InsideArbitrage Event Driven Monitor – September 15, 2023

  • September 15, 2023
We don’t normally see insider buying in active merger situations but today was an exception. A director of regional bank Summit Financial Group, Inc. (SMMF) purchased $343,222 worth of stock. The CEO of regional bank Burke & Herbert Financial Services (BHRB) also made a small purchase. Both these banks are in the process of merging in an all stock merger of equals transaction. It was also interesting to see additional insider buying by the CFO of Vitesse Energy (VTS), which was spun out of Jeffries (JEF) and has been on a tear, up 58% since the spinoff this January. Subscribe to receive our Event Driven Monitor by email every morning before the market opens. Merger Arbitrage PFSW: PFSweb, Inc. to be acquired by GXO Logistics, Inc. (GXO) for $168.81 million or $7.50 per share in cash. ABCM: Dr. Jonathan Milner, the founder and one of the largest investors in Abcam (ABCM) with ownership of 6.14%, announced his decision to vote against the proposed acquisition of Abcam by Danaher Corporation (DHR). SCU: Sculptor Capital Management announced that the waiting period under the HSR Act expired on September 5, 2023. Sculptor Capital and Rithm Capital Corp. (RITM) also received written confirmation of the FCA (United Kingdom Financial...

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