Streetbeat News

Acquisitions Mergers

ALB

LINRF

Albemarle has formally withdrawn its non-binding offer to acquire Liontown Resources. The decision was made as Albemarle nears the end of its exclusive due diligence process. The company cited growing complexities associated with the proposed transaction as a factor in its decision.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 7:22 am

Globe Life has acquired Evry Health, although the terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 6:21 am

APH

PCTI

PCTEL has agreed to be acquired by Amphenol for $139.7 million. As part of the deal, PCTEL stockholders will receive $7 per share in cash.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 6:19 am

CME

GLD

MSFT

USO

XLE

XOM

The escalating Israel-Hamas conflict, rising inflation, and surging oil prices have shaken global markets. The conflict could disrupt global oil supplies, as the Middle East accounts for about one-third of global oil production. In the US, inflation figures exceeded expectations, with the Producer Price Index surging 2.2% YoY and the Consumer Price Index inflation rising by 3.7% YoY. This has led to a spike in 30-year mortgage rates and a dip in consumer sentiment. Despite this, the Fed signals another rate hike is still possible. M&A activity picked up with Exxon Mobil acquiring Pioneer Resources and Microsoft purchasing Activision Blizzard. The week also saw strong Q3 earnings from major banks.

Portfolio Pulse from Piero Cingari

October 13, 2023 | 8:33 pm

WINV

WinVest Acquisition Corp. (NASDAQ:WINV) has extended the deadline for its initial business combination by one month to November 17, 2023. The extension is to provide additional time for the company to complete the combination. In connection with the extension, $65,000 will be deposited into the trust account established in connection with the company's initial public offering. The board may further extend the termination date on a monthly basis until December 17, 2023, upon the deposit of an additional $65,000 into the trust account per monthly extension.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 8:18 pm

JPC

JPS

JPT

Shareholders of Nuveen Preferred and Income Fund (JPT), Nuveen Preferred & Income Securities Fund (JPS), and Nuveen Preferred & Income Opportunities Fund (JPC) have approved a proposal to merge the funds. The mergers will combine JPT and JPS into JPC, expected to become effective before the market opens on November 6, 2023. The monthly distributions for JPT, JPS, and JPC will be replaced by pre-merger distributions declared on October 24, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 8:17 pm

LNKB

PTRS

LINKBANCORP, Inc. (LNKB) and Partners Bancorp (PTRS) have received necessary regulatory approvals for their merger of equals. The approvals came from the Federal Deposit Insurance Corporation, the Pennsylvania Department of Banking and Securities, the Virginia State Corporation Commission, the Delaware Office of the State Bank Commissioner, and the Maryland Office of the Commissioner of Financial Regulation. The merger, which was previously approved by shareholders, remains subject to the approval of the Board of Governors of the Federal Reserve System and other customary closing conditions. The merger is expected to close in Q4 2023.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 8:12 pm

CRM

CSGP

DRI

FOXA

NWSA

NYT

Activist hedge fund Starboard Value has reportedly bought shares in News Corp, potentially indicating a push for changes within the media company. The size of the stake and the fund's plans are unknown. News Corp's shares have risen 14% this year but have underperformed compared to peers like New York Times Co. Starboard has previously pushed for changes at companies like Salesforce and Darden Restaurants.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 7:41 pm

TEAM

Atlassian Corp (NASDAQ:TEAM) has announced an agreement to acquire video messaging platform Loom for $880 million in cash and $95 million in vesting equity. The acquisition will be funded with Atlassian's existing cash balance and will not impact its share repurchase strategy. Analysts from Canaccord Genuity and Mizuho have reiterated a Buy rating on Atlassian, with price targets of $230 and $240 respectively. The integration of Loom into Atlassian's platform is expected to enhance its collaborative workflows.

Portfolio Pulse from Anusuya Lahiri

October 13, 2023 | 7:25 pm

ATVI

MSFT

UBSFF

Microsoft Corp. (NASDAQ:MSFT) has completed its $69 billion acquisition of Activision Blizzard Inc (NASDAQ:ATVI), a move that is expected to reshape the gaming industry. The deal includes popular franchises like Call of Duty, World of Warcraft, and Overwatch. Activision's CEO, Bobby Kotick, confirmed his exit after the deal. The UK's Competition and Markets Authority approved the deal after it was restructured to sell Activision's streaming rights to Ubisoft Entertainment SA (OTC:UBSFF). However, the Federal Trade Commission (FTC) case against the merger is still pending.

Portfolio Pulse from Franca Quarneti

October 13, 2023 | 6:16 pm