Streetbeat News

Acquisitions Mergers

MDRX

Veradigm, a healthcare data and technology solutions provider, has announced the acquisition of Koha Health, a company specializing in revenue cycle services for the ambulatory healthcare market. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 9:06 pm

FELE

Franklin Electric Co., Inc. has acquired substantially all assets of LCA Pump, LLC, which operates Water Works Pump. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 9:03 pm

BWAQ

Blue World Acquisition Corporation has announced an extension of the deadline to complete an initial business combination until February 2, 2024. This extension provides the company with additional time to find a suitable merger or acquisition target.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 9:01 pm

DOOR

PGTI

PGT Innovations, Inc. (PGTI) has received an unsolicited acquisition proposal from Miter Brands for $41.50 per share in cash. This offer comes after PGT Innovations agreed to be acquired by Masonite International Corp. (DOOR) for $41.00 per share in cash and stock. PGT Innovations' Board will review the new proposal to determine if it constitutes a superior offer. Shareholders are advised to take no action while the Board reviews the proposal. Evercore is the financial advisor and Davis Polk & Wardwell LLP is the legal counsel for PGT Innovations.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 8:55 pm

GTBIF

HITI

TCNNF

VFF

Ontario has doubled the cap on cannabis retail stores to 150, aligning with other provinces and potentially benefiting the market. High Tide Inc. (HITI) CEO Raj Grover supports the move. South Dakota and Nebraska are making new attempts to legalize cannabis, with South Dakota gathering signatures for a 2024 ballot and Nebraska collecting signatures for a November ballot. California is considering a bill to streamline cannabis licensing to support small businesses. Cannabis stocks are believed to be poised for growth, with Benzinga PotProfits highlighting significant gains in certain stocks.

Portfolio Pulse from Jelena Martinovic

January 02, 2024 | 7:58 pm

CALM

TSN

Tyson Foods, Inc. (NYSE:TSN) shares are up after announcing a definitive agreement for Cal-Maine Foods, Inc. (NASDAQ:CALM) to acquire Tyson's recently closed facilities in Dexter, Missouri. The facilities include a broiler processing plant, hatchery, and feed mill, which Cal-Maine plans to repurpose for egg production. Cal-Maine also intends to invest further in the facilities and community. The transaction is expected to close in Cal-Maine's third quarter. Following the news, TSN shares rose 3.68%, while CALM shares fell 2.96%.

Portfolio Pulse from Ryan Gustafson

January 02, 2024 | 7:53 pm

CLAR

VSTO

Raymond James analyst Joseph Altobello finds Clarus Corp's sale of its Precision Sport Segment, including Sierra and Barnes bullet and ammunition businesses, to an undisclosed non-strategic buyer for $175 million in cash, as odd. The segment is highly profitable, expected to generate $26.6 million of adjusted EBITDA in 2023. No conference call was scheduled to discuss the sale, which represents the majority of Clarus's profitability. The sale price values the segment at 6.8x the 2024 adjusted EBITDA estimate, favorable compared to the ~5x EBITDA for Vista Outdoor Inc's Sporting Products segment sale. However, the remaining businesses of Clarus are valued at a high EV/EBITDA multiple of 16.5x. The sale could make Clarus a more attractive acquisition target. Clarus shares dropped by 0.65% to $6.85.

Portfolio Pulse from Shivani Kumaresan

January 02, 2024 | 7:19 pm

Juul Labs Inc. board members Nick Pritzker and Riaz Valani are accused of self-interest in a bailout that preserved their equity investments. Investors have sued, alleging the 2022 bailout favored insiders. Altria Group Inc (NYSE:MO), which invested $12.8 billion in Juul in 2018, has seen its stake diluted after a 2023 funding round. Juul, facing lawsuits and regulatory issues, avoided bankruptcy and is seeking to raise an additional $330 million in 2024.

Portfolio Pulse from Vandana Singh

January 02, 2024 | 6:57 pm

BYDDY

TSLA

XIACY

XPEV

BYD Company Limited surpassed Tesla in battery-only EV sales for the first time, ending 2023 with over 3 million new EVs produced. Tesla, while still leading in battery-only production, delivered 1.8 million EVs in 2023. Xiaomi Corporation announced its entry into the EV market, challenging Tesla and Porsche. Li Auto Inc reported a record high in deliveries and a 182% YoY growth, with plans to launch a battery-powered vehicle. XPeng Inc reported a 17% YoY rise in deliveries and record figures for December and Q4. BYD's in-house battery production has allowed it to cut prices and boost sales, despite falling short of CLSA's expectations.

Portfolio Pulse from Upwallstreet

January 02, 2024 | 6:56 pm

GDRX

LBPH

MRNA

MSTR

RIVN

VYGR

Longboard Pharmaceuticals, Inc. (LBPH) shares soared by approximately 200% after announcing positive topline data from their PACIFIC Phase 1b/2a study of bexicaserin (LP352) for seizures associated with Developmental and Epileptic Encephalopathies (DEEs). Other stocks experienced significant movement in Tuesday's mid-day session, with various companies seeing substantial gains or losses.

Portfolio Pulse from Avi Kapoor

January 02, 2024 | 6:35 pm