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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 May 12 through May 18, 2022. Source: VerityData
Activist Holdings
Ryder System
(R)
HG Vora Capital Management increased its stake in the transportation and logistics company to 5,050,000 shares. HG Vora purchased 925,000 Ryder shares from March 18 through April 18 at prices of $62.81 to $83.72 each. It now holds 9.9% of Ryder’s outstanding stock.
On May 13, HG Vora submitted an unsolicited offer to Ryder’s board and management to acquire all outstanding Ryder shares that it doesn’t already own, at $86 apiece.
HG Vora noted that the proposal is subject to due diligence on Ryder’s Fleet Management Solutions, Supply Chain Solutions, and Dedicated Transportation Solutions businesses, plus the review of legal and financial matters.
Turtle Beach
(HEAR)
Donerail Group disclosed a stake of 833,000 shares in the headset and gaming periphery maker, equal to 5.1% of the outstanding stock. Those figures include 233,000 shares underlying exercisable options. Donerail filed jointly with SCW Capital, which owns 535,865 Turtle Beach shares, a 3.4% stake. Donerail’s involvement with Turtle Beach began last August with an unsolicited bid to acquire the retailer at $36.50 per share.
Facing a lack of progress with Turtle Beach, Donerail lowered its per share offer price to $32.86 by December 2021. Donerail ultimately dropped its bid and initiated a proxy in March to replace all of Turtle Beach’s board and its CEO. SCW Capital added its support later that same month.
A truce arrived on May 13, with Donerail and Turtle Beach entering into a cooperation agreement. Under the pact’s terms, one current Turtle Beach director will resign, and Donerail receives three board seats, all effective immediately; 120 days after May 13, Turtle Beach will seek the resignation of one other legacy director to make room for another Donerail appointee.
The agreement also restructures Turtle Beach’s strategic review committee, which will now comprise two Donerail representatives and two current Turtle Beach directors. One other Donerail representative will act as a committee observer.
Increases in Holdings
Insight Enterprises
(NSIT)
ValueAct Capital raised its interest in the digital innovation company to 3,779,226 shares. From May 10 to May 18, ValueAct purchased 236,083 Insight shares at $96.31 to $99.99 each. ValueAct now has a 10.8% stake in Insight.
Decreases in Holdings
Enstar Group
(ESGR)
Stone Point Capital, through its affiliate, Trident Public Equity, reduced its stake in the property and casualty insurer to 1,546,196 shares. In accordance with a May 10 purchase agreement, Enstar repurchased 89,790 of its shares from Stone Point’s Trident Public Equity at a price of $222.74 apiece. Stone Point now holds 9.4% of Enstar’s tradable stock. Stone Point Managing Director James Carey has served on Enstar’s board since late 2013.
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