Streetbeat News

Acquisitions Mergers

CNSL

Consolidated Communications Holdings, Inc. (CNSL) has filed an investor presentation with the SEC, advocating for shareholder approval of its acquisition by Searchlight Capital Partners and British Columbia Investment Management Corporation. The all-cash offer represents a 70% premium over the unaffected share price and is higher than precedent transactions. CNSL warns of significant risks if the transaction is not approved, including liquidity constraints impacting its fiber transformation plans. No other bidders have emerged, suggesting this is the best available deal. Shareholders are urged to vote 'FOR' the transaction before the January 31, 2024 deadline.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 1:14 pm

ACOR

BIIB

Acorda Therapeutics will regain the global commercialization rights to Fampyra, a medication for improving walking in adults with MS, after Biogen decided to terminate their license and collaboration agreement, effective January 1, 2025. Acorda markets Fampyra as AMPYRA in the U.S.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 1:06 pm

ACNT

PTVE

RYAM

SMID

Five materials sector stocks with high Relative Strength Index (RSI) values are signaling potential overbought conditions. Pactiv Evergreen Inc. (PTVE) reported strong quarterly earnings, Ascent Industries Co. (ACNT) sold a business unit, United States Steel Corporation (X) is being acquired by Nippon Steel, Smith-Midland Corporation (SMID) secured a barrier rental contract, and Rayonier Advanced Materials Inc. (RYAM) announced weak quarterly results but saw stock price increases.

Portfolio Pulse from Avi Kapoor

January 11, 2024 | 12:55 pm

AXNX

HOOD

PANW

UPST

Insiders at Axonics, Upstart Holdings, Palo Alto Networks, and Robinhood Markets have recently sold shares of their companies. Axonics is being acquired by Boston Scientific, while Upstart reported disappointing Q3 results. Citigroup raised the price target for Palo Alto Networks, and Keybanc increased the price target for Robinhood. Insider sales can be part of preplanned strategies or may reflect personal views on the company's valuation.

Portfolio Pulse from Avi Kapoor

January 11, 2024 | 12:46 pm

TRI

VERX

Thomson Reuters Corp (NYSE:TRI) has made a public tender offer to acquire Pagero Group AB for approximately $627 million, outbidding Vertex Inc's (NASDAQ:VERX) previous offer. The offer is at a premium compared to Pagero's recent share prices on Nasdaq First North. The acquisition is subject to over 90% shareholder acceptance, with the period starting around January 12, 2024, and ending around February 9, 2024. TRI's CEO sees strategic and cultural fit with Pagero, and the company's independent bid committee recommends accepting TRI's offer over Vertex's.

Portfolio Pulse from Lekha Gupta

January 11, 2024 | 12:39 pm

CWH

Camping World Holdings is acquiring Roth RV, which has locations in Bemidji, Grand Rapids, and Deerwood, Minnesota. The financial terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 12:32 pm

RNECF

TGAN

Transphorm Inc (NASDAQ:TGAN) shares surged approximately 30% following the announcement of its acquisition by Renesas Electronics Corp (OTC:RNECF) for about $339 million. The acquisition price of $5.10 per share represents a significant premium over TGAN's recent trading prices. TGAN's board has approved the deal, and major shareholder KKR Phorm Investors L.P. has agreed to vote in favor. The deal is expected to close in the second half of 2024, pending shareholder and regulatory approvals.

Portfolio Pulse from Lekha Gupta

January 11, 2024 | 12:11 pm

PATK

Patrick Industries has entered into a definitive agreement to acquire Sportech for approximately $315 million, expanding its presence in the recreational vehicle market.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 12:03 pm

SUN

Sunoco LP has entered into a definitive agreement to sell 204 of its convenience stores to 7-Eleven Inc. for approximately $1 billion. Additionally, Sunoco announced plans to acquire liquid fuels terminals in Amsterdam, Netherlands, and Bantry Bay, Ireland, from Zenith Energy.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 12:02 pm

KBH

NVDA

OXY

QQQ

SPY

U.S. stock futures, including Nasdaq and S&P 500, are up on hopes of tame inflation data. Analysts expect sentiment to improve, especially in an election year. Nvidia (NVDA) closed higher, while the Nasdaq Composite marked its fourth consecutive gain. SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) rose in premarket trading. Occidental Petroleum (OXY) gained after Berkshire Hathaway (BRK) increased its stake. KB Home (KBH) fell post-earnings, and Citigroup (C) dropped after disclosing a significant one-time charge. Oil and Bitcoin surged, with Bitcoin ETF approval boosting crypto stocks.

Portfolio Pulse from Shanthi Rexaline

January 11, 2024 | 11:54 am