InsideArbitrage Event Driven Monitor – May 22, 2023

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

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Merger Arbitrage

1. Microsoft (MSFT) said that China has unconditionally approved its plan to buy Activision Blizzard (ATVI), even as the deal still faces antitrust opposition in the U.S. and United Kingdom.
2. VMware (VMW) and Broadcom (AVGO) extended the Outside Date of their Merger Agreement to August 26, 2023. If the transaction is not completed before August 26, 2023, Broadcom or VMware may extend the Outside Date to November 26, 2023.
3. Sisecam Resources (SIRE) announced that it notified the New York Stock Exchange that it anticipates completing the merger with Sisecam Chemicals Wyoming LLC will close on or about May 26, 2023.
4. Standard General provided additional information to the Federal Communications Commission to addresses potential concerns around the two issues raised in its Hearing Designation Order, related to its acquisition of Tegna (TGNA).

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. GoHealth (GOCO) confirms receipt of a $20 per share or unit unsolicited acquisition proposal from Centerbridge Partners and NVX Holdings.
2. Creative Realities (CREX) rejects the $2.85 per share in cash revised proposal by Pegasus Capital Advisors, L.P.

Insider Purchases

1. Ondrej Vlcek, the President of Gen Digital Inc. (GEN), purchased 300,000 shares at an average price of $15.79 totaling $4.74 million. Gen Digital was created when Norton Lifelock merged with Czech cybersecurity company Avast.
2. Bill Ackman, a Director of diversified real estate company Howard Hughes Corp (HHC), purchased 61,370 shares at an average price of $74.46 totaling $4.57 million. These shares were acquired indirectly through Pershing Square Capital.
3. Eli Casdin, a Director of diagnostics & research company Standard Biotools Inc. (LAB), purchased 1,200,000 shares at an average price of $2.19 totaling $2.63 million.
4. Ryan Levenson, a Director of dredging company Great Lakes Dredge & Dock Corp. (GLDD), purchased 133,788 shares at an average price of $6.81 totaling $911,328.
5. Vikram A. Atal, the President and CEO of nonperforming loans consolidator PRA Group Inc (PRAA), purchased 40,000 shares at an average price of $18.81 totaling $752,250. Two other insiders also purchased shares.
6. Sidney J. Feltenstein, a Director of engineering & construction company Tutor Perini Corp (TPC), purchased 75,000 shares at an average price of $5.96 totaling $447,000.
7. Alexander M. Davern, a Director of scientific & technical instruments company Faro Technologies Inc (FARO), purchased 24,000 shares at an average price of $11.79 totaling $283,019.
8. Steven E. Shebik, a Director of insurance company CNO Financial Group, Inc. (CNO), purchased 12,500 shares at an average price of $21.91 totaling $273,821.
9. Robert S. Singer, a Director of beverages company Keurig Dr Pepper Inc. (KDP), purchased 8,500 shares at an average price of $31.88 totaling $270,980.
10. Thomas Hill, a Director of regional bank Regions Financial Corp (RF), purchased 11,926 shares at an average price of $16.78 totaling $200,134.
11. Judson C. Linville, a Director of payment solutions company Marqeta, Inc. (MQ), purchased 44,650 shares at an average price of $4.46 totaling $199,228.
12. Matthew Wilks, the Executive Chairman of oil & gas equipment & services company ProFrac Holding Corp. (ACDC), purchased 17,000 shares at an average price of $11.30 totaling $192,023.
13. Eric J. Ende, a Director of drug manufacturer Avadel Pharmaceuticals PLC (AVDL), purchased 13,000 shares at an average price of $13.93 totaling $181,100.
14. Brian Ferdinand, the Chief Executive Officer of lodging company Luxurban Hotels Inc. (LUXH), purchased 50,000 shares at an average price of $3.30 totaling $164,825.
15. Michael Benstock, the CEO of apparel manufacturing company Superior Group Of Companies, Inc. (SGC), purchased 15,273 shares at an average price of $8.73 totaling $133,394.
16. Robert M. Lavan, the Chief Financial Officer of bowling centers operator Bowlero Corp. (BOWL), purchased 8,595 shares at an average price of $11.47 totaling $98,585.
17. Shaul Kuba, the Chief Investment Officer of office REIT Creative Media & Community Trust Corp (CMCT), purchased 19,884 shares at an average price of $4.96 totaling $98,576.
18. Peyton R. Howell, a Director of medical devices company Tandem Diabetes Care Inc (TNDM), purchased 3,000 shares at an average price of $30.16 totaling $90,492.
19. Thomas C. Erb, a Director of packaged foods company Post Holdings, Inc. (POST), purchased 1,000 shares at an average price of $87.00 totaling $87,000.
20. Philip Woodlief, a Director of tools & accessories company Hillman Solutions Corp. (HLMN), purchased 10,000 shares at an average price of $7.91 totaling $79,100.
21. Thomson Leighton, the Chief Executive Officer of content delivery network company Akamai Technologies Inc (AKAM), purchased 862 shares at an average price of $87.19 totaling $75,161.
22. Matthew Glickman, a Director of advertising services company Quinstreet, Inc (QNST), purchased 10,000 shares at an average price of $7.29 totaling $72,900.
23. Robert E. Jordan, a Director of specialty retail company Container Store Group, Inc. (TCS), purchased 27,492 shares at an average price of $2.55 totaling $69,984.
24. John B. Bode, a Director of biotechnology company Zevra Therapeutics, Inc. (ZVRA), purchased 10,000 shares at an average price of $5.04 totaling $50,418.
25. Thomas I. Morgan, a Director of lumber and paper products company Rayonier Advanced Materials Inc. (RYAM), purchased 12,195 shares at an average price of $4.11 totaling $50,179. Two other directors also purchased shares.
26. Thomas V. Taylor, a Director of optical retail company National Vision Holdings, Inc. (EYE), purchased 2,079 shares at an average price of $24.04 totaling $49,979.
27. Robert A. Abel, a Director of regional bank Mid Penn Bancorp Inc (MPB), purchased 2,000 shares at an average price of $20.18 totaling $40,360.
28. Kevin M. Charlton, a Director of security & protection services company Evolv Technologies Holdings, Inc. (EVLV), purchased 5,000 shares at an average price of $5.69 totaling $28,450.
29. Myron Kaplan, a Director of biotechnology company CorMedix Inc. (CRMD), purchased 6,000 shares at an average price of $4.54 totaling $27,258.

Stock Buyback Announcements

1. Cytek Biosciences, Inc. (CTKB) has approved the repurchase of up to an aggregate of $50 million of its common stock.This represents around 5% of its market cap at announcement.

Update:

1. Lesaka Technologies (LSAK) has repurchased ~250K shares in May 2023, at a price of $3.26 per share.

SPACs

1. Suntuity Renewables and Beard Energy Transition Acquisition Corp. (BRD) entered into a definitive agreement that would result in the combined company becoming publicly traded.
2. Bowen Acquisition Corp (BOWN) filed for a $60 million IPO.

C-Suite Transitions

Appointments

1. Albertsons Companies (ACI): appoints Tom Moriarty as General Counsel effective June 5, 2023.
2. Baker Hughes Company (BKR): appoints Rebecca Charlton as Chief Accounting Officer effective June 1, 2023.
3. Conformis (CFMS): appoints Christine Desrochers as Interim Chief Financial Officer.
4. Foot Locker (FL): appoints Michael Baughn as Chief Financial Officer effective June 12, 2023.

Departures

1. Bluelinx Hldgs (BXC): Kevin A. Henry Chief People Officer resigns effective June 2, 2023.
2. Indie Semiconductor (INDI): Steven Machuga Chief Operating Officer retires.
3. Diffusion Pharmaceuticals (DFFN): William K. Hornung Chief Financial Officer departs.
4. Celularity (CELU): Bradley Glover Chief Operating Officer resigns effective May 31, 2023.
5. Conformis (CFMS): Robert S. Howe Chief Financial Officer resigns effective June 9, 2023.
6. Golden Minerals (AUMN): John Galassini Chief Operating Officer resigns effective May 31, 2023.
7. DHI Group (DHX): Chris Henderson Chief Operating Officer steps down effective July 31, 2023.
8. BJ`s Wholesale Club Holdings (BJ): Scott Kessler Chief Information Officer resigns effective May 26, 2023.
9. Grid Dynamics (GDYN): Stan Klimoff Chief Strategy Officer resigns.
10. York Water Co. (YORW): Mark A. Wheeler Chief Operating Officer resigns effective June 9, 2023.
11. Qualigen Therapeutics (QLGN): Amy Broidrick President, Chief Strategy and Operating Officer resigns effective June 16, 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.