InsideArbitrage Event Driven Monitor – March 23, 2023

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

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Merger Arbitrage

1. Amryt Pharma Shareholders approve the acquisition of Amryt Pharma (AMYT) by Chiesi Farmaceutici.
2. Regal Rexnord (RRX) and Altra Industrial (AIMC) announce receipt of all required regulatory approvals for the merger. The deal is set to close on March 27, 2023.
3. According to Financial Times, UK regulator warns on Broadcom’s (AVGO) $69bn VMware (VMW) deal.
4. According to Reuters, U.S. Senator Warren urges FTC to review CVS (CVS) – Oak Street (OSH) deal.
5. TravelCenters (TA) and BP p.l.c (BP)  filed notifications of the merger with the Federal Trade Commission and the Department of Justice under the HSR Act, on March 9, 2023. Accordingly, the initial waiting period will expire on April 10, 2023

Deals In The Works

1. Stratasys (SSYS) announced that its Board of Directors has unanimously rejected the unsolicited proposal it received from Nano Dimension (NNDM) to acquire Stratasys for $18.00 per share in cash.
2. According to Bloomberg, Extra Space Storage (EXR) is weighing making an offer for Life Storage (LSI)  the real estate company that rejected a takeover proposal from Public Storage earlier this year

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. Eric Andersen, a Director of biotechnology company Merrimack Pharmaceuticals Inc. (MACK), purchased 160,590 shares at an average price of $11.52 totaling $1.85 million.
2. Thurman J. Rodgers, a Director of battery technology company Enovix Corp (ENVX), purchased 102,599 shares at an average price of $11.57 totaling $1.19 million.
3. Anthony M. Aisquith, the COO of recreational boat retailer OneWater Marine Inc. (ONEW), purchased 20,000 shares at an average price of $24.50 totaling $490,000.
4. Francis Saul, the Chairman and CEO of retail REIT Saul Centers Inc. (BFS), purchased 10,000 shares at an average price of $37.03 totaling $370,263.
5. Matthew J. Gould (SVP) and Jeffrey Gould (President and CEO) of apartment REIT BRT Apartments Corp. (BRT), both purchased 17,417 shares at an average price of $18.83 totaling $327,931. These shares were purchased indirectly through Gould Investors LP.
6. Michael C. Willoughby, the CEO/President of global commerce services company PFSweb Inc. (PFSW), purchased 50,000 shares at an average price of $4.22 totaling $211,000. A Director also purchased 2,250 shares for a total of $9,450.
7. Jon E. Bortz, the Chairman and CEO of hotel REIT Pebblebrook Hotel Trust (PEB), purchased 11,000 shares at an average price of $12.95 totaling $142,428. 
8. Stan K. Erickson, a Director of agricultural and construction equipment dealer Titan Machinery Inc. (TITN), purchased 3,000 shares at an average price of $29.67 totaling $89,010.
9. Devin Ignatius Murphy, a Director of apartment REIT Apartment Income REIT Corp. (AIRC), purchased 2,500 shares at an average price of $34.00 totaling $85,000.
10. Thomson Leighton, the CEO of security software and CDN services provider Akamai Technologies Inc. (AKAM), purchased 1,006 shares at an average price of $74.70 totaling $75,147. Mr. Leighton bought these shares under an established 10b5-1 plan.
11. Brian Gragnolati, a Director of regional bank Lakeland Bancorp Inc. (LBAI), purchased 4,355 shares at an average price of $17.15 totaling $74,688.
12. Kenneth M. Young, the CEO of industrial services company Babcock and Wilcox Enterprises Inc. (BW), purchased 10,000 shares at an average price of $5.55 totaling $55,482. The COO and a Director also purchased 7,500 and 2,500 shares for a total of $39,373 and $13,825 respectively.
13. Frank C. Hu, a Director of oil and natural gas company Viper Energy Partners LP (VNOM), purchased 2,000 units at an average price of $27.50 totaling $55,000.
14. Scott S. Slater, a Director of agricultural company Limoneira CO (LMNR), purchased 3,155 shares at an average price of $15.85 totaling $50,007.
15. William G. Robinson, a Director of education services company American Public Education Inc. (APEI), purchased 6,250 shares at an average price of $4.06 totaling $25,375. Many other insiders also purchased shares, with the next largest purchase coming from Tanya Joy Axenson (SVP and Chief HR Officer) for a total of $24,939.

SPACs

1. Digital World (DWAC) announced that it has terminated CEO Patrick Orlando and appointed Eric Swider as interim.
2. Stratim Cloud Acquisition Corp. (SCAQ) and Force Pressure Control announced a definitive business combination agreement.

Stock Buyback Announcements

1. Teekay Corporation (TK) has authorized a new $30 million share repurchase program upon completion of the prior $30 million share repurchase program. This represents around 5% of its market cap at announcement.
2. The NFT Gaming Company, Inc. (NFTG) has authorized the repurchase of up to $500,000 of the Company’s common stock. This represents around 3.2% of its market cap at announcement.

C-Suite Transitions

Appointments

1. EBay (EBAY): appoints Rebecca Spencer as Chief Accounting Officer effective April 1, 2023.
2. U-Haul Holding Company (UHAL): appoints Kristine Campbell as General Counsel.
3. FlexShopper (FPAY): appoints Russell Heiser, Jr. Chief Financial Officer as Chief Executive Officer.
4. Phreesia (PHR): appoints Balaji Gandhi as Chief Financial Officer.
5. PLBY Group (PLBY): appoints Marc Crossman as Chief Financial Officer and Chief Operating Officer effective March 22, 2023.
6. United Natural Food (UNFI): appoints Erin Horvath as Chief Operating Officer.
7. Pyxis Oncology (PYXS): promotes Pamela Connealy to the newly created role of Chief Financial Officer and Chief Operating Officer.
8. Franklin BSP Realty Trust (FBRT): appoints Michael Comparato as President.
9. Inspirato Incorporated (ISPO): appoints Robert Kaiden as Chief Financial Officer.
10. Builders Firstsource (BLDR): appoints Stephen J. Herron as Chief Operating Officer.

Departures

1. Cardlytics (CDLX):  Andrew Christiansen Chief Financial Officer resigns effective July 21, 2023.
2. EBay (EBAY): Brian J. Doerger Chief Accounting Officer steps down effective March 31, 2023.
3. U-Haul Holding Company (UHAL): Laurence De Respino General Counsel retires effective May 12, 2023.
4. Phreesia (PHR): Randy Rasmussen Chief Financial Officer steps down effective March 24, 2023.
5. Papa John`s International (PZZA): Ann Gugino Chief Financial Officer resigns.
6. Franklin BSP Realty Trust (FBRT):  Richard J. Byrne President steps down.

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.