Dave & Busters Entertainment and USA Truck Stock See Action From Activist Investors

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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 July 7 through July 13, 2022. Source: VerityData

Activist Holdings
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Dave & Buster’s Entertainment (PLAY)

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Hill Path Capital disclosed holding 5,108,004 shares of the dining-and-entertainment company. Dave & Buster’s entered a revised cooperation agreement that caps Hill Path’s stake at 20%, including the impact of any derivative securities. Hill Path Partner James Chambers has been a Dave & Buster’s director since December 2020, and as long as he or another Hill Path representative serves on the board, the 20% maximum shall remain in place.

Original Filings

USA Truck (USAK)

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Magnetar Capital reported an initial interest in the trucking and logistics company of 542,355 shares, equal to a 6% stake. Magnetar purchased all of the noted shares from June 24 through July 1 at prices ranging from $30.79 to $31.40 apiece. Magnetar bought the stock in an arbitrage move as USA Truck agreed on June 24 to be acquired by DB Schenker for $31.72 per share in cash. The deal, expected to close by the end of this year, values ​​USA Truck at $435 million, inclusive of cash on hand and outstanding debt.

Increases in Holdings

Radius Health (RDUS)

Velan Capital and Repertoire Partners raised their joint stake in the endocrine-focused pharmaceutical firm by 1,821,500 shares to 3,643,000 shares. Velan and Repertoire twice bought 50,000 Radius shares each, first at $6.31 per share on May 31 and again on June 1 at $6.25 each. Velan and Repertoire now own a combined 7.7% interest in Radius, excluding options. In May, the two investors nominated three directors for Radius’ board, later receiving support from fellow Radius shareholder Rubric Capital in June. However, Velan and Repertoire withdrew their nominees this week after Radius agreed to be acquired by Gurnet Point Capital and Patient Square Capital for up to $527 million in cash. That figure includes contingent payments based on Radius’ osteoporosis treatment, Tymlos, hitting $300 million in net sales for any consecutive 12-month period before the end of calendar 2025.

Decreases in Holdings

Evolent Health (EVH)

Engaged Capital cut its ownership in the healthcare administrative-services company by nearly 20%, down to 5,775,800 shares. Without citing a reason, Engaged Capital sold 1,388,546 Evolent Health shares from May 13 through July 11 at per-share prices ranging from $27.61 to $34.24. Engaged Capital now holds 6.3% of Evolent’s outstanding stock.

Ingles Markets (IMKTA)

Gamco Investors (GBL) lowered its stake in the Southeast-based supermarket operator to 1,138,705 shares. Gamco sold 89,886 Ingles Markets shares priced from $84.00 to $97.30 each from May 11 through July 8. After the divestment, Gamco owns 7.9% of Ingles Markets’ tradable stock.

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