Streetbeat News

Acquisitions Mergers

HOLI

A consortium led by Recco Control Technology and Dazheng Group reiterated their all-cash offer of $26.50 per share for Hollysys Automation Technologies Ltd. (HOLI). They expressed concerns that Hollysys' Board is negotiating a deal without shareholder support and emphasized the need for a Special Meeting before any definitive deal. The consortium includes TFI Asset Management and Great Wall Capital, who suspect the Board may favor a management buyout over a third-party bid. UBS AG Hong Kong Branch is the financial advisor, with legal counsel from Sullivan & Cromwell LLP, DLA Piper, and Conyers Dill & Pearman.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:20 pm

ASPI

ASP Isotopes Inc. has signed an MOU with a second US-based SMR company to develop a HALEU production facility, aiming to meet the growing demand for nuclear fuel. The Quantum Enrichment process, developed by ASP Isotopes and its subsidiary Quantum Leap Energy LLC, is expected to lower production costs and support the operation of small modular reactors (SMRs). With no current Western producers of HALEU in commercial quantities, ASP Isotopes anticipates a significant market opportunity, with potential customer interest exceeding $30 billion. The company plans to finance the project through customer pre-orders and partnerships.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:17 pm

BRD

Beard Energy Transition Acquisition Corp. (BRD) and Suntuity Renewables have mutually agreed to terminate their business combination agreement. Consequently, BRD will not proceed with the special meeting to extend the deadline for a business combination and intends to dissolve and liquidate. BRD will redeem all outstanding Class A common stock at approximately $10.74 per share, with the last trading day on December 11, 2023. BRD's warrants will expire worthless, and the company will cease operations after December 12, 2023, except for winding up its business. BRD will also delist from the NYSE and terminate the registration of its securities.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:14 pm

IPA

ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) has announced key appointments to its Board of Directors, including Mitch Levine as the new Chairman of the Board. Levine brings extensive experience in the life sciences industry and financial strategy, particularly with Nasdaq market operations. Chris Buyse has been appointed as Chairman of the Remuneration and Nomination Committee, and Dirk Witters as the new Chairman of the Audit Committee. These appointments are expected to guide IPA's growth in biotechnology. Additionally, IPA will host a conference call on December 14, 2023, to discuss its Q2 fiscal year 2024 financial results.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:13 pm

RSSS

Research Solutions has announced the acquisition of scite, a company specializing in the analysis of scientific articles to assess their reliability. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:12 pm

IHRT

iHeartMedia, Inc. expects to receive approximately $100M from the sale of Broadcast Music, Inc. to a group led by New Mountain Capital, LLC. The proceeds from iHeartMedia's equity interest in BMI will be used for general corporate purposes, potentially including debt repayment. The sale is subject to BMI shareholder and regulatory approvals and is expected to close by the end of Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:11 pm

TAK

Takeda (NYSE:TAK) will present 17 company-sponsored and nine collaborative abstracts at the 65th American Society of Hematology Annual Meeting. The presentations will include data supporting the recent FDA approval of ADZYNMA for cTTP treatment, Phase 1 data for TAK-755 in sickle cell disease, and a meta-analysis for hemophilia A. Oncology presentations will cover ICLUSIG in Ph+ ALL and ADCETRIS in Hodgkin lymphoma. The research aims to improve treatment for hematologic diseases with high unmet patient need.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:11 pm

LHX

L3Harris Technologies has entered into a definitive agreement to sell its Commercial Aviation Solutions business to The Jordan Company (TJC) for $800 million. This strategic divestiture will allow L3Harris to focus on its core business and potentially improve its financial metrics.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:10 pm

FATH

Fathom Digital Manufacturing Corp. (FATH) has received a non-binding acquisition proposal from CORE Industrial Partners to purchase all outstanding shares of Class A and B common stock not already owned by CORE for $4.50 per share. CORE Funds currently owns approximately 63% of FATH's voting power. FATH's Special Committee is reviewing the proposal, with no decisions made or timeline set. There is no certainty that a definitive agreement will be reached or that a transaction will occur.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:03 pm

SUM

Summit Materials' indirect subsidiaries plan to offer $800M in senior notes due 2031 to fund the acquisition of Argos North America from Cementos Argos.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 12:37 pm