Streetbeat News

Acquisitions Mergers

AZN

ICVX

AstraZeneca Plc (NASDAQ:AZN) is set to acquire Icosavax Inc (NASDAQ:ICVX) for over $800 million, offering $15.00 per share plus up to $5.00 in contingent value rights upon meeting certain milestones. The acquisition, expected to close in Q1 of 2024, will give AstraZeneca access to experimental vaccines for respiratory diseases. Icosavax's Phase 2 study of IVX-A12 showed promising results against RSV and hMPV. AstraZeneca's stock rose 1.56% to $64.49, while Icosavax's shares jumped 45.95% to $15.31 in premarket trading.

Portfolio Pulse from Vandana Singh

December 12, 2023 | 10:55 am

CHH

WH

Choice Hotels is reportedly initiating a hostile takeover bid for competitor Wyndham, according to the Wall Street Journal citing sources.

Portfolio Pulse from Charles Gross

December 12, 2023 | 10:35 am

GEHI

Gravitas Education Holdings, Inc. (GEHI) announced a merger with Elmtree Inc., resulting in a rebranding to Mynd.ai, Inc. and a ticker change to MYND on the NYSE American. The merger is set to be effective at 3:00 A.M. Eastern Time on December 13, 2023. Concurrently, an affiliate of Ascendent Rainbow will purchase $65 million of secured convertible notes from the company. Additionally, NetDragon Websoft Holdings Limited's subsidiary ND BVI acquired 30% of GEHI's shares from the Founding Shareholders for $15 million. GEHI also completed the divestiture of its China education business for $15 million.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 10:02 am

ACN

Accenture (NYSE:ACN) is set to acquire Vocatus, a management consultancy specializing in behavioral economics for pricing strategies. The financial terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:23 am

CI

CSBR

EMKR

HUM

JCI

M

U.S. stocks closed higher on Monday, with the Dow Jones reaching its highest close since January 2022. Investor sentiment improved as indicated by the CNN Money Fear and Greed index remaining in the 'Greed' zone. Macy's shares surged over 19% after a buyout offer, while Cigna shares rose over 16% following the end of acquisition talks with Humana. The S&P 500 and Nasdaq also closed higher. Upcoming inflation data and earnings reports from Johnson Controls, EMCORE, and Champions Oncology are on investors' radar.

Portfolio Pulse from Avi Kapoor

December 12, 2023 | 7:22 am

AZN

ICVX

AstraZeneca is set to acquire Icosavax for $15 per share in cash, with an additional contingent value right of up to $5 per share based on regulatory and sales milestones. The deal values Icosavax at approximately $838 million upfront, a 43% premium over its closing price on December 11, 2023, and could reach $1.1 billion in total value, representing a 91% premium if all conditions are met.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 7:16 am

DIS

Disney (NYSE:DIS) is in advanced talks with Reliance Industries to merge their Indian media and entertainment divisions, potentially creating India's largest media enterprise. The merger involves a stock swap, with Reliance securing over 51% and Disney owning the rest. Negotiations include a capital infusion of $1 billion to $1.5 billion. The board would have equal representation from both companies, with additional seats for Bodhi Tree and independent directors. The deal aims to finalize a term sheet by the end of January, with Disney+ content licensing and Jio Platforms as a distribution channel. The merger seeks to capitalize on synergies and enhance long-term business value.

Portfolio Pulse from Shomik Sen Bhattacharjee

December 12, 2023 | 7:00 am

IIPR

SNDL

Skymint, a Michigan-based cannabis producer, is closing its Harvest Park facility and laying off 180 employees by March 1, 2024, due to excess supply, decreasing prices, and cost inflation in the state's cannabis sector. The company, which operates 22 retail locations, was acquired out of bankruptcy for $109.4 million by Tropics LP, a subsidiary of SunStream Bancorp Inc., sponsored by SNDL Inc. (NASDAQ: SNDL). The dispensaries were reported to generate $68 million in annualized sales as of September. Skymint's financial issues included a $127 million lawsuit by Tropics over breached agreements and a sharp decline in sales, leading to a revenue drop to $110 million in 2022. Innovative Industrial Properties Inc. (NYSE: IIPR), which owns the Harvest Park property, has not commented on its future plans. SNDL's stock was down 2.71% at $1.435 per share.

Portfolio Pulse from Joana Scopel

December 11, 2023 | 10:30 pm

BB

BlackBerry Limited (NYSE:BB) has appointed John J. Giamatteo as its new CEO and announced the full separation of its IoT and Cybersecurity business units. The company has decided against pursuing a subsidiary IPO for its IoT business. This announcement precedes BlackBerry's third-quarter earnings report, expected to show quarterly losses and revenue of $172.36 million. BB shares closed down slightly at $4.10.

Portfolio Pulse from Ryan Gustafson

December 11, 2023 | 9:48 pm

IOSP

Innospec Inc. has finalized the acquisition of QGP Química Geral, a Brazilian specialty chemicals company. The terms of the acquisition have not been disclosed. QGP, established in 1992 with 300 employees, will be integrated into Innospec's Performance Chemicals business segment.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 9:46 pm