InsideArbitrage Event Driven Monitor – January 6, 2023

  • January 6, 2023

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

Merger Arbitrage

  1. Naver Corp. completed the acquisition of Poshmark (POSH).
  2. Semtech Corporation (SMTC) and Sierra Wireles (SWIR) announced the termination of the waiting period under the HSR Act. The transaction is expected to be completed on January 12, 2023.
  3. Shareholders of AVEO Oncology (AVEO) approved the company’s merger with LG Chem, Ltd. at a special meeting of shareholders.
  4. HV Bancorp (HVBC) announced that the special meeting of stockholders will be on February 15, 2023.
  5. The Competition Bureau approved the Resolute Forest Products (RFP) acquisition by The Paper Excellence Group, with the condition that Domtar sells a pulp mill in Dryden, Ontario and a pulp and paper mill in Thunder Bay to two independent buyers, after the sale closes.

Deals In The Works

  1. Vince McMahon, World Wrestling Entertainment Inc.’s (WWE) controlling shareholder and former Chief Executive Officer, is seeking to return to the company as Executive Chairman and is proposing a possible sale of the business.
  2. Struggling Bed Bath & Beyond (BBBY) warned that the home goods retailer may need to file for bankruptcy as sales continue to drop and it struggles to attract shoppers.

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. Jack Hightower, the Chief Executive Officer of oil & gas company HighPeak Energy, Inc. (HPK), purchased 131,539 shares at an average price of $22.00 totaling $2.89 million.
  2. Beverly Kay Matthews, a Director of regional bank SVB Financial Group (SIVB), purchased 1,000 shares at an average price of $232.06 totaling $232,061. SVB Financial is the holding company for Silicon Valley Bank.
  3. Charles Elliott Sigal, a Director of biotechnology company Vir Biotechnology, Inc. (VIR), purchased 5,000 shares at an average price of $25.43 totaling $127,129.
  4. Dustin David Norris, the Executive Vice President of broadly diversified REIT  NexPoint Diversified Real Estate Trust (NXDT), purchased 8,910 shares at an average price of $11.30 totaling $100,683.
  5. Wes Cummins, a Director of communication equipment company CalAmp Corp. (CAMP), purchased 20,000 shares at an average price of $4.43 totaling $88,610. These shares were purchased indirectly through B. Riley Asset Management.
  6. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,120.78 totaling $44,536.
  7. Matthew I. Hirsch, a Director of residential REIT—Residential UMH Properties, Inc. (UMH), purchased 1,750 shares at an average price of $15.97 totaling $27,948.

Spinoffs

  1. Jefferies Financial Group (JEF) distribution date for Vitesse common stock is anticipated to be January 13, 2023.

SPACs

  1. StoneBridge Acquisition Corporation (APAC) announced the signing of a binding business combination agreement with DigiAsia Bios Pte Ltd.

Stock Buyback Announcements

  1. Phunware, Inc. (PHUN) authorized a $5 million stock repurchase plan representing around 5% of its market cap at announcement.

Update:

  1. Wix.com (WIX) announced that the Israeli court authorized its repurchase program for an additional six months through July 4, 2023.

C-Suite Transitions

Appointments

  1. R1 RCM (RCM): appoints Jennifer Williams to succeed Rachel Wilson as Chief Financial Officer.
  2. Precision Optics Corp (POCI): appoints E. Kevin Dahill as interim Chief Financial Officer.
  3. Designer Brands (DBI): appoints Doug Howe company’s Executive Vice President and President of DSW Designer Shoe Warehouse as Chief Executive Officer.
  4. KalVista Pharmaceuticals (KALV): appoints Benjamin L. Palleiko, the company’s Chief Business Officer and Chief Financial Officer, to the position of President, effective as of January 4, 2023.
  5. Investar Holding Corp (ISTR): appoints Corey E. Moore as the Chief Accounting Officer
  6. PPL Corporation (PPL): appoints Francis X. Sullivan as executive vice president and Chief Operating Officer effective January 1, 2023

Departures

  1. Precision Optics Corp (POCI): Daniel S. Habhegger Chief Financial Officer steps down.
  2. Designer Brands (DBI): Roger Rawlins Chief Executive Officer will step down from his role effective April 1, 2023.
  3. WM Technology (MAPS): Juanjo Feijoo, the Company’s Chief Operating Officer, resigns from his role
  4. Southern Company (SO): Thomas A. Fanning, Chairman, President, and Chief Executive Officer intends to retire effective March 31, 2023
  5. Investar Holding Corp (ISTR):  Candace J. LeBlanc, Executive Vice President and Chief Accounting Officer resigned from her position.
  6. PPL Corporation (PPL): announced Gregory N. Dudkin, Chief Operating Officer departs effectively January 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.