SCHEDULE 13D: Magnetar Funds Disclose Over 5% Stake in E2open Parent Holdings Ahead of WiseTech Global Merger

Magnetar Financial LLC and its affiliates have disclosed a beneficial ownership of 5.36% in E2open Parent Holdings, Inc., acquiring shares for merger arbitrage purposes in anticipation of the company's acquisition by WiseTech Global Limited.

Summary

• Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC, and David J. Snyderman (collectively, the "Reporting Persons") have filed a Schedule 13D, disclosing beneficial ownership of 16,653,039 shares of E2open Parent Holdings, Inc. Class A Common Stock.
• This stake represents approximately 5.36% of E2open's outstanding Class A Common Stock, based on 310,168,075 shares reported outstanding as of April 25, 2025.
• The Reporting Persons acquired these shares on behalf of various funds (PRA Master Fund, Systematic Master Fund, Relative Value Master Fund, and two Managed Accounts) for an aggregate cost of $53,443,358.70, excluding commissions.
• The primary purpose of the acquisition was to receive the merger consideration upon the consummation of the previously announced merger agreement.
• Under the Merger Agreement, E2open Parent Holdings, Inc. will be acquired by WiseTech Global Limited, with each Class A Common Stock share converting into the right to receive cash in the amount of $3.30 per share.
• Transactions in E2open shares by the Funds occurred between May 27, 2025, and June 12, 2025, with weighted average purchase prices ranging from $3.20498 to $3.22944 per share.

Sentiment

Score: 7

Explanation: The sentiment is positive from the perspective of the Reporting Persons, as they are executing a clear merger arbitrage strategy with a defined exit price. The document itself is factual and neutral regarding E2open's operational performance, focusing solely on the investment in the context of the announced merger.

Positives

• The investment strategy is clearly defined, aiming to capture the spread between the acquisition price and the merger consideration, which is a known cash value of $3.30 per share.
• The Reporting Persons are sophisticated investment entities (Magnetar), suggesting a calculated and informed investment decision based on the publicly announced merger terms.

Risks

• The primary risk is that the merger agreement with WiseTech Global Limited may not be consummated, which would prevent the Reporting Persons from receiving the anticipated $3.30 per share merger consideration.
• There is a risk that holders of Class A Common Stock could properly exercise appraisal rights, which could affect the merger process or the value received.

Future Outlook

The future outlook for this investment is directly tied to the consummation of the merger between E2open Parent Holdings, Inc. and WiseTech Global Limited. The Reporting Persons anticipate receiving the stated merger consideration of $3.30 per share upon the successful completion of the merger.

Industry Context

This filing reflects a classic merger arbitrage strategy, where an investor acquires shares of a target company after a merger announcement, aiming to profit from the difference between the current market price and the announced acquisition price. E2open operates in the supply chain management software industry, while WiseTech Global is a leading provider of logistics execution software. The merger represents a consolidation within the broader logistics and supply chain technology sector.

Stakeholder Impact

• Shareholders of E2open Parent Holdings, Inc. are expected to receive $3.30 per share in cash upon the merger's completion.
• The Reporting Persons (Magnetar entities) have become significant shareholders, indicating their confidence in the merger's closing.

Next Steps

• Consummation of the merger between E2open Parent Holdings, Inc. and WiseTech Global Limited.

Key Dates

Recommendation

Keywords

E2open Parent Holdings, Magnetar Financial, WiseTech Global, Merger Agreement, Schedule 13D, Beneficial Ownership, Class A Common Stock, Merger Arbitrage, Investment Adviser, Supply Chain Software