Streetbeat News

Acquisitions Mergers

ADM

CHRS

NCL

RILY

Coherus BioSciences, Inc. (NASDAQ:CHRS) shares surged 22.1% in pre-market trading following the announcement of a $170 million all-cash deal to divest its ophthalmology franchise to Sandoz. Other stocks experienced significant movement in pre-market trading, with notable gainers including Northann Corp. (NYSE:NCL), HNR Acquisition Corp (NYSE:HNRA), and Porch Group, Inc. (NASDAQ:PRCH). Conversely, companies like B. Riley Financial, Inc. (NASDAQ:RILY) and Agrify Corporation (NASDAQ:AGFY) saw their shares decline. Archer-Daniels-Midland Company (NYSE:ADM) also dropped after announcing an interim CFO and adjusted EPS expectations.

Portfolio Pulse from Avi Kapoor

January 22, 2024 | 1:21 pm

THM

International Tower Hill Mines Ltd. (THM) has completed a $2.5M non-brokered private placement, issuing 3,807,911 common shares at $0.664 each to existing major shareholders including Paulson & Co. Inc., Sprott Asset Management USA, Inc., and Kopernik Global Investors, LLC. The proceeds will be used for general working capital purposes. The shares are subject to a hold period in Canada and resale restrictions in the U.S. The transaction is considered a related party transaction, with exemptions from certain requirements.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 1:14 pm

ACAB

Abpro has filed a registration statement on Form S-4 related to its business combination agreement with Atlantic Coastal Acquisition Corp. II. The merged entity will be called 'Abpro Corporation' and will trade under the ticker 'ABP'. The pre-money equity valuation of the combined company is set at $500 million.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 1:05 pm

SUI

Sun Communities, Inc. (NYSE:SUI), a REIT specializing in MH, RV communities, and marinas, reported an expected insurance expense increase of 15-20% for 2024. In the UK, its subsidiary Park Holidays sold over 2,800 homes in 2023, with NOI margin around $22,000. Sun acquired three real estate assets in the UK through a credit bid and completed a $500 million senior notes offering at 5.50% due 2029, using proceeds to reduce floating-rate debt to 10% of total debt. Detailed financials will be released on February 20, 2024, with a conference call on February 21.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 1:05 pm

OPXS

Optex Systems Holdings, Inc. (NASDAQ:OPXS) has acquired Speedtracker from RUB Aluminum and entered into a Contract Manufacturing Agreement to continue producing the Speedtracker Mach 4+ product line. The acquisition was made with cash on hand and may include future payments based on milestones. Speedtracker is a radar-based chronograph for measuring projectile velocity, and Optex aims to expand its distribution and growth. No financial terms were disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 1:04 pm

HD

15 financial analysts have provided mixed evaluations of Home Depot (NYSE:HD) over the past three months, with recent ratings showing no changes in the last 30 days. The average 12-month price target for HD is $345.53, with a high of $400.00 and a low of $299.00, marking a 3.61% increase from the previous average of $333.50. Analysts have adjusted their price targets and ratings, reflecting their latest views on the company's performance and market conditions. Home Depot is the largest home improvement retailer and has expanded through acquisitions. Despite a -2.99% decline in revenue growth, the company maintains a strong net margin of 10.1% and high ROE and ROA, but carries a higher debt-to-equity ratio than the industry average.

Portfolio Pulse from Benzinga Insights

January 22, 2024 | 1:00 pm

NS

SUN

Sunoco has agreed to acquire NuStar in an all-equity deal valued at approximately $7.3 billion, including assumed debt. NuStar unitholders will receive 0.400 Sunoco units per NuStar unit, a 24% premium based on the 30-day VWAP as of January 19, 2024. The boards of both companies have approved the transaction, expected to close in Q2 2024.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 12:47 pm

DSGR

Lawson Products, an operating company of Distribution Solutions Group (DSG), has completed the acquisition of Emergent Safety Supply (ESS), a company specializing in safety products with annual sales of around $13 million. The acquisition is expected to be accretive to DSG's adjusted EBITDA margins and was funded through DSG's cash from operations. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 12:43 pm

ACIU

RHHBY

AC Immune SA will regain all global rights to its Alzheimer's treatment candidates, crenezumab and semorinemab, after the termination of its collaboration agreements with Genentech, a member of the Roche group. This follows Genentech's decision to return the rights to AC Immune, which could impact the future development and potential commercialization of these drugs.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 12:33 pm

CVX

HES

Chevron Corp (NYSE:CVX) is looking to sell its natural gas business in Canada's Duvernay Shale, which produces around 40,000 barrels of oil and gas daily. The sale is part of Chevron's strategy to streamline operations after several acquisitions, including deals with Hess Corp (NYSE:HES), PDC Energy, and Noble Energy. The assets could be worth up to $900 million. Chevron plans to divest $10 billion to $15 billion in assets by 2028. The company will report Q4 FY24 results on February 2, 2024. CVX shares saw a slight premarket decline.

Portfolio Pulse from Lekha Gupta

January 22, 2024 | 12:33 pm