InsideArbitrage Event Driven Monitor – March 14, 2023

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

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Merger Arbitrage

1. Provention Bio (PRVB) to be acquired by Sanofi (SNY) for $1.64 billion or $25 per share in cash.
2. Seagen (SGEN) to be acquired by Pfizer (PFE) for $43 billion or $229 per share in cash. We added SGEN as a potential deal in the works on February 26, 2023.
3. Momentive Global (MNTV) to be acquired by a consortium led by Symphony Technology Group for $1.5 billion or $9.46 per share in cash. We added MNTV as a potential deal in the works on October 19, 2022.
4. Volta (VLTA) and Shell (SHEL) received the final regulatory approval required under article L.151-3 of the French Code Monétaire et Financier (the “French FDI law”) for Shell to complete its acquisition of Volta.
5. David E. Ritchie, Co-Founder, Former Chairman and Director; and Russell C. Cmolik, Former President and Director of Ritchie Bros. Auctioneers Incorporated (RBA), released a letter to shareholders of Ritchie Bros speaking out against the merger with IAA, Inc. (IAA). Ritchie Bros responded stating that shareholders should look to the future, not the past.
6. Cardiovascular Systems (CSII) and Abbott (ABT) filed notification and report forms under the HSR Act with the Department of Justice Antitrust Division and the Federal Trade Commission.

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. Synchronoss Technologies (SNCR),  confirmed that on March 10, 2023, it received a non-binding proposal from B. Riley Financial (RILY) to acquire all outstanding shares of the company’s common stock for a price of $1.15 per share, payable in cash.

Insider Purchases

1. Phillip D. Green, the Chairman and CEO of regional bank Cullen Frost Bankers Inc. (CFR), purchased 9,500 shares at an average price of $106.59 totaling $1.01 million. A Director also purchased an additional 5,000 shares for a total of $540,425.
2. Mark J. Erceg, the CFO of consumer goods company Newell Brands Inc. (NWL), purchased 76,925 shares at an average price of $12.88 totaling $990,783.
3. Michael B. Nash, a Director of mortgage REIT Blackstone Mortgage Trust Inc. (BXMT), purchased 50,000 shares at an average price of $18.86 totaling $942,970.
4. Scott Welch, a Director of regional bank Lakeland Financial Corp. (LKFN), purchased 10,000 shares at an average price of $64.68 totaling $646,759.
5. Scott B. Helm, a Director of retail electricity and power generation company Vistra Corp. (VST), purchased 20,000 shares at an average price of $25.59 totaling $511,700. The President and CEO also purchased 8,000 shares for a total of $198,000.
6. Paul W. Taylor, the President and CEO of regional bank Pacwest Bancorp (PACW), purchased 22,800 shares at an average price of $22.20 totaling $506,238. Many other insiders also purchased shares, with John M. Eggemeyer (a Director) making the next largest purchase for a total of $383,250.
7. Jay S. Sidhu, the Chairman & CEO of regional bank Customers Bancorp, Inc. (CUBI), purchased 45,450 shares at an average price of $11.00 totaling $499,950.
8. Mark R. Defazio, the President and CEO of regional bank Metropolitan Bank Holding Corp. (MCB), purchased 20,517 shares at an average price of $24.20 totaling $496,423. Many other insiders also purchased shares, with George J. Wolf (a Director) making the next largest purchase for a total of $49,748.
9. Irene H. Oh, the CFO of regional bank East West Bancorp Inc. (EWBC), purchased 10,000 shares at an average price of $49.51 totaling $495,130.
10. Karl L. Meyers, a Director of paper mill company Sylvamo Corp (SLVM), purchased 10,000 shares at an average price of $49.17 totaling $491,700.
11. Steven R. Stemler, a Director of regional bank First Savings Financial Group, Inc. (FSFG), purchased 15,000 shares at an average price of $19.00 totaling $285,000.
12. Robert B. Engel, a Director of regional bank Heartland Financial USA Inc. (HTLF), purchased 10,000 shares at an average price of $24.49 totaling $244,865.
13. Andrew Kenner, the SVP of specialty chemicals company Westlake Chemical Partners LP (WLKP), purchased 10,000 shares at an average price of $22.02 totaling $220,200.
14. Timothy R. Murphy, a Director of regional bank UMB Financial Corp. (UMBF), purchased 3,400 shares at an average price of $64.06 totaling $217,797. Another Director also purchased 1,000 shares for a total of $57,550.
15. Albert P. Behler, the Chairman, CEO, and President of office REIT Paramount Group, Inc. (PGRE), purchased 40,000 shares at an average price of $4.99 totaling $199,720. A Director also purchased 20,000 shares for a total of $97,000.
16. Todd A. Gipple, the President, CFO, and COO of regional bank QCR Holdings Inc. (QCRH), purchased 4,313 shares at an average price of $46.28 totaling $199,606.
17. Murray R. Wise, a Director of specialty REIT Farmland Partners Inc. (FPI), purchased 20,000 shares at an average price of $9.93 totaling $198,600. The CEO and President also purchased 500 shares for a total of $5,115.
18. Scott Dunseth Myers, the CEO of biotechnology company Viridian Therapeutics, Inc.DE (VRDN), purchased 5,500 shares at an average price of $29.15 totaling $160,324.
19. Jeffrey N. Simmons, the President and CEO of animal healthcare company Elanco Animal Health Inc (ELAN), purchased 15,000 shares at an average price of $9.60 totaling $143,971.
20. Jason A. Kitzmiller, a Director of regional bank Summit Financial Group Inc. (SMMF), purchased 5,289 shares at an average price of $22.85 totaling $120,854.
21. James S. Bunch, a Director of regional bank Guaranty Bancshares Inc./ (GNTY), purchased 4,000 shares at an average price of $29.06 totaling $116,220. Two other insiders also made purchases, including the EVP and Chief Risk Officer, who made a purchase for a total of $7,213.
22. Vafa Jamali, the President and CEO of medical devices company ZimVie Inc. (ZIMV), purchased 20,000 shares at an average price of $5.58 totaling $111,600.
23. Frank B. Holding, the Chairman and CEO of regional bank First Citizens Bancshares Inc. (FCNCA), purchased 165 shares at an average price of $650.00 totaling $107,250.
24. Phyllis J. Campbell, a Director of airline leasing company Air Transport Services Group, Inc. (ATSG), purchased 4,785 shares at an average price of $20.91 totaling $100,054. The COO also purchased 2,000 shares for a total of $40,780.
25. Ron J. Copher, the EVP and CFO of regional bank Glacier Bancorp Inc. (GBCI), purchased 2,578 shares at an average price of $38.74 totaling $99,861. The President and CEO also purchase 2,500 shares for a total of $97,975.
26. Alan Gardner, a Director of healthcare REIT Community Healthcare Trust Inc (CHCT), purchased 2,700 shares at an average price of $36.74 totaling $99,198. Many other insiders also purchased shares, with Claire M. Gulmi (a Director) making the next largest purchase for a total of $75,084.
27. Michael M. Ozimek, the EVP and CFO of regional bank Trustco Bank Corp.(TRST), purchased 2,500 shares at an average price of $33.99 totaling $84,975. 
28. James G. Berbee, a Director of public utility holding company MGE Energy Inc. (MGEE), purchased 1,146 shares at an average price of $70.19 totaling $80,438. The VP of Energy Operations also purchased 143 shares for a total of $10,005.
29. Robert Harris Schwartz, the President and CEO of telecom services company Anterix Inc. (ATEX), purchased 2,500 shares at an average price of $29.96 totaling $74,900.
30. Gregory L. Gaeddert, a Director of regional bank Equity Bancshares Inc. (EQBK), purchased 2,500 shares at an average price of $27.82 totaling $69,560. The CFO also purchased 2,000 shares for a total of $55,400.
31. Claudius E. Watts, a Director of wireless network company CommScope Holding Company, Inc. (COMM), purchased 10,000 shares at an average price of $6.75 totaling $67,495.
32. Michael Graf, the VP and Deputy CFO of middle market lender Sixth Street Specialty Lending, Inc. (TSLX), purchased 3,500 shares at an average price of $18.12 totaling $63,425.
33. Paul Joseph Pierson, a Director of regional bank First Financial Corp. (THFF), purchased 1,500 shares at an average price of $40.18 totaling $60,272. Another Director also purchased 40 shares for a total of $1,635.
34. Susan D. Rector, a Director of regional bank Peoples Bancorp Inc. (PEBO), purchased 2,100 shares at an average price of $28.53 totaling $59,913.
35. Kenneth John Stephon, the President and CEO of regional bank William Penn Bancorporation (WMPN), purchased 5,000 shares at an average price of $10.68 totaling $53,403.
36. Romil Bahl, a Director of digital solutions consulting company Perficient Inc. (PRFT), purchased 750 shares at an average price of $69.33 totaling $52,000.
37. Michael B. Mcguinness, the EVP of Finance & Deputy CFO of broadcasting company iHeartMedia, Inc. (IHRT), purchased 10,000 shares at an average price of $5.00 totaling $50,017.
38. Paul Grinberg, a Director of regional bank Axos Financial, Inc. (AX), purchased 1,320 shares at an average price of $37.80 totaling $49,896.
39. Robert Truxtun Perry-smith, a Director of regional bank Five Star Bancorp (FSBC), purchased 1,906 shares at an average price of $24.94 totaling $47,536.
40. Matthew R. Plooster, a Director of pharmaceutical company Zevra Therapeutics Inc. (ZVRA), purchased 11,000 shares at an average price of $4.20 totaling $46,148. Many other insiders also purchased shares, with Richard W. Pascoe (the CEO) making the next largest purchase for a total of $41,978.
41. Martin Tuchman, a Director of regional bank Princeton Bancorp, Inc. (BPRN), purchased 1,296 shares at an average price of $33.78 totaling $43,777.
42. Mason King, a Director of regional bank Crossfirst Bankshares Inc. (CFB), purchased 3,600 shares at an average price of $11.89 totaling $42,804.
43. Matthew Morris Partridge, the CFO and Treasurer of diversified REIT CTO Realty Growth, Inc. (CTO), purchased 2,500 shares at an average price of $16.75 totaling $41,875. The President and CEO also purchased 1,755 shares for a total of $29,049.
44. Carlos P. Naudon, the President and CEO of regional bank Ponce Financial Group, Inc. (PDLB), purchased 5,000 shares at an average price of $8.23 totaling $41,168. The Executive Chairman also purchased 4,700 shares for a total of $40,326.
45. Greg A. Steffens, the Chairman and CEO of regional bank Southern Missouri Bancorp Inc. (SMBC), purchased 1,000 shares at an average price of $40.76 totaling $40,760.
46. John F. Regan, a Director of regional bank Kearny Financial Corp. (KRNY), purchased 4,500 shares at an average price of $8.90 totaling $40,031.
47. David M. Sagehorn, a Director of specialty industrial machinery company Chart Industries Inc (GTLS), purchased 300 shares at an average price of $129.54 totaling $38,862.
48. Dennis R. Woods, the CEO of regional bank United Security Bancshares (UBFO), purchased 5,000 shares at an average price of $7.26 totaling $36,284.
49. Douglas L. Kennedy, the President and CEO of regional bank Peapack-Gladstone Financial Corp. (PGC), purchased 1,000 shares at an average price of $32.03 totaling $32,026.
50. Andrew P. Skotdal, a Director of regional bank Coastal Financial Corp. (CCB), purchased 1,000 shares at an average price of $32.00 totaling $32,000.
51. Charles E. Kranich, a Director of regional bank Penns Woods Bancorp Inc. (PWOD), purchased 1,220 shares at an average price of $24.15 totaling $29,468. Many other insiders also purchased shares, with Daniel K. Brewer (a Director) making the next largest purchase for a total of $23,695.
52. Michael B. Denny, a Director of regional bank First Financial Bankshares Inc. (FFIN), purchased 850 shares at an average price of $33.83 totaling $28,756.
53. William I. Bowen, a Director of regional bank Ameris Bancorp (ABCB), purchased 670 shares at an average price of $41.20 totaling $27,604.
54. Neil J. Kaback, a Director of regional bank Farmers National Banc Corp. (FMNB), purchased 2,000 shares at an average price of $12.79 totaling $25,580.
55. Ryan Blake, the Chief Operating Officer of regional bank BCB Bancorp (BCBP), purchased 1,000 shares at an average price of $13.49 totaling $13,490. Many other insiders also purchased shares, with James G. Rizzo (a Director) making the next largest purchase for a total of $6,825.

SPACs

1. Mobiv Acquisition Corp. (MOBV) to combine with SRIVARU in $195 million deal.
2. Worldwide Webb Acquisition Corp. (WWAC) to combine with Aeries Technology in $656 million deal.
3. Blockchain Moon Acquisition Corp. (BMAQ) terminated the merger with the Norwegian listed company DLTx with immediate effect.

Stock Buyback Announcements

1. Applied Materials, Inc. (AMAT) has approved an additional $10 billion buyback. This represents around 10% of its market cap at announcement.
2. Hippo Holdings Inc. (HIPO) has authorized a $50 million stock repurchase program effective immediately. This represents around 15% of its market cap at announcement.

Update:

1. The ODP Corporation (ODP) agreed to repurchase 2 million of its shares from HG Vora at $44.55 apiece, for a total purchase price of about $89.1 million, under its existing $1 billion share repurchase program.
2. Turtle Beach Corporation (HEAR) has approved an extension of its $25 million share repurchase program for an additional two years, through April 9, 2025.

C-Suite Transitions

Appointments

1. Americold Realty Trust (COLD): promotes R. Scott Henderson, Senior Vice President to Executive Vice President and Chief Investment Officer.
2. Hyzon Motors (HYZN): appoints Parker Meeks as Chief Executive Officer, effective immediately.
3. American Electric Power Company (AEP): appoints Kate Sturgess as Chief Accounting Officer, effective May 9, 2023.
4. Thorne Healthtech (THRN): appoints Saloni Varma as the Chief Financial Officer effective April 1, 2023.
5. Icad (ICAD): appoints Dana Brown Executive Chair as President and Chief Executive Officer effective immediately.

Departures

1. Albany International (AIN): William Higgins President and Chief Executive Officer notified the Board of Directors of his desire to retire.
2. American Electric Power Company (AEP): Joseph M. Buonaiuto, Senior Vice President, Chief Accounting Officer and Controller, will retire on June 30, 2023.
3. EQRx (EQRX): Jami Rubin Chief Financial Officer steps down effective March 31, 2023.
4. Cincinnati Bell (CBB): Christopher Wilson, Vice President, and General Counsel retires effective on April 1, 2023.
5. Icad (ICAD): Stevens Chief Executive Officer and President resigns.
6. Duck Creek Technologies (DCT): Nageswaran Vaidyanathan, Chief Technology Officer resigns effective April 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.