InsideArbitrage Event Driven Monitor – June 2, 2023

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

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Merger Arbitrage

1. MGI: Madison Dearborn Partners completed the acquisition of MoneyGram International (MGI).
2. KBAL: HNI Corporation (HNI) completed the acquisition of Kimball International (KBAL)
3. TCRR: Adaptimmune Therapeutics (ADAP) completed the acquisition of TCR2 Therapeutics (TCRR)

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. SSYS: Stratasys (SSYS) receives an unsolicited non-binding proposal from 3D Systems (DDD) to acquire Stratasys for $7.50 in cash and 1.2507 newly issued shares of common stock of 3D Systems per ordinary share of Stratasys.
2. MEIP: MEI Pharma Board rejects an unsolicited proposal from Anson Advisors, Cable Car Capital to take the company private.

Insider Purchases

1. GO: Erik D. Ragatz, a Director of grocery stores company Grocery Outlet Holding Corp. (GO), purchased 70,000 shares at an average price of $28.49 totaling $1.99 million.
2. MTCH: Bernard Jin Kim, the Chief Executive Officer of internet dating company Match Group, Inc. (MTCH), purchased 31,439 shares at an average price of $34.44 totaling $1.08 million.
3. FL: Mary N. Dillon, the President & CEO of apparel retail company Foot Locker, Inc. (FL), purchased 22,139 shares at an average price of $33.91 totaling $750,835. The average price is higher because Ms. Dillon purchased 12,614 shares at a much higher price of $39.74 back in March and included them in an amended filing today.
4. ZD: Vivek Shah, the Chief Executive Officer of advertising agencies company Ziff Davis, Inc. (ZD), purchased 10,000 shares at an average price of $58.86 totaling $588,557.
5. EVBG: David J. Henshall, a Director of application software company Everbridge, Inc. (EVBG), purchased 20,000 shares at an average price of $23.24 totaling $464,800.
6. AKR: Douglas Crocker, a Director of retail REIT Acadia Realty Trust (AKR), purchased 28,250 shares at an average price of $12.90 totaling $364,425.
7. BOH: Robert W. Wo, a Director of regional bank Bank of Hawaii Corp (BOH), purchased 6,500 shares at an average price of $39.85 totaling $259,045.
8. HBAN: Gary Torgow, a Director of regional bank Huntington Bancshares Inc (HBAN), purchased 23,680 shares at an average price of $10.56 totaling $250,134. Rafael Diaz-Granados, another Director of the bank, also purchased 200 shares at an average price of $10.35 totaling $2,070.
9. BIG: Bruce K. Thorn, the President & CEO of discount stores operator Big Lots Inc (BIG), purchased 51,000 shares at an average price of $4.85 totaling $247,503.
10. TCBI: Robert W. Stallings, a Director of regional bank Texas Capital Bancshares Inc (TCBI), purchased 5,000 shares at an average price of $47.60 totaling $238,000.
11. EP: Phil E. Mulacek, a Director of oil & gas company Empire Petroleum Corp (EP), purchased 25,530 shares at an average price of $8.96 totaling $228,690. Two other insiders also purchased shares.
12. TCBK: Michael W. Koehnen, a Director of regional bank Trico Bancshares (TCBK), purchased 5,000 shares at an average price of $33.00 totaling $165,000.
13. WMK: Kurt A. Schertle, the Chief Operating Officer of grocery stores operator Weis Markets Inc (WMK), purchased 2,000 shares at an average price of $59.65 totaling $119,300.
14. MODG: Oliver G. Brewer, the President and CEO of leisure company Topgolf Callaway Brands Corp. (MODG), purchased 6,400 shares at an average price of $17.06 totaling $109,184.
15. STKL: Joseph Ennen, the CEO of packaged foods company Sunopta Inc. (STKL), purchased 15,000 shares at an average price of $6.72 totaling $100,789.
16. EHTH: Dale B. Wolf, a Director of insurance broker eHealth, Inc. (EHTH), purchased 12,932 shares at an average price of $6.38 totaling $82,550. Gavin G. Galimi, the SVP, General Counsel & Secretary of the company, also purchased 5,500 shares at an average price of $6.52 totaling $35,855.
17. BUSE: Stanley J. Bradshaw, a Director of regional bank First Busey Corp (BUSE), purchased 2,000 shares at an average price of $18.75 totaling $37,500.

Spinoffs

1. KNF:  MDU Resources Group (MDU) announced that it has completed the spinoff of its construction materials subsidiary, Knife River Corporation (KNF).

Stock Buyback Announcements

1. HR: Healthcare Realty Trust Incorporated (HR) has authorized a $500 million share repurchase program, representing around 7% of its market cap at announcement.
2. RC: Ready Capital Corporation (RC) approved a stock repurchase program authorizing the repurchase of up to $100 million of the company’s common stock. This represents around 9% of its market cap at announcement.
3. ALTR: Altair Engineering Inc. (ALTR) expanded the authorization from $50 million to $75 million, bringing the current authorization to approximately $49.1 million. This represents around 0.4% of its market cap at announcement.

C-Suite Transitions

Appointments

1. ALTI: AlTi Global appoints Reid Parmelee as interim Chief Financial Officer.
2. PALI: Palisade Bio appoints J.D. Finley as permanent Chief Executive Officer.
3. CNHI: CNH Industrial appoints Friedrich Eichler as Chief Technology Officer.
4. NRG: NRG Energy appoints Bruce Chung as Chief Financial Officer
5. ACHC: Acadia Healthcare appoints Heather Dixon as Chief Financial Officer effective July 10, 2023

Departures

1. ALTI: AlTi Global Chief Financial Officer Christine Zhao steps down effective June 15, 2023.
2. NRG: NRG Energy Chief Financial Officer Alberto Fornaro steps down.
3. ACHC: Acadia Healthcare Chief Financial Officer David Duckworth 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.