Streetbeat News

Acquisitions Mergers

CNSL

Consolidated Communications Holdings, Inc. (CNSL) has filed a definitive proxy statement and a letter to shareholders advocating for the approval of its acquisition by Searchlight Capital Partners and British Columbia Investment Management Corporation. The Board recommends the $4.70 per share offer, highlighting it as the best risk-adjusted outcome for shareholders, offering a significant cash premium over the past year's stock price. The transaction is presented as a solution to liquidity and competitive challenges, with the Board considering it the only viable option for the company's future. The special meeting for the vote is scheduled for January 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:13 pm

LEN

Lennar Corporation has expanded its New York market presence by acquiring 1,273 homesites in the Tuxedo Reserve master-planned community from Related Companies. The community, located in Tuxedo, New York, will feature a variety of housing options including townhomes and single-family homes, with amenities such as hiking trails and a clubhouse. The grand opening is scheduled for the second half of 2024, aiming to attract homebuyers seeking the Hudson Valley lifestyle. Financial terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:12 pm

SLAM

Lynk Global, Inc., a space-based mobile communications network, is set to go public through a business combination with Slam Corp., a special purpose acquisition company (SPAC).

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:11 pm

ARQT

BNZI

UTRS

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares increased by approximately 25% in pre-market trading following the FDA's approval of its ZORYVE topical foam for seborrheic dermatitis. Other stocks experienced significant movement in pre-market trading, with various gainers such as Banzai International, Inc. (NASDAQ:BNZI) and losers like Minerva Surgical, Inc. (NASDAQ:UTRS), which intends to delist from Nasdaq.

Portfolio Pulse from Avi Kapoor

December 18, 2023 | 1:10 pm

PRSR

PRSRU

PRSRW

Prospector Capital Corp. (PRSR, PRSRU, PRSRW) has announced that the business combination with LeddarTech Inc. has not yet closed due to unmet conditions, including Nasdaq's approval for listing Newco's shares post-merger. There is uncertainty whether the merger will complete by the December 31, 2023 deadline set by Prospector's governing documents. If not completed, Prospector will wind up operations and redeem its Class A shares with funds from its trust account.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:09 pm

BIDU

NVDA

Chinese semiconductor design companies are partnering with Malaysian firms to assemble GPUs as a precaution against potential U.S. sanctions. Nvidia Corp (NVDA), with a significant market share in GPUs, may be affected by these developments. Malaysia is becoming a hub for chip assembly due to its skilled workforce and technology. Nvidia recently lost a major AI chip order from Baidu Inc (BIDU) to Huawei, likely due to U.S. restrictions on AI chip technology exports to China. NVDA shares saw a slight increase in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 18, 2023 | 1:07 pm

BIOR

Biora Therapeutics has reached an agreement with institutional investors Athyrium Capital Management, Davidson Kempner Capital Management, and Highbridge Capital Management to cut its net debt by 60% via a convertible note exchange, adding $16.7 million in new capital.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:04 pm

ZIMV

ZimVie Inc. has agreed to sell its spine business to private equity firm H.I.G. Capital for $375 million. The deal is part of ZimVie's strategic shift to focus on its core businesses. The transaction is expected to provide ZimVie with additional capital to invest in growth opportunities and streamline its operations.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:02 pm

ADBE

Adobe (NASDAQ:ADBE) and Figma have mutually agreed to terminate their merger agreement due to the lack of a clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority. The merger was originally announced on September 15, 2022, and would have involved a mix of cash and stock consideration.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:01 pm

AMZN

BABA

PDD

Alibaba Group Holding Ltd (NYSE:BABA) is expanding its global footprint to compete with platforms like Shein and PDD Holdings Inc's (NASDAQ:PDD) Temu. Alibaba.com launched a digital trade service base in Shanghai, introduced an AI tool for automating listings and customer service, and started a dedicated cargo flight between Shenzhen and Mexico City. Alibaba invested $634 million in Lazada, part of a $7.4 billion total investment since its acquisition. Alibaba's international revenue grew by 53% in Q3, surpassing domestic growth. Amazon.com Inc (NASDAQ:AMZN) and ByteDance's TikTok are also expanding in the region, with Amazon building an innovation center in Shenzhen and TikTok investing in Indonesia's GoTo Gojek Tokopedia. BABA shares were down 0.60% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 18, 2023 | 12:58 pm