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These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Jan. 20 through Jan. 26, 2022. Source: InsiderScore, a Verity company.
Activist Holdings
Bally’s (BALY)
Standard General disclosed a 21% interest in the casino-and-lodging operator, equal to 11,424,849 shares. On Jan. 25, Standard General proposed to buy the remaining outstanding Bally’s shares that it doesn’t already own for $38 each. The all-cash deal values Bally’s at approximately $2.1 billion.
Standard General expects the deal to move swiftly, as founding partner Soohyung Kim serves as chairman of Bally’s. He was formerly chairman of Twin River Worldwide Holdings, which rebranded as Bally’s in November 2020 after it acquired the Bally’s brand from
Caesars Entertainment (CZR) the prior month.
Exterran (EXTN)
Chai Trust Company, the family office of Sam Zell, reported a 24.6% interest in the energy-infrastructure-services company. On Jan. 24, Calgary-based
Enerflex (ENRFF) announced that it will merge with Exterran through an all-stock deal that places the combined company’s enterprise value at $1.5 billion. In connection with the proposal, Enerflex and Chai Trust entered into a voting agreement where Chai Trust will vote all of its 8,157,415 Exterran shares in favor of the merger.
Canadian National Railway (CNI)
TCI Fund disclosed a position of 36,699,825 shares in the railway giant, equal to 5.2% of the outstanding stock. TCI Fund and Canadian National Railway entered into a letter agreement on Jan. 25 that calls for Canadian National to appoint two independent directors to its board by the day of the 2022 annual shareholder meeting. In return, TCI Fund will withdraw its request for a special meeting and abide by customary standstill and voting provisions.
Original Filings
Amarin (AMRN)
Sarissa Capital Management reported a fresh stake in the cardiovascular-focused biopharmaceutical of 24 million American depositary receipts, or 6.6% of the outstanding shares. That amount includes 7.15 million Amarin ADRs bought from Nov. 26, 2021, through Jan. 24, 2022, at per share prices ranging from $2.93 to $3.69. No reason was given for the investment other than that Sarissa viewed Dublin-based Amarin as “significantly undervalued.”
Increases in Holdings
Landec (LNDC)
Wynnefield Capital Management increased its holding in the health and wellness company to 3,533,287 shares, exclusive of shares underlying restricted stock units. On Jan. 12 and Jan. 13, Wynnefield Capital bought a total of 387,400 Landec shares at prices ranging from $10.41 to $10.43 apiece. Wynnefield Capital now owns a 12% interest in Landec. Managing Director Nelson Obus has served on Landec’s board since 2018.
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