Streetbeat News

Acquisitions Mergers

SVM

Silvercorp Metals (NYSE:SVM) has revised its takeover bid for Australian gold developer OreCorp Limited, offering $188 million to acquire all shares it doesn't already own. Silvercorp, which holds a 15.74% stake in OreCorp, has made the offer under limited conditions, already securing approval from the Tanzania Fair Competition Commission. The offer includes 0.0967 shares of Silvercorp and A$0.19 in cash per OreCorp share. The deal is contingent on a minimum 50.1% acceptance from OreCorp's board and no superior bid. The acquisition is part of an industry trend towards consolidation and will allow Silvercorp to diversify beyond its China-based operations.

Portfolio Pulse from Stjepan Kalinic

December 28, 2023 | 1:58 pm

NXU

Nxu Inc (NASDAQ:NXU) announced the execution of definitive documents to finalize its strategic investment in Lynx Motors. This investment aligns with Nxu's goal to advance highway electrification and comply with Nasdaq's listing standards. The share exchange deal involves Nxu acquiring $3 million in Lynx shares, and Nxu will also gain a seat on Lynx's Board of Directors. Additionally, Lynx has provided Nxu with an interest-free promissory note in exchange for a bridge loan. Following the news, NXU's stock is trading higher by 12% in premarket trading after a 14.75% drop in the previous session.

Portfolio Pulse from Lekha Gupta

December 28, 2023 | 1:36 pm

CNDT

Conduent has entered into a definitive agreement to sell its Curbside Management and Public Safety Solutions for an enterprise value of approximately $260 million. This move is part of Conduent's strategy to divest non-core assets and streamline its business operations.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 1:35 pm

SRFM

Surf Air Mobility Inc. (NYSE:SRFM) has entered into binding terms for a $35.2 million mandatory convertible debenture with GEM Global Yield LLC. The agreement includes the cancellation of certain previously issued shares, restrictions on sales and redemption rights, and an increase in capacity under a $400 million share subscription facility. The terms aim to reduce near-term overhang by canceling most of GEM's freely tradable shares in SRFM, impose a volume restriction on sales related to the debenture, and provide the company with the flexibility to redeem the debenture at 115% of par value to avoid dilution. GEM has agreed to refresh the company's ability to access up to $400 million under the Share Subscription Facility. The final terms are subject to further negotiation and will be detailed in definitive agreements.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 1:34 pm

PENN

Hedge fund HG Vora is pushing for board seats at Penn Entertainment, according to sources. The Wall Street Journal reports that the fund, which is a top shareholder in Penn, is seeking influence over the company's direction.

Portfolio Pulse from Charles Gross

December 28, 2023 | 1:20 pm

HLIT

Activist investor Ancora is reportedly seeking to challenge the board of Harmonic, a move that could lead to significant changes in the company's governance and strategic direction.

Portfolio Pulse from Charles Gross

December 28, 2023 | 1:09 pm

LTHM

Analysts have provided mixed reviews on Livent (NYSE:LTHM) with a shift towards a more bearish stance in the last three months. The average 12-month price target has decreased by 17.77% to $21.38. Livent, a lithium producer, is set to merge with Allkem by end of 2023, which may benefit from rising lithium demand due to EV adoption. Despite a negative revenue trend, Livent has a high net margin and ROE, and a low debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

December 28, 2023 | 1:00 pm

ABT

JNJ

LLY

TMO

Wall Street analysts have updated their ratings and price targets for several health care stocks. Citigroup and Argus Research analysts maintain a Buy rating on Eli Lilly (LLY) with increased price targets, indicating potential upside. Wells Fargo downgraded Johnson & Johnson (JNJ) to Equal-Weight, while UBS upgraded it to Buy, both with new price targets. Morgan Stanley and Raymond James analysts provided mixed views on Abbott Laboratories (ABT) with slight adjustments to price targets. Baird and Citigroup analysts maintain positive ratings on Thermo Fisher Scientific (TMO) with significant price target increases. Recent news includes Eli Lilly's SURMOUNT-4 study results, JNJ's asset purchase agreement for XLRP treatment, Abbott's dividend raise, and Thermo Fisher's senior notes offering.

Portfolio Pulse from Avi Kapoor

December 28, 2023 | 12:33 pm

CMCSA

GOOGL

IAC

MSFT

NYT

TSLA

The New York Times Co (NYT) has filed a lawsuit against OpenAI and Microsoft Corp. (MSFT) for using copyrighted content without authorization. Chamath Palihapitiya and Gene Munster discussed the potential impact on AI companies, with Palihapitiya warning those without proprietary data. Apple is reportedly spending $50 million to license content for AI training, contacting publishers like Condé Nast and companies such as Comcast Corporation (CMCSA) and IAC Inc. (IAC). Munster believes the lawsuit could reach the Supreme Court but won't significantly slow AI development, predicting a bull market driven by AI in tech.

Portfolio Pulse from Shanthi Rexaline

December 28, 2023 | 11:47 am

AEP

American Electric Power Co Inc's (AEP) subsidiaries, Appalachian Power and Wheeling Power, filed a settlement with the Public Service Commission of West Virginia to manage costs and reduce customer impact. They agreed to lower their requested fuel deferral amount by $50 million and propose using West Virginia's securitization law to handle $1.9 billion in costs. The settlement, also signed by The West Virginia Energy Users Group and the West Virginia Coal Association, awaits PSC approval. AEP maintains its 2024 earnings growth guidance of 6%-7% and FFO/Debt target of 14%-15%. AEP's stock saw a slight increase of 0.10% to close at $80.81.

Portfolio Pulse from Lekha Gupta

December 28, 2023 | 11:44 am