Gordon Haskett ‘antennas up’ on LivaNova M&A after compensation changes

Gordon Haskett’s head of event-driven research, Don Bilson, noted previous "scuttlebutt" regarding buyers potential interested in LivaNova after the company disclosed yesterday that its compensation committee last week approved "amended forms of award agreements under the Company’s 2022 Incentive Award Plan providing for accelerated vesting upon certain terminations of employment in connection with an acquisition of the Company, i.e., a double trigger vesting." The analyst argues that "tweaks like this are often perfunctory and made as part of a routine update," but adds that "occasionally, however, they will foreshadow a sale," and the firm "wouldn’t be floored to learn that there is something going on in LIVN‘s background," while acknowledging that what is "going on in the foreground isn’t particularly good."