Covetrus and PepGen Stock see action from activist investors

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These disclosures come from 13D filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity achieving more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be noted in the amended documents. This material is from May 19-25, 2022. Source: VerityData

Activist Fund



Clayton, Dubilier & Rice said it owns 33,670,541 shares of the software provider that enables veterinary clinics to run their own online pharmacies, or about 24.2% of tradable stock. On May 19, Clayton, Dubilier & Rice and GPT have made a joint offer to acquire all of the outstanding Covetrus shares that they do not already own for $21 per share in cash. The offer took shape following discussions with the Covetrus Transaction Committee, and Covetrus formally accepted the offer on May 24.

Original deposits



RA Capital Management revealed a new stake in the clinical-stage biopharmaceutical company. RA Capital was an early backer of PepGen through preferred security investments. So after the pharmaceutical company made its public debut through an initial public offering on May 10, RA Capital’s preferred securities were automatically converted into 4,902,752 common shares of PepGen. RA Capital also participated in the tender offer for 3,229,200 shares at a price of $12 each. Following the IPO, RA Capital holds 8,131,952 PepGen shares, or 36.3% of outstanding shares. Managing Director Josh Resnick represents RA Capital on the PepGen board.

Increase in assets



Impact capital increased its stake in the investment management technology company to 3,480,418 shares. Impactive Capital purchased 723,559 Envestnet shares from May 5 to May 24 at prices ranging from $62.73 to $75.06 each. After the new investment, Impactive owns 6.3% of Envestnet’s tradable shares.

Ruth’s Home Group


Hill Road Capital increased its stake in the steakhouse chain to 2,971,050 shares. That figure includes 235,428 shares of Ruth’s Hospitality purchased at prices ranging from $16.08 to $20.84 each from April 7 through May 24. Hill Path now owns 8.7% of the outstanding shares of Ruth’s Hospitality.

Decrease in assets

Intricon (IIN)

Gamco Investors

(GBL) reduced its position in the maker of micro-medical devices to 1,143,140 shares. Gamco sold 178,797 Intricon shares on May 19 and 20 at prices per share ranging from $24.20 to $24.23, just days before Intricon shareholders approved a deal to take the biotech company private. May 24. In February, Intricon agreed to Altaris Capital Partners$24.25 per share cash tender offer. Shareholders approved the deal on May 24, meaning Altaris Capital will soon acquire Gamco’s remaining 12.3% stake in Intricon.

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