Streetbeat News

Acquisitions Mergers

AZN

GRCL

AstraZeneca has agreed to acquire Gracell Biotechnologies for approximately $1 billion in cash, with an additional contingent value right of $0.30 per share upon reaching a regulatory milestone, potentially increasing the total value to $1.2 billion. The offer represents a significant premium over Gracell's recent market prices. The acquisition aims to bolster AstraZeneca's cell therapy capabilities in oncology and autoimmune diseases. The deal is expected to close in Q1 2024, pending regulatory and shareholder approvals, and does not affect AstraZeneca's 2023 financial guidance.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 7:09 am

HOLI

A consortium led by Dazheng Group has proposed an enhanced all-cash offer of $29 per share to acquire Hollysys, which is 9.4% higher than the competing bid from Ascendent Capital. The consortium's offer is backed by secured financing and they believe it represents a superior value for Hollysys shareholders. They are confident that the Hollysys Board will favor their proposal and are prepared to proceed with a merger agreement.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 6:28 am

SLGC

Madryn Asset Management has sent a letter to Institutional Shareholder Services expressing concerns over the proposed merger between SomaLogic and Standard Biotools. Madryn argues that the current merger terms undervalue SomaLogic's assets, offering no premium and effectively discounting the company's cash position. The letter also points out potential conflicts of interest, as hedge fund manager Eli Casdin is a director of both companies. Madryn emphasizes that SomaLogic, with over $450 million in cash and clear value catalysts, does not need a rushed merger that would disadvantage its common shareholders.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 6:10 am

NNDM

SSYS

Stratasys Ltd. has received an unsolicited preliminary acquisition proposal from Nano Dimension Ltd. at $16.50 per share in cash. Stratasys is currently undergoing a strategic review process to explore alternatives for maximizing shareholder value, which began on September 28, 2023. The Stratasys Board, with its advisors, will consider Nano Dimension's proposal as part of this review.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 5:59 am

ARKF

ARKK

ARKW

COIN

SHOP

YAHOY

Cathie Wood's Ark Invest has resumed investing in LY Corp (OTC:YAHOY), the operator of Yahoo! Japan, after a hiatus of over a year. Ark Fintech Innovation ETF (NYSE:ARKF) purchased approximately 1.71 million shares of LY Corp. Despite a recent data breach, LY Corp's stock has been rising due to strong quarterly results. ARKF's primary holdings include Coinbase (NASDAQ:COIN), Block Inc (NYSE:SQ), and Shopify Inc (NYSE:SHOP). Ark Invest also sold Coinbase shares and bought Tesla shares through ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW), signaling a strategic shift by Wood amidst market volatility.

Portfolio Pulse from Benzinga Neuro

December 26, 2023 | 5:20 am

AFCG

CHCI

FPH

TCI

Benzinga Insights identifies value stocks in the real estate sector with low P/E ratios, suggesting potential undervaluation. AFC Gamma (AFCG) has a stable EPS and increased dividend yield. Transcontinental Realty (TCI) shows significant EPS growth from Q2 to Q3. Ready Capital (RC) reports a decrease in EPS and dividend yield. Five Point Holdings (FPH) sees a drop in EPS, while Comstock Holding Co (CHCI) reports a substantial EPS increase. Value stocks may take time to rebound and carry the risk of not doing so.

Portfolio Pulse from Benzinga Insights

December 25, 2023 | 2:39 pm

MANU

British billionaire Jim Ratcliffe has acquired a minority stake in Manchester United (NYSE:MANU), valuing the club at $6.3 billion. Ratcliffe purchased 25% of the club's non-voting shares at $33 each, a 65% premium over the recent closing price, and will also gain 25% of the nonlisted voting shares from the Glazer family. He plans to invest $300 million in the club's stadium but will not control the commercial operations. The deal is pending approval from the English Premier League.

Portfolio Pulse from Benzinga Neuro

December 24, 2023 | 6:05 pm

NVO

Novo Nordisk A/S (NYSE:NVO) plans to build a large-scale manufacturing facility in Dublin to meet the surging demand for its weight loss drugs Ozempic and Wegovy. The facility, expected to be operational by 2026, will cost over €2 billion and cover 147,192 square meters. This expansion follows the company's recent acquisition of an Athlone manufacturing site from Alkermes.

Portfolio Pulse from Anan Ashraf

December 24, 2023 | 4:32 pm

AMD

ANSS

INTC

NVDA

SNPS

Synopsys, Inc. (NASDAQ:SNPS) is in talks to acquire ANSYS, Inc. (NASDAQ:ANSS), potentially creating a major design-software entity. The deal, which could materialize in early 2024, would combine Synopsys' chip design software expertise with Ansys' product performance forecasting software. Ansys is valued at $30 billion, while Synopsys has a valuation of $85 billion. The tech sector has seen a slowdown in M&A activity, but this acquisition could be a significant early deal in 2024. SNPS shares fell 6.34% to $524.46, then rose 0.67% after hours, while ANSS shares surged 18.08% to $357.98, then increased 2.35% after hours.

Portfolio Pulse from Nabaparna Bhattacharya

December 23, 2023 | 7:36 pm

FXCOF

MSFT

Microsoft Corp. (NASDAQ:MSFT) has purchased a 407-acre property in Wisconsin, which includes a pumpkin farm, for $76 million. The acquisition is part of Microsoft's plans to build a data center campus in the area, with an initial employment of 200 people, potentially increasing to over 460. The property is adjacent to another plot Microsoft previously bought for $99.7 million. The deal concludes a period of uncertainty in the village after Foxconn (OTCPK: FXCOF) scaled back its $10 billion investment to $672 million.

Portfolio Pulse from Rounak Jain

December 23, 2023 | 5:48 pm