InsideArbitrage Event Driven Monitor – March 15, 2023

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

Insiders significantly stepped up their purchases the last three days and I don’t think I have seen this level of activity for several months. Given the turmoil in the banking sector, a large number of these purchases were in badly beaten regional bank stocks.

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Merger Arbitrage

1. Univar Solutions (UNVR) to be acquired by Apollo (APO) for $8.1 billion or $36.15 per share in cash.
2. Cvent Holding (CVT) to be acquired by Blackstone for $4.6 billion or $8.50 per share in cash.
3. IAA, Inc. (IAA) received approval from its stockholders for the stock and cash acquisition of the company by Ritchie Bros. Auctioneers Incorporated (RBA).
4. Atlas Air Worldwide Holdings (AAWW) announced that all regulatory conditions to closing set forth in the Merger Agreement with Apollo (APO) were satisfied.

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. According to Reuters, Infinera Corp (INFN), a U.S. manufacturer of semiconductors for the telecommunications industry that competes with China’s Huawei, is exploring options that include a sale of the company.

Insider Purchases

1. Walter W. Bettinger, the Co-Chairman and CEO of Charles Schwab Corp (SCHW), purchased 50,000 shares at an average price of $59.31 totaling $2.97 million. A cluster of five other insiders also purchased shares including the President, the CFO and three Directors.
2. Gary R. Heminger, a Director of regional bank Fifth Third Bancorp (FITB), purchased 47,500 shares at an average price of $26.82 totaling $1.27 million.
3. Steven D. Hovde, a Director of regional bank Coastal Financial Corp (CCB), purchased 30,000 shares at an average price of $37.71 totaling $1.13 million. Three other Directors also purchased shares.
4. Scott Welch, a Director of regional bank Lakeland Financial Corp (LKFN), purchased 16,715 shares at an average price of $64.14 totaling $1.07 million.
5. Antonio del Valle Perochena, a Director of regional bank Byline Bancorp, Inc. (BY), purchased 50,000 shares at an average price of $20.53 totaling $1.03 million. Mary Jo Herseth, another Director of the bank, also purchased 700 shares at an average price of $20.84 totaling $14,587.
6. Joe B. Swinbank, a Director of regional bank Stellar Bancorp, Inc. (STEL), purchased 37,841 shares at an average price of $26.41 totaling $999,426. Joe Penland Sr., another Director of the bank, also purchased 10,000 shares at an average price of $26.94 totaling $269,388.
7. John Joseph Stephens, a Director of battery technology company Solid Power, Inc. (SLDP), purchased 214,500 shares at an average price of $2.92 totaling $626,125.
8. Ronald J. Kruszewski, the Chief Executive Officer of mid-market investment bank Stifel Financial Corp (SF), purchased 10,174 shares at an average price of $56.53 totaling $575,158.
9. Robert R. Hill, a Director of packaging & containers company Sonoco Products Co (SON), purchased 10,000 shares at an average price of $56.00 totaling $560,000.
10. Patrick Hackett, a Director of regional bank Wintrust Financial Corp (WTFC), purchased 7,100 shares at an average price of $73.31 totaling $520,501.
11. Sudhanshu Shekhar Priyadarshi, the Chief Financial Officer of beverages company Keurig Dr Pepper Inc. (KDP), purchased 15,000 shares at an average price of $34.46 totaling $516,841. Robert S. Singer, a Director of the company, also purchased 500 shares at an average price of $34.25 totaling $17,125.
12. Jennifer W. Steans, a Director of regional bank Valley National Bancorp (VLY), purchased 50,000 shares at an average price of $10.29 totaling $514,500. Three other Directors also purchased shares.
13. David M. Ratcliffe, a Director of regional bank Truist Financial Corp (TFC), purchased 13,125 shares at an average price of $38.08 totaling $499,820.
14. Jon E. Bortz, the Chairman and CEO of hotel REIT Pebblebrook Hotel Trust (PEB), purchased 26,000 shares at an average price of $13.80 totaling $358,778.
15. Beth C. Seidenberg, a Director of biotechnology company Vera Therapeutics, Inc. (VERA), purchased 48,003 shares at an average price of $7.16 totaling $343,485.
16. Gerard Johan Hart, the President and CEO of restaurant chain Red Robin Gourmet Burgers Inc (RRGB), purchased 25,000 shares at an average price of $11.99 totaling $299,640.
17. Robert Clark Nickles, a Director of regional bank First Financial Bankshares Inc (FFIN), purchased 9,146 shares at an average price of $32.75 totaling $299,532. Johnny Trotter, a Director of the bank, also purchased 2,500 shares at an average price of $29.89 totaling $74,725.
18. Brian Choi, a Director of regional bank OP Bancorp (OPBK), purchased 30,000 shares at an average price of $9.96 totaling $298,798.
19. Bogdan Nowak, a Director of regional bank Brookline Bancorp Inc (BRKL), purchased 25,000 shares at an average price of $10.70 totaling $267,573.
20. David D. Dallas, a Director of regional bank Unity Bancorp Inc. (UNTY), purchased 10,000 shares at an average price of $24.52 totaling $245,200. George Boyan, the Chief Financial Officer of the bank, also purchased 1,000 shares at an average price of $24.50 totaling $24,500.
21. Jack Willome, a Director of regional bank Cullen/Frost Bankers, Inc. (CFR), purchased 2,000 shares at an average price of $107.00 totaling $214,000.
22. Heather Kidwell, the Senior Vice President, Chief Legal, Compliance and Human Resources Officer and Corporate Secretary of medical devices company ZimVie Inc. (ZIMV), purchased 36,765 shares at an average price of $5.55 totaling $203,873.
23. James Andrew Barker, a Director of regional bank Banc Of California, Inc. (BANC), purchased 15,000 shares at an average price of $13.50 totaling $202,491.
24. Raja J. Jubran, a Director of regional bank FB Financial Corp (FBK), purchased 6,150 shares at an average price of $32.39 totaling $199,198.
25. Jason A. Kitzmiller, a Director of regional bank Summit Financial Group, Inc. (SMMF), purchased 9,150 shares at an average price of $21.75 totaling $199,008. Oscar M. Bean, the Chairman of the bank, also purchased 200 shares at an average price of $21.99 totaling $4,398.
26. Andrew Moore, the CEO B. Riley Securities, Inc. of investment bank B. Riley Financial, Inc. (RILY), purchased 5,000 shares at an average price of $33.25 totaling $166,266.
27. Daniel Shribman, a Director of rental & leasing services company Alta Equipment Group Inc. (ALTG), purchased 10,000 shares at an average price of $16.39 totaling $163,900.
28. Mark Stephen Katz, the EVP and General Counsel of insurance company Ryan Specialty Holdings, Inc. (RYAN), purchased 4,000 shares at an average price of $37.15 totaling $148,603.
29. Robert M. Deutschman, a Director of software company Digital Turbine, Inc. (APPS), purchased 15,000 shares at an average price of $9.80 totaling $147,000.
30. Philip Liang, a Director of medical devices company Vicarious Surgical Inc. (RBOT), purchased 59,100 shares at an average price of $2.36 totaling $139,366.
31. William S. Demchak, the President/CEO of regional bank PNC Financial Services Group, Inc. (PNC), purchased 1,000 shares at an average price of $129.70 totaling $129,698.
32. H E. Timanus, the Chairman of regional bank Prosperity Bancshares Inc (PB), purchased 2,000 shares at an average price of $62.20 totaling $124,400. Asylbek Osmonov, the CFO of the bank, also purchased 1,000 shares at an average price of $61.54 totaling $61,540.
33. Rohit Gupta, the President and CEO of mortgage insurance company Enact Holdings, Inc. (ACT), purchased 5,206 shares at an average price of $22.61 totaling $117,695.
34. Todd J. Stein, a Director of health information services company Spok Holdings, Inc (SPOK), purchased 11,251 shares at an average price of $10.01 totaling $112,641.
35. Daniel J. Crowley, the Chairman, President and CEO of aerospace & defense company Triumph Group Inc (TGI), purchased 10,000 shares at an average price of $11.12 totaling $111,175. Neal J. Keating, a Director of the company, also purchased 10,000 shares at an average price of $10.93 totaling $109,300.
36. Andrew Kenner, the SVP of chemicals company Westlake Chemical Partners LP (WLKP), purchased 5,000 shares at an average price of $21.44 totaling $107,205.
37. Samvir S. Sidhu, the President, CEO of regional bank Customers Bancorp, Inc. (CUBI), purchased 5,200 shares at an average price of $20.50 totaling $106,600. Daniel K. Rothermel, a Director of the bank, also purchased 5,000 shares at an average price of $10.72 totaling $53,575.
38. Matthew DeSoto, a Director of regional bank Mid Penn Bancorp Inc (MPB), purchased 3,775 shares at an average price of $26.55 totaling $100,227. Three other Directors also purchased shares.
39. Charles P. Waite, a Director of medical instruments & supplies company NanoString Technologies Inc (NSTG), purchased 12,000 shares at an average price of $8.35 totaling $100,200.
40. John T. Mcdonald, the CEO of software company Upland Software, Inc. (UPLD), purchased 20,000 shares at an average price of $4.78 totaling $95,500.
41. Sam Sang-Koo Shim, a Director of regional bank MetroCity Bankshares, Inc. (MCBS), purchased 5,000 shares at an average price of $18.48 totaling $92,400. Ajit A. Patel, a Director of the bank, also purchased 5,000 shares at an average price of $16.75 totaling $83,750.
42. Nicholas N. Scott, a Director of regional bank CNB Financial Corp (CCNE), purchased 4,000 shares at an average price of $20.99 totaling $83,978. The CFO and another Director also purchased shares.
43. Richard Ball, a Director of regional bank Landmark Bancorp Inc (LARK), purchased 2,609 shares at an average price of $22.15 totaling $57,801. Sandra J. Moll, a Director of the bank, also purchased 975 shares at an average price of $22.00 totaling $21,449.
44. Rajendra K. Talluri, the President and CEO of battery technology company Enovix Corp (ENVX), purchased 5,000 shares at an average price of $11.22 totaling $56,100.
45. Wes Frye, a Director of logistics company XPO, Inc. (XPO), purchased 1,500 shares at an average price of $35.74 totaling $53,610.
46. Ray T. Charley, a Director of regional bank First Commonwealth Financial Corp (FCF), purchased 4,000 shares at an average price of $13.26 totaling $53,040.
47. Matthew Cohn, a Director of regional bank The Bancorp, Inc. (TBBK), purchased 2,000 shares at an average price of $26.50 totaling $53,000.
48. Thomson Leighton, the Chief Executive Officer of content delivery network company Akamai Technologies Inc (AKAM), purchased 698 shares at an average price of $71.77 totaling $50,099.
49. William Reinhardt, a Director of regional bank Metropolitan Bank Holding Corp. (MCB), purchased 1,488 shares at an average price of $33.64 totaling $50,056. Two other Directors also purchased shares.
50. Brent J. Beardall, the President & CEO of regional bank Washington Federal Inc (WAFD), purchased 1,600 shares at an average price of $30.20 totaling $48,320.
51. Stephen E. Wakefield, the Chief Operating Officer of building products & equipment company AAON, Inc. (AAON), purchased 516 shares at an average price of $89.30 totaling $46,079.
52. Daniel B. Fitzpatrick, a Director of regional bank 1St Source Corp (SRCE), purchased 1,000 shares at an average price of $45.21 totaling $45,210.
53. Jonathan Ilany, the Chief Executive Officer of specialty insurance company Tiptree Inc. (TIPT), purchased 2,900 shares at an average price of $15.00 totaling $43,500.
54. Gregory M. Glenn, the President, R&D of biotechnology company Novavax Inc (NVAX), purchased 6,000 shares at an average price of $7.17 totaling $43,042.
55. Joseph Payne, the Chief Legal Officer & Sec. of aircraft leasing company Air Transport Services Group, Inc. (ATSG), purchased 2,000 shares at an average price of $21.06 totaling $42,120.
56. John Schutte, a Director of regional bank Stock Yards Bancorp, Inc. (SYBT), purchased 750 shares at an average price of $51.50 totaling $38,625.
57. Robert M. Averick, a Director of semiconductor equipment & materials company Amtech Systems Inc (ASYS), purchased 4,250 shares at an average price of $8.96 totaling $38,060.
58. Dana D. Behar, a Director of regional bank First Northwest Bancorp (FNWB), purchased 3,000 shares at an average price of $11.97 totaling $35,919. Norman J. Tonina, another Director of the bank, also purchased 2,100 shares at an average price of $12.19 totaling $25,594.
59. Chung Kin Cheung, the EVP & CFO of auto parts company Commercial Vehicle Group, Inc. (CVGI), purchased 5,000 shares at an average price of $7.13 totaling $35,650.
60. Dennis E. Gibney, the EVP & Chief Financial Officer of regional bank Columbia Financial, Inc. (CLBK), purchased 2,000 shares at an average price of $17.60 totaling $35,200.
61. Pavel Raifeld, the Chief Executive Officer of biotechnology company Innoviva, Inc. (INVA), purchased 3,000 shares at an average price of $10.87 totaling $32,603.
62. Katherine Oliver, a Director of food distribution company Chefs’ Warehouse, Inc. (CHEF), purchased 982 shares at an average price of $30.54 totaling $29,990.
63. Michael P. Landy, a Director of residential REIT UMH Properties, Inc. (UMH), purchased 2,000 shares at an average price of $14.80 totaling $29,600.
64. Kris A. Robbins, a Director of regional bank UMB Financial Corp (UMBF), purchased 500 shares at an average price of $57.12 totaling $28,560.

Spinoffs

1. Crane Holdings (CR): announced that Paul G. Igoe has been appointed Senior Vice President, General Counsel, and Secretary of Crane NXT effective March 20, 2023.

SPACs

1. Murano PV, S.A. DE C.V. announced its plan to go public via a business combination with HCM Acquisition Corp (HCMA).
2. KINS Technology Group Inc (KINZ) announced the successful completion of its previously announced business combination with CXApp Holding Corp.
3. Globalink Investment (GLLI) announced that the previously announced agreement and plan of merger with Tomorrow Crypto Group was terminated on March 8, 2023. As a result, Globalink will seek an alternative business combination.

Stock Buyback Announcements

1. ZoomInfo (ZI) approved a $100 million share repurchase program, representing around 1.2% of its market cap at announcement.
2. OptimizeRx Corp. (OPRX) has authorized a $15 million share repurchase program. This represents around 7% of its market cap at announcement.
3. Liquidity Services, Inc. (LQDT) authorized a new share repurchase program of up to $8 million of the company’s common stock. This represents around 2% of its market cap at announcement.

Update:

1. Cambridge Bancorp (CATC) authorized the renewal of its stock repurchase program to acquire up to 5% of the total number of shares outstanding of the Company’s common stock, with such purchases occurring prior to March 13, 2024.

C-Suite Transitions

Appointments

1. Tactile Systems Technology (TCMD): appoints Elaine M. Birkemeyer as Chief Financial Officer, effective March 20, 2023.
2. CRISPR Therapeutics AG (CRSP): appoints Raju Prasad as Chief Financial Officer, effective March 14, 2023.
3. Accelerate Diagnostics (AXDX): appoints David Patience as Chief Financial Officer, effective April 1, 2023.
4. P.A.M. Transportation Services (PTSI): appoints Lance K. Stewart as interim CFO and Treasurer of the company effective immediately.
5. VWF Bancorp (VWFB): appoints Rich Brackin as Chief Financial Officer, effective April 17, 2023.
6. SPX (SPXC): appoints Wayne M. McLaren as Chief Accounting Officer effective as of April 7, 2023.
7. Cepton (CPTN): appoints Dr. Dongyi Liao as Chief Technology Officer.
8. Histogen (HSTO): appoints Susan A. Knudson as Chief Operations Officer and Chief Financial Officer.
9. AdaptHealth (AHCO): promotes Christine Archbold to Chief Accounting Officer and Shaw Rietkerk to Chief Operating Officer.
10. Five Below (FIVE): promotes Kenneth R. Bull to the role of Chief Operating Officer, effective March 13, 2023.
11. RYVYL (RVYL): appoints Mary Lay Hoitt as Interim Chief Financial Officer.
12. Honeywell International (HON): appoints Vimal Kapur as Chief Executive Officer.

Departures

1. Ultragenyx Pharmaceutical (RARE): Camille L. Bedrosian, Chief Medical Officer steps down effective May 1, 2023.
2. CRISPR Therapeutics AG (CRSP): Brendan Smith Chief Financial Officer resigns effective March 13, 2023.
3. Accelerate Diagnostics (AXDX): Steve Reichling resigns as Chief Financial Officer effective March 31, 2023.
4. P.A.M. Transportation Services (PTSI): Allen W. West Chief Financial Officer intends to resign.
5. SPX (SPXC): Michael A. Reilly, Chief Accounting Officer retires effective as of April 7, 2023.
6. Cepton (CPTN): Mark McCord Chief Technology Officer resigns.

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.