Streetbeat News

Acquisitions Mergers

WWW

Wolverine World Wide, Inc. (NYSE:WWW) has announced the sale of its minority ownership interest in the entity that owns Saucony's intellectual property in China and its equity interest in the Merrell and Saucony joint venture entities to Xtep. This strategic move, valued at $61 million, transitions the business from a joint venture to a license and distribution rights model, aiming to leverage Xtep's expertise in China and focus Wolverine Worldwide on global brand-building.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:34 am

CRH

MLM

CRH PLC, in partnership with the Barro Group, has proposed to acquire Adbri Ltd for A$3.20 per share, valuing Adbri at A$2.1 billion. CRH will buy the remaining 57% of Adbri's shares not owned by Barro. Adbri has granted CRH exclusive due diligence access and intends to recommend shareholders approve the transaction. The deal is subject to due diligence, binding documentation, shareholder and regulatory approvals. CRH recently agreed to buy Martin Marietta Materials Inc's South Texas cement business for $2.1 billion.

Portfolio Pulse from Lekha Gupta

December 18, 2023 | 11:30 am

EBIX

Ebix, Inc. has entered into a 'stalking horse' agreement to sell its North American life and annuity assets to Zinnia, a business under Eldridge. This move is part of Ebix's recapitalization strategy.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:15 am

X

Nippon Steel has agreed to an all-cash acquisition of U.S. Steel for an equity value of $14.1 billion, with the assumption of debt bringing the total enterprise value to $14.9 billion. The offer price of $55 per share is a 40% premium over U.S. Steel's closing stock price on December 15, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:06 am

UL

Yellow Wood Partners has made a binding offer to acquire Elida Beauty from Unilever. The terms of the deal have not been disclosed, but the transaction is expected to be completed by mid-2024.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:05 am

X

Nippon Steel has announced an all-cash acquisition of U. S. Steel at $55.00 per share. This strategic move will likely have a significant impact on U. S. Steel's stock price in the short term.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:03 am

FWBI

First Wave Biopharma has entered into a term sheet for a business combination with ImmunogenX, aiming to create a late-stage GI-focused biopharmaceutical company. The financial terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:00 am

FWBI

SNY

First Wave BioPharma Inc (FWBI) plans to acquire ImmunogenX in an all-stock transaction to enhance its GI disease pipeline. The deal is expected to close in H1 2024. FWBI's CEO will remain, with ImmunogenX's CEO becoming CMO. FWBI anticipates non-dilutive funding from a strategic pharma company for latiglutenase's U.S. rights and investor commitments for development post-closing. Latiglutenase, for celiac disease, is set for Phase 3 trials in H2 2024. FWBI also licensed Capeserod from Sanofi SA (SNY) for GI uses and enacted a 1-for-20 reverse stock split.

Portfolio Pulse from Vandana Singh

December 18, 2023 | 11:00 am

IBM

SWDAF

IBM has agreed to acquire StreamSets and webMethods from Software AG for €2.13 billion (~$2.3 billion) in cash to enhance its AI and hybrid cloud capabilities. The acquisition, funded by IBM's cash on hand, is expected to complete in Q2 FY24. IBM's cash and marketable securities stood at $11 billion at the end of Q3. The deal aims to integrate these platforms with IBM's watsonx AI and data platform, driving innovation and preparing businesses for AI.

Portfolio Pulse from Lekha Gupta

December 18, 2023 | 10:47 am

X

Nikkei reports that Nippon Steel is set to acquire U.S. Steel for over $70 billion. The acquisition would mark a significant move in the steel industry, potentially impacting U.S. Steel's operations and market position.

Portfolio Pulse from Charles Gross

December 18, 2023 | 10:42 am