InsideArbitrage Event Driven Monitor – February 6, 2023

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

Merger Arbitrage

1. AlerisLife (ALR) to be acquired by ABP Acquisition LLC for $33.35 million or $1.31 per share in cash.
2. GIC and Oak Street completed the acquisition of STORE Capital Corporation (STOR).
3. Velodyne Lidar (VLDR) announced that the special meeting of stockholders has been reconvened to February 10, 2023.
4. According To Reuters, a private lawsuit filed in California seeks to stop Kroger’s (KR) planned purchase of Albertsons Companies (ACI), a deal that state attorneys general, consumer groups and some U.S. lawmakers have questioned as harmful to competition in the grocery market.
5. Deep Field Asset Management, a California-based investment adviser of funds that beneficially own 200,000 shares of Ritchie Bros. Auctioneers (RBA) issued a letter urging RBA shareholders to reject RBA’s ill-conceived merger with IAA Inc. (IAA).
6. Reuters reported that according to the European Commission, the EU antitrust regulators have paused their investigation into Broadcom’s (AVGO) bid for VMware (VMW) while waiting for the U.S. chipmaker to provide requested data.
7. According to Bloomberg, the US Federal Trade Commission is preparing a possible lawsuit against Amazon (AMZN) that could be filed as soon as this spring.
8. According to The Wall Street Journal, Activision Blizzard (ATVI) agreed to pay $35 million to settle regulatory claims tied to its process for deciding how its disclosures to investors should reflect employee complaints about workplace misconduct.

You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.

Deal In The Works

1. Public Storage (PSA), the largest U.S. operator of self-storage properties, unveiled an $11 billion hostile bid for Life Storage Inc (LSI), ratcheting up attempts to buy its smaller rival after its earlier takeover attempts were rebuffed.
2. According to Bloomberg, Life sciences company Danaher Corp. (DHR) has expressed a takeover interest in contract manufacturer Catalent (CTLT).

Insider Purchases

1. Frank B. Holding Jr., the Chairman and CEO of regional bank First Citizens Bancshares Inc. (FCNCA), purchased 1,020 shares at an average price of $722.51 totaling $736,960.
2. Alex E. Washington, a Director of regional bank Wintrust Financial Corp. (WTFC), purchased 1,000 shares at an average price of $93.29 totaling $93,290.
3. Thomson Leighton, the CEO of security software and CDN services provider Akamai Technologies Inc. (AKAM), purchased 842 shares at an average price of $89.31 totaling $75,196. He has been buying shares recently under an established 10b5-1 plan.
4. Kenneth John Stephon, the President and CEO of regional bank William Penn Bancorporation (WMPN), purchased 4,960 shares at an average price of $11.83 totaling $58,660.
5. Murray Stahl, a Director of Texas landowner Texas Pacific Land Corp (TPL), purchased 21 shares at an average price of $1,934.66 totaling $40,628.
6. John E. Noone, a Director of regional bank Mid Penn Bancorp Inc. (MPB), purchased 1,000 shares at an average price of $31.37 totaling $31,368.
7. Robert J. Mccormick, the Chairman, President, and CEO of regional bank Trustco Bank Corp. (TRST), purchased 772 shares at an average price of $36.23 totaling $27,970.
8. Matthew M. Bilunas, a Director of footwear retailer Genesco INC (GCO), purchased 510 shares at an average price of $49.01 totaling $24,995. Another Director also purchased 510 shares for a total of $24,995.
9. Greg M. Graves, a Director of regional bank UMB Financial Corp. (UMBF), purchased 257 shares at an average price of $90.31 totaling $23,210. Another Director purchased 195 shares for a total of $17,610.

SPACs

1. Sparks Energy, Inc. and 10X Capital Venture Acquisition Corp. III (VCXB) mutually terminated their business combination.
2. Hyperloop Transportation Technologies and Forest Road Acquisition Corp. II (FRXB) mutually agreed to terminate their previously announced business combination agreement.
3. Viveon Health Acquisition Corp. (VHAQ) announced that it has unilaterally terminated its previously announced agreement and plan of merger with Suneva Medical, Inc.

C-Suite Transitions

Appointments

1. FG Merger (FGMC): appoints Mark Penway as Chief Financial Officer.
2. FOXO Technologies (FOXO): promotes Taylor Fay to Chief Operating Officer.
3. Schneider National (SNDR): appoints James L. Welch to succeed Godfrey as Chairman of the Board effective immediately.
4. Predictive Oncology (POAI): appoints Pamela Bush as Chief Business Office
5. Vyant Bio (VYNT): appoints Andrew D.C. LaFrence, Chief Financial Officer as President and Chief Executive Officer.

Departures

1. Berry Global Group (BERY): Thomas E. Salmon Chairman and Chief Executive Officer, intends to retire effective December 31, 2023.
2. FG Merger (FGMC): Emily Torres Chief Financial Officer resigns effective February 17, 2023.
3. Aceragen (ACGN): Bryant D. Lim Senior Vice President, Chief Business Officer, and General Counsel resign effective February 17, 2023, to pursue another opportunity.
4. Rigel Pharmaceuticals (RIGL): Wolfgang Dummer intends to resign as Executive Vice President and Chief Medical Officer effective March 31st, 2023.
5. Connexa Sports Technologies (CNXA): Paul McKeown, Chief Business Integration Officer resigns.
6. Schneider National (SNDR): Adam P. Godfrey, Chairman of the Board intends to step down effective immediately.
7. Vyant Bio (VYNT): John A. Roberts and Robert T. Fremeau, Jr., would step down as President and Chief Executive Officer and Chief Scientific Officer, effective as of February 3, 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.