InsideArbitrage Event Driven Monitor – January 9, 2023

  • January 9, 2023

Editor’s Note: Last weekend we did a soft launch of a brand new version of the InsideArbitrage website. We are currently working through any issues and minor fixes in preparation for the full launch next week. The site now includes a new section called “Gurus” and a new premium screen of top performing insiders. We would love to hear your feedback after you get a chance to check out the new site.

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

Merger Arbitrage

  1. Amryt Pharma (AMYT) to be acquired by Chiesi Farmaceutici S.p.A. for $1.25 billion. Under the terms of the merger agreement, Chiesi will purchase all outstanding shares of Amryt for a purchase price per American Depositary Share of Amryt, which each represent 5 Amryt ordinary shares, of US$14.50 (or US$2.90 per ordinary share) in cash, plus Contingent Value Rights of up to US$2.50 per ADS (or up to US$0.50 per ordinary share) payable if certain milestones related to Amryt’s product Filsuvez® are achieved.
  2. Albireo Pharma (ALBO) to be acquired by by Ipsen for $952 million. Under the terms of the agreement, Ipsen will acquire all outstanding shares of Albireo at a price of $42.00 per share in cash at the closing of the transaction plus one contingent value right (CVR) per share. Each CVR will entitle its holder to deferred cash payments of $10.00 per CVR payable upon the U.S. Food and Drug Administration (FDA) approval of Bylvay in the Biliary Atresia indication at the latest by 31 December 2027, allowing for a potential increase in the number of patients in the BOLD study.
  3. CinCor Pharma (CINC) to be acquired by AstraZeneca (AZN) for $1.3 billion. Under the terms of the agreement, AstraZeneca is obligated to initiate a tender offer by January 23, 2023 to acquire all of CinCor’s outstanding shares for a price of $26.00 per share in cash at closing plus a non-tradable contingent value right of $10.00 per share in cash payable upon a specified regulatory submission of a baxdrostat product.
  4. DCP Midstream (DCP) to be acquired by Phillips 66 (PSX) for $14.89 billion or $41.75 per share in cash.
  5. Myovant Sciences (MYOV) and Sumitovant Biopharma announced that waiting period under the HSR Act expired on January 2, 2023.

Deals In The Works

  1. WWE (WWE) announces Vince McMahon, will be returning to the Board and that Ignace Lahoud and Man Jit Singh have resigned from the Board.
  2. Boxed (BOXD) announced that its Board of Directors has launched a process to explore strategic alternatives, including, among other alternatives, a possible sale of the company.

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. Roxanne Austin, a Director of cloud security software company CrowdStrike Holdings, Inc. (CRWD), purchased 35,000 shares at an average price of $96.19 totaling $3.37 million.
  2. Tobias Lutke, a Director of cryptocurrency exchange Coinbase Global, Inc. (COIN), purchased 11,012 shares at an average price of $34.62 totaling $381,235.
  3. Yann Echelard, a Director of biotechnology company TG Therapeutics, Inc. (TGTX), purchased 9,000 shares at an average price of $10.64 totaling $95,760.
  4. Thomson Leighton, the Chief Executive Officer of security software and CDN company Akamai Technologies, Inc. (AKAM), purchased 878 shares at an average price of $85.63 totaling $75,180.
  5. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $2,136.24 totaling $44,861.

SPACs

  1. iCoreConnect Inc., a SaaS company with an enterprise and healthcare workflow platform, and FG Merger Corp. (FGMC), entered into a business combination agreement.
  2. IG Acquisition Corp. (IGAC) terminated its business combination with mobile gaming platform PlayUp and will instead liquidate its trust.

Stock Buyback Announcements

  1. Hurco Companies, Inc. (HURC) announced that its Board of Directors approved an additional $25 million share repurchase program. This represents around 14% of its market cap at announcement.

Update:

  1. Vermilion Energy Inc. (VET) announced a 25% dividend increase and the resumption of its share buyback program.

C-Suite Transitions

Appointments

  1. Hope Bancorp (HOPE): appoints David P. Malone as Interim Chief Financial Officer.
  2. EyePoint Pharmaceuticals (EYPT): appoints Jay S. Duker, M.D., as President and Chief Operating Officer.
  3. KAR Auction Services (KAR): appoints Scott A. Anderson as Interim Chief Financial Officer.
  4. AirSculpt Technologies (AIRS): appoints Todd Magazine as the President and Chief Executive Officer effective January 30, 2023.
  5. Harmony Biosciences Holdings (HRMY): appoints Jeffrey M. Dayno as the Company’s Interim Chief Executive Officer and Jeffrey S. Aronin as Executive Chairman.
  6. Comcast Corporation (CMCSA): appoints Jason Armstrong as Chief Financial Officer.
  7. Finward Bancorp (FNWD): appoints Lynette M. Klemm as Interim Chief Risk Officer.
  8. AppHarvest (APPH): appoints Anthony Martin as the Chief Operating Officer.
  9. Astec Industries (ASTE): appoints Jaco van der Merwe as President and Chief Executive Officer.
  10. Esco Technologies (ESE): appoints Bryan H. Sayler as Chief Executive Officer and President.
  11. Dominari Holdings (DOMH): appoints Christopher Devall as the Chief Operating Officer.
  12. Veritone (VERI): appoints Ryan Steelberg as President and Chief Executive Officer.
  13. Omnicom Group (OMC): promotes Louis F. Januzzi to Senior Vice President, General Counsel and Secretary.
  14. O`Reilly Automotive (ORLY): promotes Brad Beckham, Chief Operating Officer and Brent Kirby, Chief Supply Chain Officer as Co-Presidents.

Departures

  1. Health Catalyst (HCAT): Paul Horstmeier, Chief Operating Officer will step down from his position effective March 31, 2023.
  2. Hope Bancorp (HOPE): Alex Ko, Senior Executive Vice President and Chief Financial Officer resigns.
  3. EyePoint Pharmaceuticals (EYPT): Nancy S. Lurker, President steps down, will remain Chief Executive Officer
  4. Harmony Biosciences Holdings (HRMY): John C. Jacobs, President and Chief Executive Officer resigns
  5. Agrify Corp (AGFY): Timothy R. Oakes, resigns as Chief Financial Officer effective as of February 28, 2023.
  6. Comcast Corporation (CMCSA): Michael J. Cavanagh resigned from the position as Chief Financial Officer.
  7. Finward Bancorp (FNWD): Leane E. Cerven, Executive Vice President, Chief Risk Officer retires effective May 5, 2023.
  8. Astec Industries (ASTE): Barry A. Ruffalo, President and Chief Executive Officer steps down.
  9. Esco Technologies (ESE): Victor L. Richey, retired as Chief Executive Officer and President.
  10. Deluxe Corp (DLX): Christopher L. Thomas, Senior Vice President, Chief Revenue Officer steps down.
  11. Veritone (VERI): Chad Steelberg intends to resign as Chief Executive Officer.
  12. Omnicom Group (OMC): Michael J. O’Brien to step down from his role as the Company’s Executive Vice President, General Counsel.
  13. Texas Roadhouse (TXRH): Tonya R. Robinson, Chief Financial Officer retired effective as of January 4, 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.