InsideArbitrage Event Driven Monitor – September 8, 2023
Spinoffs with insider buying are always interesting and we saw two of them today with the CEO of Vitesse Energy (VTS) and a director of Phinia (PHIN) buying shares on the open market. Vitesse is an energy company that was spun out of Jefferies (JEF) in January of this year and is up 65% since the spin compared to a nearly 5% loss in Jefferies. Phinia is an auto parts company that was spun out of BorgWarner (BWA) two months ago and is down 25% post-spin.
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Merger Arbitrage
- WWE: Endeavor Group Holdings (EDR) and World Wrestling Entertainment (WWE) announced they expect to close the previously announced transaction to form TKO Group Holdings, Inc. on September 12, 2023, at which time TKO will begin trading on the New York Stock Exchange under the ticker symbol “TKO.”
- MMP: Magellan Midstream Partners (MMP) announced that Glass Lewis & Co. recommends that unitholders vote “FOR” the pending merger with ONEOK (OKE).
- PRTK: Paratek Pharmaceuticals (PRTK) announced that Institutional Shareholder Services Inc. has recommended that stockholders vote FOR the company’s previously announced definitive agreement to be acquired by Gurnet Point Capital.
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