Streetbeat News

Acquisitions Mergers

Cigna's stock is trading lower after a Wall Street Journal report indicated that the company is discussing a potential stock-and-cash merger with Humana. The news has likely caused concern among investors about the implications of such a merger, including regulatory hurdles and integration challenges, which may be contributing to the downward pressure on Cigna's share price.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 5:15 pm

HUM

Cigna and Humana are currently in discussions regarding a potential merger that would significantly consolidate the health-insurance market. The deal, which is proposed to be a mix of cash and stock, is expected to be concluded by the end of the year, provided negotiations do not break down.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 5:09 pm

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U.S. stocks traded higher, with the Dow Jones, NASDAQ, and S&P 500 all seeing gains. Real estate shares led the market, while communication services lagged. Crude oil inventories rose less than in the previous period, contrary to market expectations of a decline. Vivos Therapeutics' shares surged after FDA clearance for its sleep apnea treatment. Rover Group's stock spiked following the announcement of its acquisition by Blackstone. Fluence Energy's shares increased after reporting Q4 results and FY24 revenue guidance. BioVie, Seelos Therapeutics, and Farfetch saw significant share price drops due to negative trial results, a public offering, and a delay in financial results, respectively.

Portfolio Pulse from Lisa Levin

November 29, 2023 | 5:05 pm

KKR

KKR & Co. Inc. (KKR) stock is trading higher following the announcement that the company will acquire the remaining 37% stake in Global Atlantic for $2.7 billion in cash.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 4:43 pm

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22nd Century Group, Inc. (XXII) appoints Lawrence Firestone as chairman and CEO. The company also announced the sale of its GVB Biopharma operations to Specialty Acquisition Corporation for $2.25 million. Firestone has extensive experience, including roles as CEO of Eastside Distilling, Inc. (EAST) and Qualstar Corporation (QBAK), and CFO of Advanced Energy Industries (AEIS) and Applied Films Corporation (AFCO). 22nd Century reported an 8.2% drop in net revenue and a significant operating loss. The Blinc Group promoted Pete Sahani to CEO, with the former CEO taking a new role. XXII shares rose 10.6977% to $0.2380.

Portfolio Pulse from Jelena Martinovic

November 29, 2023 | 3:53 pm

ROVR

Rover Group, Inc. (ROVR) is set to be acquired by Blackstone Inc. (BX) for approximately $2.3 billion, with Rover stockholders receiving $11.00 per share, a 61% premium. The deal includes a 30-day 'go-shop' period and is expected to close in 1Q24. Rover will remain a private company under its existing brand post-acquisition. ROVR shares surged by 28.8% to $10.95, while BX shares rose by 3.00% to $110.87.

Portfolio Pulse from Akanksha Bakshi

November 29, 2023 | 3:46 pm

KKR

KKR & Co. Inc. (NYSE:KKR) is set to acquire the remaining 37% stake in Global Atlantic, increasing its ownership to 100%. The deal, valued at approximately $2.7 billion, is expected to close in 1Q24. KKR's shares rose by 5.23% following the announcement. The firm also introduced strategic initiatives, including a new business segment, a revised compensation structure, and a new reporting framework to enhance shareholder value and emphasize recurring revenue streams.

Portfolio Pulse from Akanksha Bakshi

November 29, 2023 | 3:34 pm

ROVR

Blackstone (NYSE:BX) is set to acquire Rover Group (NASDAQ:ROVR) for $2.30 billion in cash, with the transaction expected to close in Q1 of 2024. Blackstone is a major asset manager with $1.001 trillion in assets under management, while Rover Group operates an online marketplace for pet care services.

Portfolio Pulse from Benzinga Insights

November 29, 2023 | 3:10 pm

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Phillips 66 (NYSE:PSX) stock price increased after Elliott Investment Management announced a $1 billion investment in the company, becoming one of its largest investors. Elliott highlighted Phillips 66's underperformance compared to peers like Marathon Petroleum Corporation (NYSE:MPC) and Valero Energy Corporation (NYSE:VLO), and suggested potential for a 75% upside in stock value. Elliott criticized Phillips 66's operational focus and lack of opex discipline, suggesting board changes and supporting CEO Mark Lashier's strategy to reach $14 billion in EBITDA by 2025. PSX shares rose 3.58% to $122.22.

Portfolio Pulse from Nabaparna Bhattacharya

November 29, 2023 | 3:08 pm

BZAMF

BZAM Ltd. reported a 112% YoY increase in Q3 net revenue to CA$21 million, driven by a merger with The Green Organic Dutchman Holdings Ltd. Despite revenue growth, the company experienced a net loss from operations of CA$17 million, up from CA$6.8 million last year. BZAM implemented cost reduction measures, including layoffs and facility consolidations. Shares of BZAMF fell 0.9664% to $0.1178 post-announcement.

Portfolio Pulse from Jelena Martinovic

November 29, 2023 | 2:49 pm