InsideArbitrage Event Driven Monitor – March 28, 2023

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

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Merger Arbitrage

1. Jounce Therapeutics (JNCE) to be acquired by Concentra Biosciences for -$123.48 million or $1.85 per share in cash plus a non-tradeable contingent value right .
2. CVS Health (CVS) announced that it expects to complete its acquisition of Signify Health (SGFY) on or around March 29, 2023.
3. ARKO Corp. (ARKO) issued a letter urging Travel Centers of America’s (TA) Board to seriously consider ARKO’s proposal to acquire TravelCenters and engage with, rather than exclude, ARKO in the sale process.
4. Regal Rexnord Corporation (RRX) completed the acquisition of Altra Industrial Motion Corp. (AIMC).

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. Bill Ackman, a Director of diversified real estate company Howard Hughes Corp (HHC), purchased 23,872 shares at an average price of $74.85 totaling $1.79 million. These shares were acquired through Pershing Square Capital.
2. Alexander Douglas, the Chief Executive Officer of food distribution company United Natural Foods Inc (UNFI), purchased 45,168 shares at an average price of $22.22 totaling $1 million.
3. Eric Scott Haynor, the Chief Operating Officer of mattress company Purple Innovation, Inc. (PRPL), purchased 138,598 shares at an average price of $2.75 totaling $381,131. Jeffery Scott Kerby, the Chief of Owned Retail of the company, also purchased 23,077 shares at an average price of $2.77 totaling $63,919.
4. Francis Saul, the Chairman & CEO of retail REIT Saul Centers, Inc. (BFS), purchased 10,000 shares at an average price of $36.35 totaling $363,500.
5. Christopher O. Blunt, the President & CEO of life insurance and annuities company F&G Annuities & Life, Inc. (FG), purchased 12,000 shares at an average price of $17.85 totaling $214,224.
6. Albert P. Behler, the Chairman, CEO and President of office REIT Paramount Group, Inc. (PGRE), purchased 50,000 shares at an average price of $4.10 totaling $205,050. Gage R. Johnson, the SVP, GC and Secretary of the company, also purchased 4,500 shares at an average price of $3.97 totaling $17,852.
7. James A. Burke, the President and CEO of utility Vistra Corp. (VST), purchased 5,000 shares at an average price of $24.05 totaling $120,250.
8. William Wesemann, a Director of software company Liveperson Inc (LPSN), purchased 20,000 shares at an average price of $3.91 totaling $78,200.
9. Gerrit Livingston Lansing, a Director of wood pellets producer Enviva Inc. (EVA), purchased 2,000 shares at an average price of $27.38 totaling $54,760.
10. David Drutz, a Director of biotechnology company Altimmune, Inc. (ALT), purchased 9,000 shares at an average price of $4.27 totaling $38,430.
11. Brian D. Brunner, a Director of regional bank Codorus Valley Bancorp Inc (CVLY), purchased 1,500 shares at an average price of $21.27 totaling $31,905. Keith Michael Cenekofsky, a Director of the company, also purchased 500 shares at an average price of $21.24 totaling $10,620.

SPACs

1. TMT Acquisition Corp (TMTCU) announced the pricing of $60 Million Initial Public Offering.
2. Bestpath IoT Technology Co., Ltd. and Aquaron Acquisition Corp. (AQU) entered into a definitive merger agreement that will result in Bestpath being operated under a holding entity named Bestpath Group Limited.

Stock Buyback Announcements

1. Royalty Pharma plc (RPRX) has authorized the repurchase of up to $1 billion of the company’s Class A ordinary shares. This represents around 6% of its market cap at announcement.

C-Suite Transitions

Appointments

1. Everest Re Group (RE): appoints Brent Hoffman as Interim General Counsel.
2. Mannkind Corp (MNKD): appoints Lauren M. Sabella as Chief Operating Officer effective March 27, 2023.
3. JELD-WEN Holding (JELD): appoints Michael A. Leon as Chief Accounting Officer.
4. Applied Molecular Transport (AMTI): appoints Shawn Cross as Chief Executive Officer.
5. Cal-Maine Foods (CALM): appoints Todd Walters as Chief Operating Officer effective March 27, 2023
6. Eos Energy Enterprises (EOSE): appoints Nathan Kroeker as interim Chief Accounting Officer.
7. Firstenergy (FE): appoints Brian X. Tierney as President and Chief Executive Officer effective June 1, 2023.
8. Hertz Global Holdings (HTZ): appoints Alexandra Brooks as interim Chief Financial Officer, effective April 1, 2023.
9. Lyft (LYFT): appoints David Risher as Chief Executive Officer.

Departures

1. Actelis Networks (ASNS): Jan Ruderman Chief Revenue Officer departs.
2. Enviva (EVA): Michael A. Johnson Chief Accounting Officer resigns.
3. Everest Re Group (RE): appoints Sanjoy Mukherjee General Counsel resigns effective April 21, 2023.
4. Chemung Financial (CHMG): Karl F. Krebs Chief Financial Officer retires.
5. Applied Molecular Transport (AMTI): Tahir Mahmood Chief Executive Officer resigns.
6. Eos Energy Enterprises (EOSE): John Tedone Chief Accounting Officer resigns effective April 21, 2023.
7. Firstenergy (FE): John W. Somerhalder II Interim President and Chief Executive Officer steps down effective May 31, 2023.
8. Hertz Global Holdings (HTZ): Kenny Cheung Chief Financial Officer resigns effective April 1, 2023.
9. Calamp Corp. (CAMP): Anand Rau Chief Technology Officer resigns.
10. Lyft (LYFT): Logan Green Chief Executive Officer and John Zimmer President resign.

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.