Streetbeat News

Acquisitions Mergers

ACI

The International Brotherhood Of Teamsters has expressed opposition to the proposed sale of Kroger or Albertsons stores to C&S Wholesale Grocers, as outlined in the divestiture plan submitted to the FTC in September 2023. The union is concerned about the potential loss of approximately 1,200 Teamster jobs following the asset transfers and is urging the FTC to reject C&S as a buyer.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 9:23 pm

PTHR

Horizon Aircraft and Pono Capital Three, Inc. (NASDAQ: PTHR, PTHRU, PTHRW) are set to complete a business combination that was announced on August 15, 2023. The combined entity will trade on NASDAQ under the ticker 'HOVR'. Additionally, Brian Merker has been appointed as CFO of Robinson Aircraft, which is doing business with Horizon Aircraft.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 9:19 pm

BMY

SystImmune and Bristol Myers Squibb (BMY) have entered into an exclusive agreement for the development and commercialization of BL-B01D1. BMY will make an $800 million upfront payment to SystImmune, with the potential for up to $500 million in near-term payments. Additionally, SystImmune could receive up to $7.1 billion in milestone payments.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 9:19 pm

HIHO

Highway Holdings Limited (NASDAQ:HIHO) has signed a non-binding letter of intent to acquire a 51% interest in Synova Metall- und Kunststofftechnik GmbH, a German OEM for electrotechnical and electromechanical components. The deal includes an option to acquire the remaining 49% under certain conditions, with payment in cash and Highway Holdings common shares. Due diligence is underway with the transaction expected to complete in Q1 2024, subject to customary conditions. The acquisition is seen as a strategic fit, offering synergies and cost savings.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 9:02 pm

TRMB

Activist investor Jana has taken a position in Trimble Inc. and is advocating for the company to concentrate on organic growth. Jana believes that Trimble, which specializes in GPS, laser, and optical technologies, should focus on its core businesses to enhance value for shareholders. The investor's push for organic growth suggests a strategy shift away from acquisitions and towards internal development and efficiency improvements.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 8:37 pm

CURLF

Curaleaf Holdings, Inc. is reorganizing its U.S. operations and has received conditional approval to list its subordinate voting shares on the Toronto Stock Exchange (TSX). A third-party investor has purchased one share of Class A voting stock in Curaleaf USA for $1 million, giving them voting rights and the ability to appoint a director to the board. Curaleaf retains 99.9% economic ownership through Class B non-voting stock. This move allows Curaleaf to attract investors with deeper pockets, as U.S. federal illegality restricts them from listing on Nasdaq or NYSE. Curaleaf's shares (CURLF) were slightly up at the time of reporting.

Portfolio Pulse from Jelena Martinovic

December 11, 2023 | 8:18 pm

COGT

GGE

HUM

KTTA

MOR

NIR

U.S. stocks saw gains with the Dow Jones rising by 0.26%, NASDAQ by 0.12%, and S&P 500 by 0.30%. Macy's Inc (M) shares surged over 20% due to a potential $5.8 billion buyout offer. Pasithea Therapeutics (KTTA) and MorphoSys AG (MOR) shares increased significantly, while Cogent Biosciences (COGT), Green Giant (GGE), and Near Intelligence (NIR) shares plummeted. Cigna Group (CI) shares rose after withdrawing from a merger with Humana Inc. (HUM). Oil and gold prices fell, and there were no major U.S. economic releases.

Portfolio Pulse from Avi Kapoor

December 11, 2023 | 7:26 pm

JWN

Nordstrom Inc (JWN) shares increased by 5% to $17.16, potentially influenced by a WSJ report about an investor group's $5.8 billion offer to buy Macy's. The offer by Arkhouse Management and Brigade Capital Management to purchase Macy's at $21 per share could be driving positive sentiment in the retail sector, benefiting similar companies like Nordstrom. Macy's has faced challenges from online competition, with its share value declining from $70 in 2015 to $17.39 recently.

Portfolio Pulse from Henry Khederian

December 11, 2023 | 7:20 pm

UAE

Billionaires like Ray Dalio and Changpeng Zhao (CZ) are investing in Abu Dhabi-based SPVs, attracted by low taxes and minimal regulatory scrutiny. The UAE's Abu Dhabi Global Market (ADGM) has seen a surge in SPVs, from 16 in 2016 to around 5,000. The iShares MSCI UAE ETF (NASDAQ:UAE) has increased 78% since early 2020, despite a downtrend since 2022. The UAE's favorable tax treaties and pro-crypto policies are key factors in attracting wealthy investors.

Portfolio Pulse from Neil Dennis

December 11, 2023 | 7:18 pm

MRMD

TCNNF

TRSSF

VEXTF

The Viridian Credit Tracker model shows that credit quality in the cannabis industry has declined due to increased leverage from debt financing and rising interest rates. Trulieve (TCNNF) and TerrAscend (TRSSF) have improved their credit rankings, while MariMed (MRMD) and Vext (VEXTF) have seen declines. The model assesses credit quality based on liquidity, leverage, profitability, and size, and tracks capital raise and M&A activity in the cannabis sector. Companies that manage cash flow and credit quality effectively are expected to benefit from future market upswings.

Portfolio Pulse from Viridian Capital Advisors

December 11, 2023 | 7:02 pm