Streetbeat News

Acquisitions Mergers

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

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

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

PARA

Paramount Global's stock (PARA) is trading higher after reports that private equity firm Apollo is considering a buyout of National Amusements, which is a significant shareholder in Paramount.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 8:59 pm

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JBLU

SAVE

Dave Portnoy, founder of Barstool Sports, announced a purchase of Spirit Airlines Inc (SAVE) shares after a failed merger with JetBlue (JBLU), leading to a 50% drop in Spirit's stock. Following a further 25% drop after Spirit's debt refinancing announcement, Portnoy declared SAVE a 'mega buy' at around $4 per share. The stock has since rebounded to $7, yielding Portnoy an unrealized gain of $600,000. Portnoy, known for his 'Davey Day Trader' persona, is actively promoting Spirit Airlines, contrasting it with a negative customer experience at Delta Air Lines (DAL).

Portfolio Pulse from Aaron Bry

January 19, 2024 | 8:59 pm

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GLDG

METC

ZEUS

5E Advanced Materials, Inc. (FEAM) has hired Fluor Corporation for engineering and construction services, advancing its Boron and Lithium project. GoldMining Inc. (GLDG) sold Nutmeg Mountain to NevGold Corporation (NAUFF) for $3 million in shares, retaining a significant stake in NevGold. Ramaco Resources, Inc. (METC) is under investigation by Bragar Eagel & Squire, P.C. following a negative report by Wolfpack Research. Olympic Steel Inc. (ZEUS) promoted Anthony G. Dominic as VP of Safety, Health and Environment.

Portfolio Pulse from Austin DeNoce

January 19, 2024 | 8:53 pm