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Tribute to Charlie – InsideArbitrage Friday Wrap

  • December 1, 2023

FRIDAY WRAP

Our list of curated tweets for the current week

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Tribute to Charlie Munger

There will never be another one like Charlie.


A look back at the life and legacy of Charles Munger


Special Situations

Mergers & Acquisitions

$IMGN Today we announced @AbbVie ’s proposed acquisition of ImmunoGen for $31.26 per share in cash


$imgn would be surprised if FTC let this one slide without a pull and refile + second request.


With $ABBV's ~$10B acquisition of $IMGN today, the # of independent late-stage ADC players thins again (to go along with Pfizer / SeaGen and Merck / Daiichi).


United Airlines CEO Scott Kirby thinks it’s a 60-40 chance that the JetBlue-Spirit merger closes, he says.


JetBlue $JBLU Spirit $SAVE versus #DOJ Bench Trial scheduled for Thursday, November 30 Friday, December 1, & Monday, December 4 is canceled.


$SAVE. Very high level, I think the DOJ has missed the mark with their experts.


$AVGO - Broadcom reviewing strategic alternatives for two VMware units


Bluegreen Vacations Holding Corporation $BVH and Hilton Grand Vacations $HGV filed a Notification and Report Form with the FTC and DOJ on November 14, 2023. The waiting period is scheduled to expire on December 14, 2023.


HF Sinclair stockholders, Holly Energy Partners unitholders OK merger deal


iRobot shares plunge 19% after EU warns Amazon deal 'may restrict competition'


Choice Hotels International (CHH) is preparing to nominate directors to the board of rival Wyndham Hotels & Resorts (WH), seeking to break a stalemate in an $8 billion takeover battle, people familiar with the matter said: Reuters


Is the @FTC allowed to sue to block a deal before it is officially announced? Asking for friends at $HUM and $CI


Couple of thoughts on WSJ report that $CI and $HUM are in talks about a combination.


That merger should actually be blocked.




Vista Outdoor rejects Colt CZ's merger offer


A day after spiking 25% on rumors of a founder-led buyout shares of online luxury goods co $FTCH are collapsing 45% to new all-time-lows


Stock Buybacks


I'm not the first to point this out, but the $AZO buyback program is absolutely insane


Valmont enters into an accelerated share repurchase program agreement with Citibank (C) to repurchase $120 mln


$KHC | Kraft Heinz Board Authorizes Share Repurchase Program Of Up To $3B Of The Co's Outstanding Shares Of Common Stock Through December 26, 2026


$LSCC The company expands Stock Repurchase Program With New $250M Authorization


$SDRL Q3: - $1.10 EPS - $213M cumulative share repurchases to date.


$FIVE Q4 '23: Net income: $14.6m, EPS: $0.26 Rev: $736.4m, up 14.2%


$MKL Markel Group approves a new $750 million share repurchase program with immediate effect representing around 4% of its market cap at announcement


The SEC recently stayed the Share Repurchase Disclosure Modernization Rule and the Fifth Circuit has denied the SEC's motion to extend the Scheduled Remand Period.


Management Changes

Walt Disney Chief Executive Bob Iger said he would 'definitely' step down when his current contract ends in 2026


Investing

Evergreen


Started a large contrarian position in $WBA equity side. Bonds are yielding only 6-7% while the equity is priced for severe distress.


akre running the compounder bro fund


If a cyclical stock doesn't actually lose money during the trough why should it trade at similar multiples to those cyclical stocks that actually do?


I've been digging around for my next deep dive and I'm leaning towards $TOST.


Jeff Ubben's ESG-focused Inclusive Capital is shutting down. The mission "unfortunately has not been rewarded in the public markets."


The U.S. Economy

Zillow's rent data of late looks a lot like CoreLogic's single-family rent index, and less like what major apartment data providers are showing.


We are in a liminal period where it is unclear if we will have a soft landing or a recession.


Bill Ackman is literally moving bond markets


'Healthcare providers—including hospitals, clinics, pharmacies and doctors' offices—accounted for 30% of U.S. job gains in the six months through October, though less than 11% of the country's total employment, Labor Department figures show.'


Mortgage rates in the US drop for the fifth straight week


ChatGPT and Freelance Writing Jobs


Inflation in America


The typical American household must spend an additional $11,434 annually just to maintain the same standard of living they enjoyed in January of 2021