Streetbeat News

Acquisitions Mergers

ORLY

O'Reilly Automotive, Inc (NASDAQ:ORLY) has announced the acquisition of Groupe Del Vasto, a Canadian automotive parts distributor and marketer. This marks O'Reilly's entry into the Canadian automotive aftermarket. The acquisition includes all outstanding shares of Groupe Del Vasto and its affiliated entities, which operate two distribution centers, six satellite warehouses, and 23 company-owned stores across five Canadian provinces. The financial terms were not disclosed, and the transaction is expected to close in January 2024, pending customary closing approvals. As of September 30, 2023, O'Reilly had $82.7 million in cash and equivalents. ORLY shares closed up 0.90% at $960.13 on Monday.

Portfolio Pulse from Shivani Kumaresan

December 19, 2023 | 11:06 am

CCLP

KGS

Kodiak Gas Services is set to acquire CSI Compressco in an all-equity deal valued at around $854M, which includes taking on $619M of CSI Compressco's net debt. CSI Compressco unitholders will receive 0.086 shares of Kodiak for each unit they own, equating to roughly $1.65 per unit based on Kodiak's stock price as of December 18, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 11:02 am

ADM

Archer-Daniels-Midland Company (NYSE:ADM) has acquired Revela Foods, a Wisconsin-based developer and manufacturer of dairy flavor ingredients, for an undisclosed amount. Revela, with projected 2023 sales of $240 million, operates three production facilities in the U.S. Midwest and employs around 400 people. The acquisition, expected to close in early 2024, will enhance ADM's global flavor portfolio and expand its presence in the North America savory flavors segment. ADM had $1.498 billion in cash and equivalents at the end of Q3, and its shares closed 4.50% lower at $72.34 on Monday.

Portfolio Pulse from Lekha Gupta

December 19, 2023 | 10:31 am

ACN

FDS

FDX

ZIMV

The CNN Money Fear and Greed index entered the 'Extreme Greed' zone on Monday, indicating a shift in market sentiment. The S&P 500 continued its upward trend, closing higher for the seventh consecutive week. United States Steel Corporation (NYSE:X) saw a significant stock price increase of 26% following the announcement of its acquisition by Nippon Steel at $55 per share. ZimVie Inc. (NASDAQ:ZIMV) also experienced a surge in its share price, jumping over 52% after revealing a deal to sell its spine business for $375 million to H.I.G. Capital. The Dow Jones and Nasdaq Composite also closed higher. Investors are looking forward to earnings reports from FedEx Corporation (NYSE:FDX), FactSet Research Systems Inc. (NYSE:FDS), and Accenture plc (NYSE:ACN).

Portfolio Pulse from Avi Kapoor

December 19, 2023 | 8:34 am

NFLX

Western companies exiting Russia are facing increased scrutiny from the Kremlin, with stringent conditions and government oversight on corporate exit strategies. This policy has been in place since Russia's invasion of Ukraine. Companies like McDonald's and Starbucks left early, but now exits require state donations, asset sales at discounts, and government approval. The energy sector requires President Putin's approval for asset sales. Companies such as Danone and Carlsberg have seen their operations temporarily controlled by Russia. Netflix Inc. has halted projects and acquisitions in Russia in response to sanctions.

Portfolio Pulse from Benzinga Neuro

December 19, 2023 | 8:27 am

IPHA

SNY

Sanofi has decided to exercise an option to license a new ANKET® program from Innate Pharma after a period of research collaboration. Sanofi will take over all development, manufacturing, and commercialization responsibilities for the program. Innate Pharma will receive a payment of €15 million for the option exercise.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 7:11 am

Chindata Group has completed its transition to private ownership after merging with BCPE Chivalry. The company has requested the suspension of trading of its ADSs on Nasdaq from December 18, 2023, and will delist and deregister its securities. The deregistration will take effect 90 days post the filing of Form 25, with the SEC, or sooner if determined by the SEC. Chindata Group plans to file a Form 15 to suspend its SEC reporting obligations, which will cease its requirement to file reports such as Form 20-F and Form 6-K.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 6:56 am

GIL

Anson Funds, significant shareholders of Gildan Activewear Inc. (NYSE:GIL), are calling for the immediate reinstatement of Glenn Chamandy as CEO. They express concern over the Board's poor handling of succession planning and a backroom deal made with an individual shareholder for board support. Anson Funds criticizes the Board for not engaging with other investors and for spreading false accusations about Chamandy, particularly regarding M&A. They argue that the current CEO, Vince Tyra, lacks the necessary skills for the company's growth.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 6:08 am

AMZN

MSFT

Jim Cramer criticized FTC Chair Lina Khan's policies on CNBC's 'Mad Money', claiming they harm investor returns by opposing mergers and acquisitions. He cited the blocked merger between Nippon Steel and U.S. Steel as an example of undervaluation due to these policies. Cramer also mentioned potential mergers like Merck with Bristol-Meyers and Kraft Heinz with Hershey or General Mills, arguing they could increase competitiveness. He highlighted the FTC's attempts to stop Microsoft's acquisition of Activision-Blizzard and Amgen's purchase of Horizon Therapeutics, noting that only large companies can afford the litigation costs of acquisitions.

Portfolio Pulse from Benzinga Neuro

December 19, 2023 | 2:58 am

AMZN

MARA

NIO

TSLA

US Steel (X) shares surged 26.09% after being acquired by Nippon Steel for $14.1 billion. Marathon Digital (MARA) rose 8.69% amid a recovery in Bitcoin prices. Amazon (AMZN) gained 2.73% on potential sports media deals. NIO (NIO) increased 4.77% after a strategic investment from CYVN Holdings. Tesla (TSLA) slightly declined by 0.56% but is making strategic labor moves at its Nevada Gigafactory.

Portfolio Pulse from Benzinga Neuro

December 19, 2023 | 2:00 am