Streetbeat News

Acquisitions Mergers

DOOR

OC

Masonite shares are trading higher following the announcement that Owens Corning will acquire the company for $3.9 billion.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 1:52 pm

CVCY

CWBC

Central Valley Community Bancorp (CVCY) and Community West Bancshares (CWBC) announced shareholder approval for their merger, expected to complete by April 1, 2024. The combined entity will be named Community West Bancshares, with approximately $3.6 billion in assets and 27 banking centers in Central California. The merger has received all required regulatory approvals, with operational system conversion expected by Q3 2024.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 1:51 pm

SVFD

Save Foods, Inc. (NASDAQ:SVFD), now renamed N2OFF, Inc., announced stockholder approval for a 20% share issuance under a $20M Standby Equity Purchase Agreement with YA II PN, Ltd., managed by Yorkville Advisors Global, LP. This move, compliant with Nasdaq listing rules, allows for up to $20 million of common stock purchases over 36 months. The name change to N2OFF, Inc. reflects the company's focus on sustainable agriculture and greenhouse gas reduction solutions.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 1:32 pm

NVDA

TSM

Taiwan Semiconductor Manufacturing Co (TSMC) is expanding its global footprint by constructing a second factory in Japan, aiming to diversify chip production and reduce reliance on its Taiwan facilities. The new plant in Kumamoto will produce advanced 6-nanometer chips and is expected to be operational by 2027. This expansion is part of TSMC's strategy to increase its production capacity outside Taiwan to over 20% by 2028. The company's stock (TSM) saw a premarket increase of 0.76% to $134.74, following a 38% gain last year driven by the AI technology demand surge.

Portfolio Pulse from Anusuya Lahiri

February 09, 2024 | 1:23 pm

DVN

ERF

MRO

Devon Energy Corporation (DVN) has reportedly made an acquisition offer to Enerplus Corp (ERF) for an undisclosed amount. The acquisition would enhance Devon's presence in North Dakota, complementing its operations and reducing reliance on the Delaware Basin. Enerplus, valued at $3 billion, is advised by its second-largest shareholder, Kimmeridge Energy Management, to ensure a fair valuation in any deal. Analysts from TD Securities believe Devon could afford a $3.5 billion acquisition with its available cash and expected cash flow. Both companies are set to report their quarterly results soon, with Devon having $761 million in cash as of the last report. Devon had previously explored a merger with Marathon Oil Corp (MRO) to strengthen its U.S. shale sector presence. DVN and ERF stocks have seen slight increases in their trading prices following the news.

Portfolio Pulse from Lekha Gupta

February 09, 2024 | 12:49 pm

DOOR

OC

Owens Corning has agreed to acquire all outstanding shares of Masonite for $133.00 per share in cash, valuing the transaction at approximately $3.9 billion. This acquisition price represents a 38% premium over Masonite's closing share price on February 8, 2024, and a 46% premium over its 20-day volume-weighted average price.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 12:08 pm

OC

Owens Corning is exploring strategic alternatives for its Global Glass Reinforcements (GR) business, a part of its Composites segment. This business, with $1.3 billion in annual revenues, operates in 11 countries and has 18 manufacturing facilities.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 12:05 pm

GRAB

Bloomberg reported that Grab and GoTo have revived discussions for a potential mega merger in the ride-hailing sector. This move could significantly alter the competitive landscape in the industry.

Portfolio Pulse from Charles Gross

February 09, 2024 | 11:37 am

DINO

HF Sinclair entered into a stock purchase agreement with REH Company on Feb 8, agreeing to a purchase price of $56.50 per share, totaling an aggregate purchase price of $60M.

Portfolio Pulse from Charles Gross

February 09, 2024 | 11:06 am

DUK

Duke Energy Corporation (NYSE:DUK) is phasing out CATL batteries at its civilian projects and decommissioning them at a major Marine Corps base due to concerns over security and pressure from Congress. This decision follows warnings from U.S. officials about potential Chinese government-linked hacking threats to critical infrastructure. Duke Energy aims to replace CATL batteries with those from domestic or allied suppliers by 2027, emphasizing support for a robust American supply chain. Despite reporting an adjusted EPS increase, Duke Energy missed consensus revenue and EPS estimates in its latest financial report.

Portfolio Pulse from Lekha Gupta

February 09, 2024 | 10:55 am