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Acquisitions Mergers

MT

X

Arcelor Mittal SA (NYSE:MT) shares rose nearly 7% on Monday, potentially due to an M&A deal between Nippon Steel Corp (OTC:NISTF) and United States Steel Corporation (NYSE:X). U.S. Steel's shares surged over 27% after Nippon Steel's announcement to acquire it for $55 per share in an all-cash transaction valued at $14.9 billion, including debt. The deal is expected to close in the second or third quarter of 2024, enhancing Nippon's manufacturing and technology capabilities and diversifying its global footprint. Arcelor Mittal's stock movement was accompanied by a trading volume of 5.56 million shares, significantly higher than its average of 2.06 million shares. Arcelor Mittal was also a bidder for U.S. Steel, reportedly ready to offer $45 per share.

Portfolio Pulse from Ryan Gustafson

December 18, 2023 | 10:53 pm

CONN

Conn's has appointed Norm Miller as President and CEO of the combined company following an all-stock deal. Shareholders holding over 40% of Conn's stock have agreed to approve the stock issuance related to the deal. Mitchell Stiles, President and COO of Badcock, will report to Miller. Conn's issued 1,000,000 non-voting senior preferred shares convertible into non-voting common stock, representing 49.99% of the company after conversion.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 10:24 pm

X

U.S. Steel Corporation (NYSE:X) is set to be acquired by Nippon Steel Corporation for $14.9 billion. U.S. Senator John Fetterman and United Steelworkers president David McCall have expressed strong opposition to the deal, citing concerns for workers and the desire to keep the company American-owned. Despite the backlash, the acquisition has been approved by both companies' boards. U.S. Steel's stock closed up 26.1% on the announcement.

Portfolio Pulse from Erica Kollmann

December 18, 2023 | 10:17 pm

CONN

Conn's, Inc. has successfully completed a transaction making W.S. Badcock LLC, a home furnishings retailer in the Southeastern U.S., a wholly-owned subsidiary of Conn's.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 10:16 pm

PLYA

Playa Hotels & Resorts has completed the sale of Jewel Punta Cana for $82M in gross consideration, with expected net proceeds of about $70M. Additionally, Playa has secured a long-term hotel management agreement with the new owner. The deal was finalized on December 15, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 10:01 pm

BYTS

BYTE Acquisition has adjourned its shareholder meeting, initially set to approve a business combination with Airship AI, to December 19, 2023, at 4:00 p.m. ET. Additionally, the company has extended the deadline for IPO Class A ordinary shareholders to demand redemption rights to the same date and time.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 10:00 pm

X

U.S. Steel has announced that the collective bargaining agreements with USW union members will remain unchanged following the transaction with Nippon Steel Corp. Employees will continue to receive their regular paychecks, profit sharing, and benefits as per the existing terms, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 9:45 pm

HUT

Hut 8 Corp. (NASDAQ:HUT) saw its stock price surge after announcing an interim agreement to build and install mining operations in Cedarvale, Texas. This development is part of the Celsius Network LLC bankruptcy proceedings. Hut 8 will manage a site housing approximately 66,000 miners, powered by over 215 MW of energy. The company's managed services business currently oversees 680 MW, with expectations to exceed 895 MW once the Cedarvale site is operational. Hut 8's stock closed up 15.8% at $12.16.

Portfolio Pulse from Ryan Gustafson

December 18, 2023 | 9:26 pm

BTCUSD

As 2023 ends, crypto industry leaders are optimistic about 2024, expecting significant developments like a Bitcoin ETF approval, the Bitcoin halving, and advancements in blockchain technology. Bitstamp's U.S. CEO Bobby Zagotta hopes for U.S. leadership in crypto and is excited about potential regulatory acts. Bakkt CEO Gavin Michael sees regulatory clarity as key to growth and stability. Beam CEO Andy Bromberg believes 2024 could mark mainstream crypto payments adoption. Eric Risley from Architect Partners anticipates strategic M&A in the crypto sector, driven by improved company fundamentals.

Portfolio Pulse from Murtuza Merchant

December 18, 2023 | 9:12 pm

CRM

Salesforce has entered into a definitive agreement to acquire Spiff, a leading sales commission software company. The financial terms of the deal have not been disclosed. This acquisition is expected to enhance Salesforce's product offerings and strengthen its position in the sales software market.

Portfolio Pulse from Bill Haddad

December 18, 2023 | 9:08 pm