InsideArbitrage Event Driven Monitor – March 27, 2023

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

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Merger Arbitrage

1. Berkshire Grey (BGRY) to be acquired by SoftBank for $375 million or $1.40 per share in cash. We added BGRY as a potential deal to the Deals in the Works section on February 10, 2023, and the price after the news of the potential deal came out was $1.48.
2. Pan American Silver (PAAS), Agnico Eagle Mines Limited (AEM) and Yamana Gold (AUY) received approval for their arrangement from the Mexican Federal Economic Competition Commission. All required regulatory, shareholder and court approvals, including the final court order, have now been received and the arrangement is anticipated to be completed on or about March 31, 2023.
3. Global Payments (GPN) completed the acquisition of EVO Payments (EVOP).
4. Sumo Logic (SUMO) and Francisco Partners announced that the waiting period under the HSR Act is scheduled to expire on March 27, 2023.

Deals In The Works

1. According to Bloomberg, BridgeBio Pharma (BBIO) which develops treatments for genetic diseases, is attracting takeover interest from bigger drug companies.

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. Joseph S. Steinberg, a Director of oil & gas E&P company Vitesse Energy, Inc. (VTS), purchased 158,000 shares at an average price of $16.99 totaling $2.68 million.
2. James M. Zemlyak, the Co-President of financial services and bank holding company Stifel Financial Corp. (SF), purchased 20,000 shares at an average price of $56.06 totaling $1.12 million.
3. Alan David Matula, a Director of insurance company American Equity Investment Life Holding Company (AEL), purchased 7,100 shares at an average price of $35.50 totaling $252,034.
4. Christopher O. Blunt, the President & CEO of insurance company F&G Annuities & Life, Inc. (FG), purchased 15,000 shares at an average price of $16.32 totaling $244,725.
5. Amir Adnani, the President and CEO of Uranium company Uranium Energy Corp. (UEC), purchased 80,000 shares at an average price of $2.68 totaling $214,158. Shares of UEC were purchased by two other insiders: Spencer Abraham, a Director purchased 38,500 shares at an average price of $2.61 totaling $100,639. Scott Melbye, the Executive VP, purchased 21,000 shares at an average price of $2.50 totaling $52,586.
6. Roland O. Burns, the President & CFO of Oil & Gas E&P company Comstock Resources Inc. (CRK), purchased 20,000 shares at an average price of $9.95 totaling $198,988.
7. Theodore J. Klinck, the President and CEO of office REIT Highwoods Properties, Inc. (HIW), purchased 5,000 shares at an average price of $19.81 totaling $99,065.
8. Gregory C. Bestic, a Director of regional bank Farmers National Bancorp (FMNB), purchased 5,000 shares at an average price of $12.50 totaling $62,500.
9. F Thomson Leighton, the Chief Executive Officer of cloud services provider Akamai Technologies, Inc. (AKAM), purchased 668 shares at an average price of $74.99 totaling $50,093.
10. Mahesh V. Patel, the CEO and President of biotech company Lipocine Inc. (LPCN), purchased 150,000 shares at an average price of $0.32 totaling $48,000.
11. Richard I. Eisenstadt, the Chief Financial Officer of biotech company Altimmune, Inc. (ALT), purchased 10,000 shares at an average price of $4.31 totaling $43,140.
12. Gerald B. Wurm, the Subsidiary Director of regional bank Civista Bancshares, Inc. (CIVB), purchased 2,000 shares at an average price of $17.80 totaling $35,594.
13. John J. Harris, a Director of regional bank First Business Financial Services, Inc. (FBIZ), purchased 1,000 shares at an average price of $30.73 totaling $30,727.
14. Carmen M. Bowser, a Director of regional bank Peapack-Gladstone Financial Corporation (PGC), purchased 1,000 shares at an average price of $28.46 totaling $28,460.

SPACs

1. Oak Woods Acquisition Corporation (OAKUO) priced its initial public offering of 5,000,000 units at $10.00 per unit.

Stock Buyback Announcements

1. Afya Limited (AFYA) announced that after the completion of its third share repurchase program, which resulted in the purchase of 1,874,457 Class A common shares, its Board of Directors has approved a new 2 million share repurchase program. This represents around 2.2% of its market cap at announcement.

C-Suite Transitions

Appointments

1. PTC Therapeutics (PTCT): appoints Matthew B. Klein as Chief Executive Officer and President.
2. Electrameccanica Vehicles Corp (SOLO): appoints Michael Bridge as General Counsel.
3. Ally Financial (ALLY): Russell Hutchinson as Chief Financial Officer, effective July 3, 2023.
4. Ecopetrol (EC): appoints current Chief Operating Officer Alberto Consuegra as interim Chief Executive Officer.

Departures

1. Delek US Holdings (DK): Todd O’Malley Chief Operating Officer resigns.
2. Benchmark Electronics (BHE): Michael D. Buseman Chief Operating Officer resigns effective April 5, 2023.
3. Eastern Co. (EML): James Woidke Chief Operating Officer resigns effective April 1, 2023.
4. Mimedx (MDXG): Peter M. Carlson Chief Financial Officer informed the company of his decision to depart at an effective date to be mutually agreed upon.
5. Acushnet Holdings (GOLF): Thomas Pacheco Chief Financial Officer and Chief Accounting Officer steps down effective August 15, 2023.
6. Ecopetrol (EC): Felipe Bayon Chief Executive Officer 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.