
- Monterey Capital Acquisition Corporation (MCAC) and ConnectM Technology Solutions announced the signing of a definitive merger agreement.
- HNR Acquisition Corp (HNRA) entered into a membership interest purchase agreement with Pogo Resources.
- Tiedemann Group, Alvarium Investments Limited and Cartesian Growth Corporation (GLBL) completed their previously announced business combination.
Stock Buyback Announcements
- InterDigital, Inc. (IDCC) has authorized an increase to the company’s existing stock repurchase program by approximately $333 million to a total of $400 million. This represents around 23% of its market cap at announcement.
- Immersion Corporation (IMMR) authorized a new $50 million stock repurchase program, representing nearly 20% of its market cap at announcement.
- Global Indemnity Group, LLC (GBLI) has authorized an additional repurchase amount of $38.1 million for an aggregate stock purchase program of $60 million. This represents around 11% of its market cap at announcement.
- So-Young International Inc. (SY) has authorized an increase under the program from US$15 million to US$25 million to demonstrate the Company’s confidence in its long-term prospects. This represents around 7.3% of its market cap at announcement.
- Zhihu Inc. (ZH): appoints Henry Dachuan Sha as a Director and the Chief Financial Officer of the company, effective immediately.
- Hawaiian Electric Industries (HE): appoints Paul K. Ito as Executive Vice President and Chief Financial Officer, effective January 1, 2023.
- Washington Federal (WAFD): appoints Cathy Cooper temporarily as President and Chief Executive Officer.
- Histogen (HSTO): appoints Alfred P. Spada as Chief Scientific Officer, effective as of February 1, 2023.
- Entravision Communications Corporation (EVC): appoints Christopher T. Young, Chief Financial Officer and Treasurer of the Company, as the company’s Interim Chief Executive Officer.
- Immersion Corp (IMMR): appoints Eric Singer as the company’s President, Chief Executive Officer and Chairman of the Board, effective January 3, 2023.
- Weatherford International (WFRD): appoints Arunava Mitra, as Executive Vice President and Chief Financial Officer, effective January 3, 2023.
- Carrols Restaurant Group (TAST): appoints Anthony E. Hull as Interim President and Chief Executive Officer.
- Patterson-UTI Energy (PTEN): appoints James M. Holcomb, as Chief Operating Officer.
- Zhihu (ZH): Wei Sun, Director and Chief Financial Officer stepped down to pursue other business endeavors.
- Washington Federal (WAFD): Brent Beardall, President, and CEO was in a private plane crash in Provo, Utah, and will take a temporary leave of absence while he recovers.
- Brain Scientific (BRSF) Fred Anthony resigns as Chief Technology Officer.
- Entravision Communications Corporation (EVC): Walter F. Ulloa, Chairman, and Chief Executive Officer, passed away on December 31, 2022.
- Carrols Restaurant Group (TAST): Paulo A. Pena, President, and Chief Executive Officer passed away on December 31, 2022.
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