Streetbeat News

Acquisitions Mergers

AAPL

BNP

HSBC

SNE

TSLA

The Shiba Inu burn rate has surged by 28,000%, with 6 million SHIB burned. Sony anticipates a $1.5 billion loss from Microsoft's acquisition of Activision Blizzard. A majority supports Trump's disqualification in Colorado. Solana's meme coin BONK has dropped over 40% from all-time highs. Bitcoin obituary count is at a decade low. Elon Musk's X may allow Dogecoin payments. Micron reports upbeat sales. Investor sentiment shifts to 'greed'. Apple reveals iOS 18 code with four new iPhone models. Sony's PlayStation 5 sales hit 50M despite supply issues. Tesla looks for a Nordic public policy expert. Toyota recalls 1M vehicles in the US. Meta is concerned about the Indian telecom bill's impact on WhatsApp. Boeing is set to restart 737 MAX deliveries in China. Citigroup is closing its global distressed-debt business, and HSBC and BNP may face fines in South Korea.

Portfolio Pulse from Akanksha Bakshi

December 21, 2023 | 1:31 pm

DMK

DMK Pharmaceuticals Corporation (NASDAQ:DMK) has regained full rights to commercialize ZIMHI (naloxone) after ending its exclusive deal with US WorldMeds, LLC. DMK is now looking for new commercialization opportunities for ZIMHI in the US, Canada, and Europe, with a focus on first responders in the US due to high demand. The company aims to drive long-term growth and maximize shareholder value by expanding business relationships and executing an ambitious operating plan.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:16 pm

LAB

SLGC

SomaLogic, Inc. (SLGC) has issued a letter to its stockholders urging them to vote in favor of a merger with Standard BioTools (LAB), scheduled for a vote at a special meeting on January 4, 2024. The merger is expected to build scale, accelerate profitability, and unlock significant value for SomaLogic stockholders, with a projected $300 million in combined revenue by 2026 and $80 million in cost synergies. The SomaLogic Board believes the merger is the best path forward, countering concerns raised by a small group of stockholders. The combined company will have over $500 million in cash and only $68 million in debt, with SomaLogic stockholders owning 57% post-merger. The transaction is set to close in the first quarter of 2024, pending stockholder approval and other conditions.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:07 pm

AIR

TGI

AAR CORP. (NYSE:AIR) has agreed to acquire Triumph Group's (NYSE:TGI) Product Support business for $725 million in cash. The acquisition is expected to scale AAR's repair capabilities, be accretive to margins, expand the customer base and global footprint, and generate cost synergies of $10 million. Triumph Product Support is anticipated to bring in $280 million in revenue and $55 million in EBITDA by March 31, 2024. The deal, expected to close in Q1 2024, is supported by a bridge facility and may include a mix of debt and equity for financing. AAR aims for a pro forma net leverage of approximately 3.0x at closing.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:02 pm

HYMTF

Hyundai Motor Company plans to shut down two parts forging plants in Ulsan, South Korea, by next year as part of its strategy to transition from petrol-powered vehicles to electric vehicles (EVs). The plants, which produce engine parts, will close in January and October. Hyundai is considering outsourcing some engine components production and has started building a new 2 trillion won EV production plant in South Korea. HYMTF shares closed slightly higher at $41.50.

Portfolio Pulse from Shivani Kumaresan

December 21, 2023 | 12:56 pm

TRIN

Trinity Capital has committed $30 million in growth capital to Cart.com, a move that could bolster Cart.com's expansion and operational capabilities.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 12:44 pm

SLGC

Madryn Asset Management, which holds 4.2% of SomaLogic shares, has issued a letter to shareholders highlighting false and misleading statements in the December 19 investor presentation regarding the proposed merger with Standard BioTools.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 12:37 pm

LMT

Blue Origin and private equity firm Cerberus Capital Management have submitted bids to acquire United Launch Alliance (ULA), a joint venture between Boeing Co. (BA) and Lockheed Martin Corp. (LMT). ULA is a competitor to SpaceX in the space launch sector. The potential acquisition would involve Blue Origin, an aerospace manufacturer founded by Jeff Bezos, and Cerberus, which has a history in aviation and defense manufacturing, taking over the operations currently managed by Boeing and Lockheed Martin.

Portfolio Pulse from Charles Gross

December 21, 2023 | 12:35 pm

CRH

MLM

CRH PLC has announced a share buyback program with Citigroup Global Markets Inc. for $300 million, with a maximum of 18 million shares to be repurchased. The buyback is part of a larger $3 billion program and will run from December 21, 2023, to February 28, 2024. CRH has also been involved in recent acquisitions, including a deal to acquire Adbri Ltd and the purchase of Martin Marietta Materials, Inc.'s South Texas cement business for $2.1 billion. CRH shares are up 1.25% in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 21, 2023 | 12:28 pm

BABA

PDD

Alibaba Group Holding Limited (NYSE:BABA) is experiencing a positive stock movement following the appointment of Eddie Wu as the head of its core Chinese e-commerce platforms, Tmall and Taobao. The change is part of Alibaba's strategy to address challenges and competition, particularly from PDD Holdings Inc (NASDAQ:PDD). Alibaba is refocusing on its cloud and e-commerce sectors, with potential sales of non-core assets ahead. Freshippo, Alibaba's supermarket chain, is adjusting its strategy to enhance price competitiveness amid a shift in China's middle-class spending habits. BABA shares were up 1.99% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 21, 2023 | 12:21 pm