InsideArbitrage Event Driven Monitor – May 24, 2023

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

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Merger Arbitrage

1. Prometheus (RXDX) announced that the applicable waiting period under the HSR Act, in connection with the merger with Merck (MRK) expired on May 22, 2023.
2.  Triton International Limited (TRTN) by Brookfield Infrastructure Partners L.P. (BIP) filed a Pre-Merger Notification and Report Form pursuant to the HSR Act with the DOJ and FTC on May 10, 2023. The companies also filed their draft joint voluntary notice to obtain CFIUS clearance on May 10, 2023.
3. Evoqua Water Technologies (AQUA) announced that it has received all regulatory approvals required to complete the merger with Xylem (XYL). The merger is expected to close on or about May 24, 2023.

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 WSJ, Choice Hotels International (CHH) is seeking to buy Wyndham Hotels & Resorts (WH).
2. GoHealth (GOCO) forms a special committee to evaluate $20 per share takeover bid from the investor group.
3. According to Reuters, Activist investor TCS Capital Management urges Yelp (YELP) to either explore a sale or a merger with online services company Angi (ANGI).

Insider Purchases

1. Kelcy L. Warren, the Executive Chairman of oil & gas midstream company Energy Transfer LP (ET), purchased 750,000 shares at an average price of $12.79 totaling $9.59 million.
2. Christopher Shackelton, a Director of RV retailer company Lazydays Holdings, Inc. (LAZY), purchased 731,627 shares at an average price of $11.20 totaling $8.19. These shares were acquired indirectly through Coliseum Capital Management.
3. John A. Bartholdson, a Director of medical devices company Bioventus Inc. (BVS), purchased 1,315,673 shares at an average price of $1.96 totaling $2.57 million.
4. Jim Crotwell, the Chief Risk Officer of regional bank Origin Bancorp, Inc. (OBK), purchased 15,475 shares at an average price of $29.97 totaling $463,786.
5. Robert M. Lavan, the Chief Financial Officer of leisure company Bowlero Corp. (BOWL), purchased 17,162 shares at an average price of $11.66 totaling $200,149.
6. Akbar Mohamed, a Director of solar company Sunnova Energy International Inc. (NOVA), purchased 10,000 shares at an average price of $14.37 totaling $143,700.
7. Edward Shaw, a Director of home health and hospice facilities company Enhabit, Inc. (EHAB), purchased 10,000 shares at an average price of $11.98 totaling $119,800.
8. George D. Milligan, a Director of property & casualty insurance company United Fire Group Inc (UFCS), purchased 5,000 shares at an average price of $23.32 totaling $116,600.
9. Michael Stuart Rosenthal, the Chief Operating Officer of rare earths materials company MP Materials Corp. (MP), purchased 5,000 shares at an average price of $22.03 totaling $110,150.
10. Stephen P. Marsh, a Director of regional bank Enterprise Financial Services Corp (EFSC), purchased 2,473 shares at an average price of $40.40 totaling $99,909.
11. Virginia Boulet, a Director of digital lidar sensors company Ouster, Inc. (OUST), purchased 11,000 shares at an average price of $6.31 totaling $69,410.
12. Michael Sileck, a Director of specialty business services company Eastman Kodak Co (KODK), purchased 15,000 shares at an average price of $4.39 totaling $65,850. Philippe D. Katz, another Director of the company, also purchased 3,000 shares at an average price of $4.59 totaling $13,770.
13. Shaul Kuba, the Chief Investment Officer of office REIT Creative Media & Community Trust Corp (CMCT), purchased 11,444 shares at an average price of $5.10 totaling $58,389.
14. Thomson Leighton, the Chief Executive Officer of content delivery network company Akamai Technologies Inc (AKAM), purchased 572 shares at an average price of $87.61 totaling $50,116.
15. Alan J. Stock, a Director of regional bank ACNB Corp (ACNB), purchased 1,504 shares at an average price of $29.83 totaling $44,859.
16. Antony Ball, a Director of payments company Lesaka Technologies Inc (LSAK), purchased 10,592 shares at an average price of $3.89 totaling $41,211. These shares were acquired indirectly through Value Capital Partners.
17. Richard Caring, a Director of lodging company Soho House & Co Inc. (SHCO), purchased 5,400 shares at an average price of $7.14 totaling $38,574.
18. William Beale, the CEO of bank subsidiary of regional bank Blue Ridge Bankshares, Inc. (BRBS), purchased 4,000 shares at an average price of $8.04 totaling $32,173.

Stock Buyback Announcements

1. O’Reilly Automotive, Inc. (ORLY) approved to increase the authorization amount under its share repurchase program by an additional $2.0 billion, raising the aggregate authorization under the program to $23.75 billion. This represents around 3.6% of its market cap at announcement.
2. US Foods (USFD) intends to repurchase approximately $150 million of the shares of common stock being offered in the offering at $41.42. This represents around 1.6% of its market cap at announcement.

SPACs

1. Roth CH Acquisition IV Co. (ROCG) announced the completion of its business combination with Tigo Energy, Inc. (TYGO).

C-Suite Transitions

Appointments

1. Richmond Mutual Bancorporation (RMBI): appoints Brad Glover as Acting Chief Financial Officer.
2. Duckhorn Portfolio (NAPA): appoints Jennifer Fall Jung as Chief Financial Officer, effective June 19, 2023.
3. Arcimoto (FUV): appoints Christina J. Cook as Chief Financial Officer.
4. MVB Financial (MVBF): appoints John C. Marion as Chief Risk Officer.
5. Twist Bioscience (TWST): appoints Robert F. Werner as Chief Accounting Officer.

Departures

1. Equinix (EQIX): Karl Strohmeyer Chief Customer and Revenue Officer resigns for personal reasons.
2. PTC Therapeutics (PTCT): terminates Emily Hill Chief Financial Officer as part of a reduction in workforce.
3. Schneider National (SNDR): Stephen Bruffett Chief Financial Officer intends to retire.
4. MVB Financial (MVBF): John C. Marion steps down as Chief Operating Officer.

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.