Streetbeat News

Acquisitions Mergers

BDRX

GLT

SNAP

Snap Inc. shares plummeted by 30.4% following mixed Q4 results. Biodexa Pharmaceuticals saw a 59.81% increase in shares after receiving a US patent allowance for Tolimidone. Glatfelter shares surged 134% after Berry Global announced plans to merge its Health, Hygiene and Specialties segment and Films Business with Glatfelter.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 1:50 pm

GLT

Glatfelter's stock is trading higher following the announcement of definitive agreements with Berry Global. These agreements involve Berry spinning off and merging the majority of its Health, Hygiene, and Specialties segment, including its Global Nonwovens and Films business, with Glatfelter.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 1:39 pm

LRE

Lead Real Estate Co., Ltd (NASDAQ:LRE) has announced contracts for constructing three luxury family hotels in Japan, aiming to capitalize on high occupancy rates. The hotels, located in Tokyo and Mie Prefecture, will feature amenities like gyms and kitchens, and are expected to significantly boost the company's revenue in the next year.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 1:35 pm

SSLZY

WDS

Woodside Energy Group Ltd (NYSE:WDS) and Santos Ltd (OTC:SSLZY) have terminated their acquisition discussions. Woodside's CEO emphasized the importance of value accretion for shareholders, while Santos highlighted the lack of sufficient benefits to support a merger. The potential merger, valued at A$80 billion, would have created a significant entity in the global oil and gas sector, particularly in the LNG market. Woodside's shares saw a slight decrease of 0.05% in premarket trading.

Portfolio Pulse from Lekha Gupta

February 07, 2024 | 1:32 pm

CRC

California Resources Corporation (CRC) announced a definitive merger agreement with Aera Energy in an all-stock transaction valued at approximately $2.1 billion. The deal includes issuing 21.2 million CRC shares to Aera's equity owners and refinancing Aera's debt. This merger is expected to be immediately accretive, enhancing key 2024 financial metrics, doubling pro forma 2024E free cash flow to about $685 million, and expanding CRC's carbon management platform. Post-merger, CRC plans to increase shareholder returns, reduce debt, and expand its carbon management business. The transaction, expected to close in the second half of 2024, has received unanimous approval from CRC's Board and Aera's shareholders.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 1:29 pm

EQIX

Equinix, Inc. (NASDAQ:EQIX) has executed a new Power Purchase Agreement (PPA) in Australia with TagEnergy for 151 megawatts of renewable energy from the Golden Plains Wind Farm – East project, expected to be online by 2029. This marks Equinix's first long-term renewable energy agreement in the Asia-Pacific region, contributing to its goal of 100% renewable energy coverage across its operations globally. Equinix has executed 21 PPAs globally, resulting in 3,000,000 MWh of renewable energy, and aims to become climate neutral by 2030.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 1:27 pm

BERY

Berry Global's shares dropped following its announcement of below-expectation Q1 FY24 results and a tax-free spin-off and merger of its Health division. The financial details of the quarter were not disclosed, but the market reaction suggests a negative view of both the earnings miss and the strategic move.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 1:24 pm

BABA

Alibaba Group Holding Limited (NYSE:BABA) stock traded lower after reporting Q3 FY23 earnings, missing consensus estimates with a 5% Y/Y revenue growth to $36.67 billion and adjusted earnings per ADS of $2.67. Despite segment growth in areas like International Digital Commerce and Cloud Intelligence, overall results fell short of expectations. Additionally, Alibaba announced an upsized share buyback program to $25 billion through March 2027.

Portfolio Pulse from Anusuya Lahiri

February 07, 2024 | 1:22 pm

DUOT

Duos Technologies Group, Inc. (NASDAQ:DUOT) has been awarded a patent for its AI technology aimed at detecting defects in trains, enhancing rail safety and operational efficiency. The patent covers technology integrating Machine Learning and a 'human in the loop' feature for improved inspections. This innovation is expected to prevent derailments and set new safety standards in the rail industry. Duos has also secured a multi-year contract with a Class 1 railroad, leveraging this AI technology.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 1:22 pm

MIDD

The Middleby Corporation (NASDAQ:MIDD) has acquired GBT GmbH Bakery Technology, a German company specializing in industrial baking and bread lines with annual revenues of approximately €10 million. This acquisition enhances Middleby's bakery portfolio, strengthens its European presence, and is expected to benefit from synergies and Middleby's established customer channels.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 1:18 pm