Streetbeat News

Acquisitions Mergers

ALB

LINRF

Albemarle Corporation (NYSE:ALB) has withdrawn its non-binding offer to purchase Liontown Resources Ltd. (OTC:LINRF), a battery minerals producer owning one of the world's richest lithium deposits. The decision was influenced by growing complexities associated with the proposed transaction and Australian billionaire Gina Rinehart's increased investment in Liontown, which could block Albemarle's takeover.

Portfolio Pulse from Shivani Kumaresan

October 16, 2023 | 12:45 pm

MANU

Manchester United Plc (NYSE:MANU) shares fell nearly 10% during premarket trading on Monday following the Qatari group's decision to reportedly pull away from acquiring the football giant. The acquisition process was plagued by a series of hiccups with bidders unable to meet the £6 billion ($7.3 billion) valuation set by the Glazer family. British billionaire Jim Ratcliffe appears to be taking center stage in the Manchester United takeover bid, potentially acquiring an initial 25% stake in the club.

Portfolio Pulse from Shivani Kumaresan

October 16, 2023 | 12:24 pm

NVO

Novo Nordisk has agreed to acquire Ocedurenone, a treatment for uncontrolled hypertension, from KBP Biosciences for $1.3 billion.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 12:21 pm

CNSL

Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) has announced a definitive agreement to be acquired by Searchlight Capital Partners and British Columbia Investment Management Corporation in an all-cash transaction valued at approximately $3.1 billion. The purchase price represents a premium of approximately 70% to the closing price of CNSL's common stock through April 12, 2023. The transaction has been approved by a special committee of independent and disinterested directors of the Board.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 12:10 pm

INAQ

Alpha Modus, an AI business developing data-driven technologies for enhancing in-store digital experiences, is set to list on Nasdaq through a business combination agreement with Insight Acquisition Corp. The proposed business reflects an implied pro-forma enterprise value of approximately $175 million. The transaction reflects high confidence of closing, with no minimum cash condition.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 12:09 pm

VSTO

Vista Outdoor Inc. (NYSE:VSTO) has announced a definitive agreement to sell its Sporting Products business to Czechoslovak Group a.s. (CSG) for an enterprise value of $1.91 billion. The transaction is part of Vista Outdoor's plan to split the company into separate entities. The deal is expected to close in 2024. Vista Outdoor also provided a preview of its Q2 2024 financial results and revised its FY24 guidance.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 12:06 pm

RAIN

Rain Oncology, Inc. (NASDAQ:RAIN) has received an unsolicited proposal from Tang Capital, LP on behalf of Concentra Biosciences LLC to acquire all outstanding shares of common stock of Rain for $1.25 per share in cash, plus a contingent value right (CVR) representing the right to receive 80% of the net proceeds payable from any license or disposition of Rain's programs. Rain's Board of Directors will review and evaluate the proposal.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 12:05 pm

GAME

GameSquare has reported over $275,000 in new contract annual recurring revenue (ARR) wins for Q3, following its acquisition of Engine Gaming and joint SaaS offering. The gross margin from these contracts is significantly above the company's average.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 11:38 am

APCX

AppTech Payments Corp. has signed a definitive agreement to acquire FinZeo. The terms of the deal were not disclosed.

Portfolio Pulse from Bill Haddad

October 16, 2023 | 11:34 am

HDB

HDFC Bank reported a standalone net profit of INR159.76B ($1.92B) for the September quarter. This is the first quarterly report following the merger with Housing Development Finance Corp on July 1 in a $40B deal.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 11:30 am