Children’s Place, Asana see big buys By Investing.com
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<p dir="ltr">Investing.com — Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed so far this month: Bonderman’s Wildcat Capital opposes $2.9B Consolidated Communications deal, top brass buys at Children’s Place, Asana, and Wells Fargo comments on Silver Lake’s decision to sell Dell shares.</p>
<p dir="ltr">InvestingPro subscribers got this news in rapid fire. Never be left in the dust again.</p>
<h2 dir="ltr"><strong>Bonderman’s Wildcat Capital opposes $2.9B Consolidated Communications deal</strong></h2>
<p dir="ltr">Wildcat Capital Management, overseeing buyout firm TPG co-founder David Bonderman’s wealth, has urged Consolidated Communications (NASDAQ:) to reject a buyout offer that values the company at $2.9 billion.</p>
<p dir="ltr">In a letter written to Consolidated Communications’ board on July 12, reviewed by Reuters, Wildcat (which owns a 2.6% stake in Consolidated Communications) stated that the $4-per-share all-cash offer undervalues the broadband services provider by 3.5 times.</p>
<p dir="ltr">Consolidated Communications received the offer from a consortium led by Searchlight Capital, a private equity firm that currently holds a 34% ownership interest in the company.</p>
<p dir="ltr">Consolidated Communications formed a special committee to review the offer, but no updates have been provided. Shares experienced a 16% surge on Wednesday, reaching $4.19. This exceeded the $4 offer price, suggesting that certain investors anticipate an increased bid in the near future.</p>
<h2 dir="ltr"><strong>Children’s Place CEO buys $1 million in stock</strong></h2>
<p dir="ltr">Children’s Place (NASDAQ:) CEO Jane Elfers purchased 43,000 common shares, or worth more than $1 million, at an average price of $23.70 per share.</p>
<h2 dir="ltr"><strong>Moskovitz buys more Asana shares</strong></h2>
<p dir="ltr">Asana (NYSE:) CEO Dustin Moskovitz purchased 160,000 common shares, worth about $3.4M.</p>
<p dir="ltr">Following the purchase, Moskovitz holds 40,232,803 common shares directly and 4,147,046 indirectly through a trust he controls.</p>
<p dir="ltr">This purchase is part of a disclosed plan in March 2023, outlining his intention to purchase up to 30M shares before the end of 2023. Since the plan’s announcement, he has purchased 1.12M shares.</p>
<h2 dir="ltr"><strong>Wells Fargo plays down the importance of Silver Lake’s decision to sell some Dell shares</strong></h2>
<p dir="ltr">Wells Fargo on Wednesday downplayed Silver Lake’s decision to sell 3.529 million Dell Technologies (NYSE:) shares. The analyst noted that the sale represents only about 3.7% of Silver Lake’s total Class B shareholding and a mere 0.49% of Dell’s overall outstanding shares.</p>
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