HireRight Holdings
General Atlantic disclosed a position of 32,137,852 shares of the workforce screening services company, which is equal to 47.5% of the outstanding stock. On December 8, General Atlantic and Stone Point Capital made a joint unsolicited offer to acquire the remaining HireRight outstanding shares they don't already own for $12.75 per share in cash. HireRight's board is currently considering this nonbinding agreement, along with any other alternative proposals or strategic alternatives.
HollySys Automation Technologies
Ascendent Capital Partners holds 8,491,875 shares of the China-based industrial automation services company, which is equal to 13.7% of the outstanding stock. Ascendent Capital and HollySys Automation reached a merger agreement on December 11. According to the agreement, Ascendent will pay $26.50 per share in cash to acquire the outstanding HollySys Automation shares that it doesn't already own.
As part of this agreement, HollySys will expand its board by three members to accommodate three independent directors nominated by Ascendent at the time of the shareholder meeting held to vote on the merger. Additionally, HollySys has a 15-day go-shop period to explore other proposals.
Rover Group
Foundry Group's Investment in Rover
Foundry Group, a prominent investor, recently acquired 17,613,321 shares of Rover, an online pet-care services marketplace. In collaboration with Blackstone, Foundry Group entered into a voting and support agreement to take Rover private at a price of $11 per share in cash. Under this agreement, Foundry Group has committed to voting all of its eligible Rover shares in favor of the acquisition.
However, the voting agreement will be terminated if Rover receives a superior offer that meets the criteria defined in the Blackstone/Rover merger agreement. Foundry Group currently holds a significant 9.8% stake in Rover, having purchased 650,000 shares between October 31 and November 3 at prices ranging from $6.21 to $6.66 each. The potential acquisition by Blackstone has contributed to a remarkable 200% increase in Rover's stock value throughout the year.
Decreases in Holdings
Keros Therapeutics
OrbiMed Advisors has reduced its interest in Keros Therapeutics, a clinical-stage pharmaceutical company, to 1,268,734 shares. On December 11, OrbiMed sold 210,500 shares of Keros Therapeutics at $29.28 per share. The following day, on December 12, an additional 35,500 shares were sold at $29.40 each. As a result, OrbiMed's stake in Keros Therapeutics now stands at 4.2%, falling below the 5% threshold that necessitates disclosure of further stock sales.
Beacon Roofing Supply
Clayton, Dubilier & Rice, another notable investor, has significantly decreased its position in Beacon Roofing Supply, a roofing materials distributor, to 5,218,134 shares. Through an offering on December 11, Clayton, Dubilier & Rice sold 5,000,000 shares of Beacon Roofing at a price of $79.73 per share. As a consequence of this transaction, Clayton, Dubilier & Rice now owns 8.2% of the outstanding stock of the roofing company. Throughout this year, Beacon Roofing's stock value has experienced a substantial increase of 62.5%.
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