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. 28 through Feb. 3, 2021. Source: InsiderScore.com
40 North Management revealed a 4.9% interest in the specialty chemical and materials manufacturer, equal to 9,865,008 shares. On Jan. 11, 40 North Management launched an all-cash bid of $65 per share to acquire W.R. Grace. 40 North Management said at the time that the offer would remain in good standing if it was given “access to due diligence materials.” On Feb. 1, 40 North Management received that access and entered into a confidentiality letter agreement with W.R. Grace. As part of the agreement, 40 North Management will abide by customary standstill provisions and “will refrain from taking certain actions” until the end of March 31. The standstill ends if another party commences a tender offer that results in the buyer or its affiliates owning half or more of W.R. Grace’s common stock. The agreement also gives 40 North Management the opportunity to nominate a director for W.R. Grace’s board at the upcoming 2021 annual shareholder meeting. 40 North Management noted that the total purchase price for the shares it owns was $640,071,630, or $64.88 each, on average.
Decreases in Holdings
Solas Capital Management lowered its stake in the stuffed-toy chain, citing “recent volatility in the market price” and a need to manage exposure to Build-A-Bear stock. Solas sold 998,984 Build-A-Bear shares on Jan. 27 and Jan. 28 for a total of $7.1 million, a per share average price of $7.14, which is 67% above the closing price on Dec. 31. Solas noted that it “continue[s] to believe shares are undervalued and represent an attractive investment opportunity…[we] are pleased to remain shareholders of the company.” Solas now owns 501,016 Build-A-Bear shares, a 3.1% stake in the company’s outstanding shares.
Andera Partners reported a smaller stake of 1,987,282 shares in the medical-device maker. Andera Partners sold a total of 365,200 Axonics Modulation shares from Jan. 1 through Jan. 28 at per share prices ranging from $50 to $56.01. Following the stock sale, Andera Partners’ interest in Axonics stands at 4.99%. Since Andera’s stake has fallen below the 5% threshold, it is no longer obligated to report any further sales of Axonics stock. Andera can sell its remaining interest without further disclosure.
Steel Partners Holdings
(SPLP) disclosed the sale of 200,000 shares of the microwave-networking technology firm at prices ranging from $38.99 to $42.08. The sales occurred on Feb. 1 and Feb. 2, and reduced Steel Partners’ position in Aviat Networks by nearly half. No reason was given for Steel Partners’ slashing its interest to 4.1%, or 223,537 Aviat Networks shares. That figure excludes shares owned directly by Steel Partners senior vice president Kenneth Kong, who serves on Aviat Networks’ board.
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