Streetbeat News

Acquisitions Mergers

MSM

MSC Industrial Direct Co Inc (NYSE:MSM) has acquired KAR Industrial Inc., a Canadian metalworking tools and accessories distributor. KAR, with an estimated 2023 revenue of $16 million, will continue to operate under its current names and management. MSC plans to enhance KAR's offerings with its extensive product portfolio and E-commerce platform. MSM shares rose 0.94% to $97.92 following the announcement.

Portfolio Pulse from Akanksha Bakshi

January 22, 2024 | 4:03 pm

FWRD

Forward Air Corporation (NASDAQ:FWRD) has amended its merger agreement with Omni Logistics, reducing the cash payment to Omni shareholders from $150M to $20M and adjusting their equity stake from 37.7% to 35%. This amendment resolves litigation between the parties, who now aim to close the transaction by the end of the week. Forward's CEO believes the acquisition will accelerate their growth strategy and create significant long-term shareholder value.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 3:58 pm

DWAC

FSLY

NS

RUM

SGMT

U.S. stocks traded higher on Monday, with notable gains in several companies. NuStar Energy L.P. (NS) surged after Sunoco's acquisition announcement. Other stocks like Sagimet Biosciences (SGMT), Rumble (RUM), Digital World Acquisition Corp (DWAC), and Fastly (FSLY) also saw significant increases due to various positive news, including clinical trial results, partnerships, and analyst upgrades.

Portfolio Pulse from Avi Kapoor

January 22, 2024 | 3:45 pm

BTM

Bitcoin Depot (NASDAQ:BTM), a leading Bitcoin ATM operator, has ordered 500 new BTM kiosks from Genmega, a top ATM and kiosk manufacturer. The company aims to deploy these units as part of its expansion strategy throughout 2024 and beyond. This move follows Bitcoin Depot's recent achievements, including becoming the largest BTM operator in North America, going public on a major U.S. stock exchange, and receiving recognition from Forbes 30 Under 30, Deloitte's 2023 Technology Fast 500, and the 2023 Inc. 5000.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 3:42 pm

M

Macy's Inc (NYSE:M) has rejected a $5.8 billion takeover bid from Arkhouse Management Co LP and Brigade Capital Management LP at $21.00 per share due to concerns over the financing plan's viability and lack of compelling value for shareholders. The Board will not provide due diligence information to the bidders. Macy's is not in sales talks and seeks a buyer with strong financing and a track record in retail buyouts. The company also announced a 13% corporate workforce reduction and the closure of five stores.

Portfolio Pulse from Vandana Singh

January 22, 2024 | 3:18 pm

NS

SUN

Sunoco LP (NYSE:SUN) has announced its plan to acquire NuStar Energy LP (NYSE:NS) in a stock-for-stock transaction valued at $7.30 billion, expected to close in Q2 of 2024. Sunoco is a manufacturer and marketer of racing fuels and a fuel distributor in the U.S., while NuStar Energy is a pipeline and terminal operator involved in the transportation and storage of petroleum products and anhydrous ammonia.

Portfolio Pulse from Benzinga Insights

January 22, 2024 | 3:10 pm

OPTT

PGNT

Paragon Technologies, Inc. (PGNT), holding 4.8% of Ocean Power Technologies, Inc. (OPTT), is urging shareholders to vote using the BLUE proxy card against OPT's current Board and CEO, citing a 90% decline in OPTT's share price since their tenure. Paragon claims OPT's statements about votes on the BLUE card not counting are misleading and expects the Delaware courts to resolve the issue of OPT's refusal to recognize Paragon's director nominees. Paragon is soliciting votes for its own nominees for the upcoming annual meeting.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 3:08 pm

PWSC

PowerSchool (NYSE:PWSC), a leading provider of cloud-based software for K-12 education, has acquired Allovue, a provider of K-12 financial planning, budgeting, and analytics software. This acquisition enhances PowerSchool's data & analytics capabilities, offering comprehensive tools for budget management and transparency in K-12 finances. The integration of Allovue's solutions will provide real-time budgeting information, collaboration, and analytics to schools and districts. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:46 pm

CHRS

SDZNY

SDZXF

Coherus BioSciences Inc (NASDAQ:CHRS) is trading higher after announcing the sale of its Cimerli ophthalmology franchise to Sandoz Group AG for $170 million plus inventory costs. This move is part of Coherus' strategy to focus on its core oncology business, which includes the Udenyca franchise and Loqtorzi, a PD-1 inhibitor. The deal is expected to close in the first half of 2024, and the proceeds will be used to pay down debt and reduce overhead costs. CHRS shares rose 13.7% on the news.

Portfolio Pulse from Vandana Singh

January 22, 2024 | 2:41 pm

DSX

Diana Shipping's joint venture for offshore wind service vessels has exercised an option to acquire two additional newbuilding Construction Service Operation Vessels (CSOVs) from VARD. This expansion of the joint venture's fleet indicates a strategic move to capitalize on the growing offshore wind energy sector.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:30 pm