Streetbeat News

Acquisitions Mergers

CHRS

Coherus BioSciences, Inc. (NASDAQ:CHRS) has agreed to sell its CIMERLI ophthalmology franchise to Sandoz for $170 million in cash, plus additional amounts for product inventory and working capital adjustments. The deal includes the CIMERLI biologics license application, sales and reimbursement teams, product inventory, and commercial software.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 6:44 am

M

Macy's, Inc. (NYSE:M) received an unsolicited proposal from Arkhouse and Brigade to acquire all outstanding shares for $21.00 each. The Macy's Board rejected the bid, citing a lack of evidence for a viable financing plan and stating the offer does not provide compelling value. The Board remains open to opportunities that would increase shareholder value and will continue to prioritize the interests of all shareholders.

Portfolio Pulse from Charles Gross

January 22, 2024 | 1:03 am

M

An investor group led by Arkhouse Management and Brigade Capital Management has made a $5.8 billion bid to acquire Macy's Inc. (NYSE:M) at $21 per share. Despite initial stock gains, Macy's shares closed at $17.63, below the offer price. The group is considering a direct appeal to shareholders if negotiations stall, hinting at a potential board seat battle or hostile takeover. Arkhouse is willing to increase its bid pending due diligence and has requested a response from Macy's this week. Macy's has not publicly responded to the proposal.

Portfolio Pulse from Benzinga Neuro

January 21, 2024 | 11:40 pm

M

An investor group led by Arkhouse Management and Brigade Capital Management has made a $5.8 billion bid to acquire Macy's Inc. (NYSE: M) at $21 per share. Despite initial stock gains, Macy's shares closed at $17.63, below the offer price. The group is considering a direct appeal to shareholders if negotiations stall, hinting at a potential board seat battle or hostile takeover. Arkhouse is willing to increase its bid pending due diligence and has requested a response from Macy's this week. Macy's, which also owns Bloomingdale's and Bluemercury, has not publicly responded to the bid.

Portfolio Pulse from Benzinga Neuro

January 21, 2024 | 11:40 pm

FSR

KARS

RIVN

TSLA

Electric vehicle stocks, including Tesla, Rivian, and Fisker, faced challenges this week with Tesla's price cuts and Elon Musk's demand for more control, Rivian's downgrade by Deutsche Bank, and Fisker's probe into braking issues. Tesla's price adjustments and Musk's comments may affect investor sentiment ahead of earnings, while Rivian's downgrade reflects concerns over future losses and production issues. Fisker is cooperating with a federal probe into braking issues but asserts its systems meet requirements. The KraneShares Electric Vehicles ETF also saw a decline.

Portfolio Pulse from Shanthi Rexaline

January 20, 2024 | 2:04 pm

NISTF

X

Larry Summers, former Treasury Secretary, supports the acquisition of United States Steel Corp. (NYSE:X) by Japan's Nippon Steel Corp. (OTCPK: NISTF), despite the Biden administration's national security concerns. The $14.1 billion deal is under US review, potentially until 2025. Summers argues there's no national security risk and sees the deal as beneficial, potentially lowering steel prices and infusing capital into the US steel industry. The White House has expressed concerns over national security and supply chain impacts. Both companies are cooperating with the CFIUS review process.

Portfolio Pulse from Benzinga Neuro

January 20, 2024 | 3:29 am

JBLU

SAVE

JetBlue Airways Corporation (JBLU) and Spirit Airlines Inc. (SAVE) are appealing a federal judge's decision that blocked their proposed $3.8 billion merger on antitrust grounds. The judge's ruling suggested the merger would lead to higher prices for consumers by eliminating a budget airline option. Following the appeal announcement, Spirit's shares rose over 10%, while JetBlue's saw a slight decline. Spirit has faced challenges such as declining travel demand and technical issues with aircraft, and its stock had dropped over 60% after the initial ruling. Despite this, Spirit is planning to refinance its debt and has a positive financial outlook.

Portfolio Pulse from Ananya Gairola

January 20, 2024 | 1:38 am

JBLU

SAVE

JetBlue Airways and Spirit Airlines are appealing a federal judge's decision that prevents their planned $3.8 billion merger, originally agreed upon in summer 2022. The judge blocked the merger on antitrust grounds, citing concerns over the elimination of a budget carrier and potential price increases for consumers.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 10:01 pm

O

SRC

Spirit Realty Capital, Inc. (NYSE:SRC) shareholders have overwhelmingly approved the merger with Realty Income Corporation (NYSE:O), with 99.8% of votes in favor. The merger, which does not require Realty Income shareholder approval, is set to close on January 23, 2024. Spirit common shareholders will receive 0.762 Realty Income shares for each Spirit share, and Spirit's preferred stock will be exchanged for Realty Income preferred stock, expected to trade under the symbol 'O PR'.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 9:07 pm

IXAQ

IX Acquisition Corp. has extended the deadline to complete its initial business combination from January 12, 2024, to February 12, 2024. This extension provides the company with an additional month to finalize its business combination plans.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 9:07 pm