Streetbeat News

Acquisitions Mergers

PRSR

LeddarTech and Prospector Capital announced the effectiveness of their registration statement and scheduled an Extraordinary General Meeting for December 13, 2023, to approve their business combination. This step is crucial for the merger process, which will result in LeddarTech becoming a publicly traded company through Prospector Capital's SPAC structure.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 10:32 pm

BTC-USD

ETC-USD

MSTR

Ethereum Classic (ETC) has seen a 7.8% increase over the past week, amidst a broader cryptocurrency market strength. Bitcoin (BTC) soared above $40,000 after MicroStrategy purchased 16,130 Bitcoins, reinforcing investor trust in cryptocurrencies. The SEC is considering a rule change for a Fidelity spot Ethereum ETF, indicating growing institutional interest in crypto. While not directly impacting Ethereum Classic, these developments could boost sentiment for ETC as well.

Portfolio Pulse from Henry Khederian

December 04, 2023 | 10:23 pm

SNCR

TURN

180 Degree Capital disclosed an 8% ownership stake in Synchronoss Technologies through a 13D filing, indicating that the shares were purchased for investment purposes.

Portfolio Pulse from Charles Gross

December 04, 2023 | 10:14 pm

NEU

NewMarket Corporation has signed a definitive agreement to acquire AMPAC Intermediate Holdings, LLC, the parent company of American Pacific Corporation (AMPAC), for $700 million. AMPAC, established in 1955 and based in Utah, is a key manufacturer of additives for rocket motors used in space and defense. The acquisition, which will close in Q1 2024, aims to broaden NewMarket's reach into essential and robust sectors.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 10:03 pm

RYI

Ryerson Holding has acquired Hudson Tool Steel, a supplier of various steels, with no financial terms disclosed. Hudson operates out of California, Illinois, and New Hampshire.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:46 pm

CSWI

TRC

Tejon Ranch Co. (NYSE:TRC) and Majestic Realty Co. have announced a new lease with RectorSeal, LLC, a subsidiary of CSW Industrials, Inc. (NASDAQ:CSWI), at the Tejon Ranch Commerce Center (TRCC). RectorSeal will occupy 240,000 square feet in a 480,000-square-foot industrial facility. This lease is part of a series of transactions at TRCC, which is a 1,450-acre master-planned commercial/industrial development. The move reflects RectorSeal's strategic relocation to be closer to customers and benefit from TRCC's location, amenities, and labor pool. TRCC hosts other major tenants like IKEA and L'Oréal and offers tax rebate incentives.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:31 pm

CD

Chindata Group has announced that its shareholders have approved the merger agreement, which is a significant step towards completing the merger process.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:31 pm

ALT

HRTS

LLY

NVO

PFE

Pharmaceutical companies are racing to develop obesity treatments, with Novo Nordisk and Eli Lilly seeing significant share price increases due to their obesity drugs. Pfizer's development setback has led to a share price decline, while Altimmune's successful drug tests boosted its shares. Roche acquired Carmot Therapeutics to enter the obesity drug market. The Tema Cardiovascular and Metabolics ETF (HRTS) was launched to track the performance of weight loss drugs and their producers.

Portfolio Pulse from Neil Dennis

December 04, 2023 | 9:20 pm

KAR

OPENLANE, Inc. (NYSE:KAR) has signed an agreement to acquire Manheim Canada from Cox Automotive for approximately $95 million USD. The acquisition includes the Manheim Montreal facility, auction sales, operations, and select staff, as Manheim Canada plans to exit the Canadian market. This move is set to enhance OPENLANE's digital strategy by expanding inventory, data, and customer base, and is expected to deliver accelerated cash flow through asset sale, cost, and operational synergies. The integration will consolidate operations and transition customers and business to OPENLANE's digital marketplace and vehicle logistics centers, excluding other Manheim Canada facilities. OPENLANE will also market and sell its existing Montreal facility to fund a significant portion of the acquisition.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:13 pm

FIVN

ZM

Five9 Inc (NASDAQ:FIVN) shares rose after reports surfaced that the company is considering a sale. The call center software firm, which previously had a failed $14.7 billion takeover deal with Zoom Video Communications Inc (NASDAQ:ZM), is said to be working with advisers to explore potential sales and has reportedly re-engaged with Zoom. Five9's cloud-based software supports over 14 billion call minutes annually, and a deal could help Zoom expand its offerings. Following the news, Five9's stock closed up 7.39% at $85.47.

Portfolio Pulse from Adam Eckert

December 04, 2023 | 9:12 pm