4 hot insider trades & hedge fund hits: Children’s Place, Asana see big buys

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.

InvestingPro subscribers got this news in rapid fire. Never be left in the dust again.

Bonderman’s Wildcat Capital opposes $2.9B Consolidated Communications deal

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.

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.

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.

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.

Children’s Place CEO buys $1 million in stock

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.

Moskovitz buys more Asana shares

Asana (NYSE:) CEO Dustin Moskovitz purchased 160,000 common shares, worth about $3.4M.

Following the purchase, Moskovitz holds 40,232,803 common shares directly and 4,147,046 indirectly through a trust he controls.

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.

Wells Fargo plays down the importance of Silver Lake’s decision to sell some Dell shares

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.

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