InsideArbitrage Event Driven Monitor – May 23, 2023

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

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Merger Arbitrage

1. VectivBio Holding AG (VECT)  to be acquired by Ironwood Pharmaceuticals (IRWD) for $1 billion or $17 per share in cash.
2. PDC Energy (PDCE) to be acquired by Chevron Corporation (CVX) for $7.6 billion in an all stock deal. Under the terms of the agreement, PDC shareholders will receive 0.4638 shares of Chevron for each PDC share.
3. Greenhill & Co (GHL) to be acquired by Mizuho Financial Group (MFG) for $550 million or $15 per share in cash.
4. TEGNA’s (TGNA) sale to Standard General was terminated after failing to win regulatory approval. Following the termination, TEGNA announced a $300 million accelerated share repurchase program and a 20 percent increase in its quarterly dividend.

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 the 13D filing,  Concentra Biosciences offered to buy Atea Pharmaceuticals (AVIR) for $5.75 a share in cash

Insider Purchases

1. Keith M. Rosenbloom, a Director of diversified specialty and agricultural products company American Vanguard Corp (AVD), purchased 63,249 shares at an average price of $17.69 totaling $1.12 million.
2. Paul A. Jacobson, the EVP and CFO of automobile manufacturer General Motors Co (GM), purchased 31,000 shares at an average price of $32.60 totaling $1.01 million.
3. Thomas Arthur Bell, the CEO of IT engineering and science solutions provider Leidos Holdings, Inc. (LDOS), purchased 6,300 shares at an average price of $78.81 totaling $496,502.
4. Wes Cummins, a Director of foil technology company Vishay Precision Group, Inc. (VPG), purchased 12,000 shares at an average price of $34.41 totaling $412,920.
5. Gregg J. Felton, the CEO and President of clean electrification company Altus Power, Inc. (AMPS), purchased 75,000 shares at an average price of $4.43 totaling $332,037.
6. Michael Stuart Rosenthal, the COO of rare earth mining company MP Materials Corp. (MP), purchased 15,000 shares at an average price of $21.40 totaling $321,000.
7. Dick Allen, a Director of medical device company Tandem Diabetes Care Inc. (TNDM), purchased 10,000 shares at an average price of $29.47 totaling $294,687.
8. Jeffrey Richart Geygan, a Director of IT distribution and solutions company Climb Global Solutions, Inc. (CLMB), purchased 5,148 shares at an average price of $49.48 totaling $254,714.
9. Michael Marberry, a Director of water and wastewater utility company American Water Works Company, Inc. (AWK), purchased 1,400 shares at an average price of $142.35 totaling $199,290.
10. Jeffrey G. Black, the SVP and CFO of diagnostics and research company Standard Biotools Inc. (LAB), purchased 85,984 shares at an average price of $2.25 totaling $193,578.
11. John C. Bumgarner, a Director of wood pellet company Enviva Inc. (EVA), purchased 20,000 shares at an average price of $8.33 totaling $166,600.
12. Travis Vanderzanden, a Director of rental electric bike and scooter company Bird Global, Inc. (BRDS), purchased 45,000 shares at an average price of $2.85 totaling $128,250. A Director also purchased 35,000 shares for a total of $93,250.
13. Ronald Leroy Langham, an EVP of home health and hospice services company Enhabit Inc. (EHAB), purchased 10,000 shares at an average price of $11.99 totaling $119,900. A Director also purchased 2,100 shares for a total of $24,822.
14. Rebecca Fine, the EVP and Global CPO of golf equipment company Topgolf Callaway Brands Corp. (MODG), purchased 7,000 shares at an average price of $16.23 totaling $113,610.
15. Charles L. Frischer, a Director of real estate and extended warranty company Kingsway Financial Services Inc. (KFS), purchased 12,520 shares at an average price of $8.39 totaling $105,043.
16. Douglas M. Steenland, a Director of hospitality and hotel company Hilton Worldwide Holdings Inc. (HLT), purchased 695 shares at an average price of $143.73 totaling $99,889.
17. Rudolph V. Renda, the Co-COO and EVP of construction and infrastructure company Southland Holdings, Inc. (SLND), purchased 11,721 shares at an average price of $8.40 totaling $98,413.
18. Scott N. Flanders, a Director of real estate brokerage Fathom Holdings Inc. (FTHM), purchased 15,200 shares at an average price of $6.01 totaling $91,318.
19. Satish Malhotra, the CEO and President of storage company Container Store Group, Inc. (TCS), purchased 33,500 shares at an average price of $2.24 totaling $74,980.
20. Kevin A. Stephens, a Director of technology solutions company Keysight Technologies, Inc. (KEYS), purchased 420 shares at an average price of $157.45 totaling $66,129.
21. Bernardo Fiaux, the CFO of flavor enhancer and other foods company Whole Earth Brands, Inc. (FREE), purchased 20,908 shares at an average price of $3.00 totaling $62,621.
22. Robert E. James, a Director of regional bank HomeTrust Bancshares, Inc. (HTBI), purchased 2,500 shares at an average price of $20.02 totaling $50,052.
23. Darryl J. Fess, the CEO (of the Brookline Bank specifically) of regional bank Brookline Bancorp Inc. (BRKL), purchased 5,000 shares at an average price of $8.43 totaling $42,150.
24. David W. Heard, the CEO of networking solutions company Infinera Corp (INFN), purchased 6,000 shares at an average price of $4.95 totaling $29,686.
25. Richard C. Pfenniger, a Director of genetic testing company GeneDx Holdings Corp. (WGS), purchased 5,000 shares at an average price of $5.90 totaling $29,499.
26. Terry Jimenez, a Director of video gaming accessories company Turtle Beach Corp (HEAR), purchased 2,500 shares at an average price of $11.59 totaling $28,975.
27. B. Francis Saul, the Chairman and CEO of mixed use REIT Saul Centers Inc. (BFS), purchased 750 shares at an average price of $35.18 totaling $26,384.

Stock Buyback Announcements

1. eXp World Holdings, Inc. (EXPI) has increased the authorization limits of the Company’s stock repurchase program from $500 million to $1 billion. This represents around 23% of its market cap at announcement.
2. Dillard’s, Inc. (DDS) has approved a new share repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock. This represents around 10.5% of its market cap at announcement.
3. Bar Harbor Bankshares (BHB) authorized a stock repurchase plan pursuant to which the Company may repurchase up to 756,000 shares of Company common stock, which represents approximately 5% of its outstanding common stock as of April 30, 2023.
4. Navigator Holdings Ltd. (NVGS) has authorised a new share repurchase plan of up to $25 million of Navigator’s common stock. This represents around 2.5% of its market cap at announcement.
5. United Maritime Corporation (USEA) has authorized the extension of the Company’s previously announced share repurchase program for an additional $3 million of outstanding common shares, effective immediately, for the period ending December 31, 2023. This represents around 11% of its market cap at announcement.
6. FlexShopper, Inc. (FPAY) has authorized a $2 million share repurchase program. This represents around 8% of its market cap at announcement.

Update:

1. TEGNA Inc. (TGNA) announces a $300 million accelerated share repurchase agreement and increases regular quarterly dividend by 20% following termination of merger agreement with Standard General.

SPACs

1. Everest Consolidator Acquisition Corp. (MNTN) entered into a business combination agreement with Unifund Financial Technologies, Inc.
2. Genesis Growth Tech Acquisition Corp., (GGAA) and NextTrip Holdings entered into a definitive Agreement and Plan of Merger.

C-Suite Transitions

Appointments

1. TC Bancshares (TCBC): appoints Scott McLean as Chief Financial Officer.
2. Boston Beer (SAM): appoints Philip A. Hodges as its Chief Supply Chain Officer.
3. Pennant Group (PNTG): appoints Lynette B. Walbom as Chief Financial Officer.
4. Gamida Cell (GMDA): appoints Terry Coelho as Chief Financial Officer.
5. Genco Shipping & Trading (GNK): appoints Peter Allen as Chief Financial Officer.
6. European Wax Center (EWCZ): appoints Andrea Wasserman as Chief Commercial Officer effective May 30, 2023.

Departures

1. Oncology Institute (TOI): Matthew Miller Chief Operating Officer.
2. US Foods Holding (USFD): Andrew E. Iacobucci Chief Commercial Officer resigns.
3. ESS Tech (GWH): Craig Evans, Co-Founder and President resigns.
4. Centene (CNC): James E. Murray, Chief Operating Officer plans to retire in 2024.
5. Clean Energy Fuels (CLNE): Mitchell W. Pratt Chief Operating Officer resigns.
6. Creatd (CRTD): Chelsea Pullano Chief Financial Officer steps down.
7. Tennant (TNC): terminates Carol E. McKnight Chief Administrative Officer effective May 26, 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.