Streetbeat News

Acquisitions Mergers

GWW

W.W. Grainger, Inc. has sold its subsidiary E&R Industrial Sales to Paradigm Equity Partners. The details of the transaction were not disclosed. E&R Industrial has been a subsidiary of Grainger since 2013.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 10:01 pm

CVSI

CV Sciences, Inc. (OTCQB:CVSI) has completed the acquisition of Cultured Foods, a European manufacturer and distributor of vegan foods, for up to $535,000. The deal includes a cash payment, shares of CVSI stock, and a potential earn-out. This acquisition allows CV Sciences to expand its +PlusCBD products in Europe and introduce Cultured Foods' products in the US. The acquisition is expected to be accretive in its first year and contribute to scaling economics. CVSI shares dropped 6.2657% to $0.0374 per share after the announcement.

Portfolio Pulse from Jelena Martinovic

December 12, 2023 | 9:52 pm

AAIC

EFC

Arlington Asset Investment Corp. (AAIC) shareholders have overwhelmingly approved a merger with Ellington Financial Inc. (EFC). The merger agreement details the exchange of Arlington common stock for Ellington Financial common stock and cash, as well as the conversion of Arlington preferred stock into Ellington Financial preferred stock. The merger is expected to close on December 14, 2023, pending the satisfaction of remaining conditions.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:31 pm

BABA

XPEV

Alibaba Group Holding Limited has amended its 13D filing to report a 12.5% stake in XPeng Inc. as of December 6, 2023, according to a recent SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:23 pm

KIM

RPT

RPT Realty shareholders have overwhelmingly approved the mergers with Kimco Realty Corporation, with 99.8% of votes in favor. The mergers are set to close on January 2, 2024, subject to customary closing conditions. RPT common shareholders will receive 0.6049 Kimco shares for each RPT share, and RPT Preferred Shareholders will receive Kimco Class N Preferred Stock on a 1:1000 basis. Post-merger, the combined company will trade under the ticker 'KIM' on the NYSE, and RPT's shares will be delisted.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:20 pm

AMD

AVGO

Broadcom Inc. (NASDAQ:AVGO) shares increased following a November pullback, resuming their upward trend in December after announcing the completion of VMware Inc. acquisition and releasing mixed Q4 financial results with an earnings win, revenue miss, but a positive full-year outlook and dividend increase. The stock received an additional boost from a Citigroup analyst's Buy rating and $1100 price target. A partnership with Caltech for quantum science research and general chip sector momentum, partly due to Advanced Micro Devices, Inc. (NASDAQ:AMD) announcements, also contributed to the positive sentiment.

Portfolio Pulse from Ryan Gustafson

December 12, 2023 | 9:20 pm

COLD

Americold Realty Trust, Inc. (NYSE:COLD) has announced a joint venture with RSA Cold Chain and DP World to build a $35 million cold storage facility in Dubai. The facility, with 40,000 pallet positions, will be located in the Jebel Ali Free Zone and is expected to be operational by Q1 of 2025. This investment is part of Americold's strategic expansion in the Middle East and India, aiming to triple Dubai's current capacity to over 70,000 pallet positions. The collaboration with DP World began in 2021 and was formalized in November 2022, enhancing Americold's global temperature-controlled infrastructure and DP World's logistics solutions.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:11 pm

CVLY

ORRF

Codorus Valley Bancorp, Inc. is set to merge with Orrstown Financial Services, Inc. in an all-stock transaction valued at $207 million, equivalent to $21.31 per share of Codorus Valley common stock.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:07 pm

PFE

SGEN

Seagen's stock price has risen following the announcement that Pfizer has received all necessary regulatory approvals to complete the acquisition of Seagen.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 7:31 pm

ACHV

ADTX

CCCC

GGE

ICVX

JCI

ORCL

U.S. stocks closed higher with the Dow Jones gaining over 100 points. Materials shares rose by 0.5%, while energy shares fell by 1.7%. Johnson Controls reported Q4 results with sales growth of 2.7% Y/Y to $6.91 billion, missing estimates. Aditxt's shares surged 64% after agreeing to acquire Evofem Biosciences. C4 Therapeutics shares jumped 108% due to a collaboration agreement with Merck & Co. Icosavax shares increased 48% after AstraZeneca's acquisition announcement. Conversely, Achieve Life Sciences shares fell 42%, Oracle shares dropped 12%, and Green Giant shares declined 44%. Crude oil was down 4.1%, and gold slightly increased by 0.1%.

Portfolio Pulse from Avi Kapoor

December 12, 2023 | 7:23 pm