IRobot and Tabula Rasa 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 Sept. 8 through Sept. 14, 2022. Source: VerityData

Activist Holdings

Tabula Rasa Healthcare

(TRHC)

Indaba Capital Management revealed a 24.5% stake in the pharmacy-services company. On Sept. 13, Indaba Capital and Tabula Rasa reached a cooperation agreement that resulted in the retirement of Tabula Rasa’s co-founders Calvin Knowlton, who served as chairman and CEO, and Orsula Knowlton, who served as co-president and chief marketing and new business development officer. The Knowltons also left Tabula Rasa’s board but will serve as consultants through the end of the year.

Brian Adams, Tabula Rasa’s co-president, will serve as interim CEO, and director Michael Purcell has been appointed independent chair. Two Indaba Capital representatives, Jonathan Schwartz and founder Derek Schrier, replaced the Knowltons on the board.

Also pursuant to the cooperation agreement, Schrier will lead Schwartz and one other director in a strategic review committee tasked to drive Tabula Rasa’s sale of noncore assets and “explore other value-creation opportunities.” Indaba will also withdraw a stockholder inspection demand letter that it sent to Tabula Rasa in late July.

Original Filings

iRobot

(IRBT)

Magnetar Capital initiated a stake in the cleaning-robot maker equal to 5.3% of its outstanding stock. From Aug. 5 through Sept. 8, Magnetar bought a total of 1,437,824 iRobot shares at prices ranging from $58.60 to $59.49 apiece. Magnetar also sold 781 shares on Aug. 11 and Aug. 12 at per share prices ranging from $59.73 to $59.96. Overall, Magnetar now holds 1,437,043 iRobot shares. Magnetar took a stake in iRobot as an arbitrage play, as

Amazon.com

(AMZN) announced on Aug. 5 that it intends to acquire iRobot for $61 per share in cash, valuing the company at $1.7 billion.

Increases in Holdings

MasterCraft Boat Holdings

(MCFT)

Coliseum Capital lifted its stake in the powerboat maker to 1,795,399 shares. On Sept. 8, Coliseum Capital purchased 125,000 MasterCraft shares at prices ranging from $20.16 to $20.92 each. After the fresh investment, Coliseum now holds 9.9% of MasterCraft’s tradable stock.

Decreases in Holdings

Advanced Drainage Systems

(WMS)

Berkshire Partners reduced its interest in the drainage-systems company to 3,436,377 shares. Berkshire Partners sold 754,720 Advanced Drainage shares on Sept. 7 and Sept. 8 at prices ranging from $134.88 to $138.65 each. Berkshire Partners cited no reason for reducing its stake in Advanced Drainage to 4.1%. As that figure is below the 5% threshold, Berkshire Partners isn’t required to disclose any further Advanced Drainage stock sales.

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