Streetbeat News

Acquisitions Mergers

TGH

Textainer Group Holdings Limited (TGH) has agreed to be acquired by Stonepeak for an enterprise value of approximately $7.4 billion. This has led to a surge in TGH's share prices.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 9:59 am

AGEN

BEAM

CLSK

HUT

MARA

PINS

RIOT

ROIV

TGH

WBA

Several stocks recorded gains in Monday's pre-market trading session. Textainer Group's shares jumped 42.6% after agreeing to be acquired by Stonepeak for $7.4 billion. Roivant Sciences gained 15.2% as Roche agreed to acquire Telavant from Roivant for $7.1 billion. Agenus rose 10.7% after disclosing expanded data from a phase 1b study. Hut 8 Mining, Marathon Digital Holdings, Riot Platforms, and CleanSpark gained amid a rise in Bitcoin. Walgreens Boots Alliance and Beam Therapeutics also rose, while Pinterest rose ahead of its Q3 financial results release.

Portfolio Pulse from Lisa Levin

October 23, 2023 | 9:53 am

CVX

HES

Chevron Corporation (NYSE:CVX) has announced a definitive agreement to acquire Hess Corporation (NYSE:HES) in an all-stock transaction valued at $53 billion, or $171 per share. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value of the transaction, including debt, is $60 billion.

Portfolio Pulse from Charles Gross

October 23, 2023 | 9:03 am

SOLO

Tevva Motors Limited plans to seek legal recourse following ElectraMeccanica Vehicles Corp.'s termination of their proposed merger agreement. ElectraMeccanica cited incurable breaches as the reason for termination. Tevva refutes the basis of termination and plans to go public with its rebuttal.

Portfolio Pulse from Charles Gross

October 23, 2023 | 8:46 am

ABCM

DHR

Jonathan Milner, a significant shareholder in Abcam, has urged shareholders to reject the proposed sale of the company to Danaher. Milner believes that the offer of $24 per share significantly undervalues Abcam and that the timing of the sale is inopportune. He also referenced the recent acquisition of Olink by Thermo Fisher, which commanded a strategic premium of 74%, as an example of a high-quality asset securing a substantial strategic premium in a change of control transaction.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 6:57 am

TGH

Textainer has agreed to be acquired by Stonepeak for $7.4 billion. Under the agreement, Textainer shareholders will receive $50.00 per share in cash, a premium of approximately 46% over Textainer's closing share price on October 20, 2023. The total value of the common shares equals approximately $2.1 billion.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 5:53 am

PFE

RHHBY

ROIV

Roche has agreed to acquire Telavant, including rights to the novel TL1A-Directed Antibody (RVT-3101), from Roivant for $7.1 billion. The deal gives Roche the rights to develop, manufacture, and commercialize RVT-3101 in the US and Japan for the treatment of inflammatory bowel disease and potentially other diseases. Roche will also have an option to collaborate globally with Pfizer on a next-generation p40/TL1A directed bispecific antibody, currently in Phase 1. Telavant was jointly formed by Roivant and Pfizer in 2022.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 5:45 am

NFLX

UBER

Visa Inc. and Mastercard Incorporated are investing billions into African companies to capitalize on the rapid growth of e-commerce in the continent. The investments are focused on mobile money services, which are popular due to the scarcity of conventional banking infrastructures in Africa. The U.S. Commerce Department expects 435 million Africans to make online purchases by the end of the year, nearly double the pre-pandemic level. Mastercard has acquired a minority stake in MTN Group Ltd's fintech business and invested $100 million into Airtel Africa's mobile-money sphere. Visa has pledged to invest $1 billion into Africa over the next five years.

Portfolio Pulse from Nabaparna Bhattacharya

October 22, 2023 | 12:40 am

TSLA

The government of Nuevo Leon in Mexico is planning to invest over $130 million in infrastructure to support the construction of Tesla's future Gigafactory. The project, expected to start in the first half of 2024, is part of a $5 billion Tesla initiative. Nuevo Leon Governor Samuel Garcia also revealed nearly $1 billion in projected investments from Chinese Tesla suppliers.

Portfolio Pulse from Nabaparna Bhattacharya

October 21, 2023 | 5:30 pm

BRLI

Brilliant Acquisition Corporation has extended the deadline for its initial business combination with Nukkleus, Inc. to November 23, 2023. The extension was approved by shareholders and an additional $32,300 was deposited into Brilliant's trust account. The company can further extend the deadline to December 23, 2023, with an additional deposit each month.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 8:17 pm