Streetbeat News

Acquisitions Mergers

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

CYBN

DMTTF

Cybin Inc. (NYSE:CYBN) and Small Pharma Inc. (OTCQB:DMTTF) have announced that their shareholders have approved the acquisition of Small Pharma by Cybin. The arrangement is subject to approval by BC’s Supreme Court and other customary closing conditions, with an expected effective date on or around October 23, 2023. Post-acquisition, Small Pharma will cease trading at TSXV and the OTCQB venture market.

Portfolio Pulse from Lara Goldstein

October 13, 2023 | 5:52 pm

SASI

Sigma Additive Solutions, Inc. (NASDAQ:SASI) has announced the signing of an asset purchase agreement for the acquisition of NextTrip Holdings, a travel technology company, with an implied enterprise valuation of approximately $50 million. Sigma will acquire 100% of NextTrip's capital stock in exchange for 19.99% of Sigma's outstanding common stock. The transactions are expected to be completed in Q4 2023. Sigma also announced the sale of its in-process quality assurance technology suite to Divergent Technologies, Inc.

Portfolio Pulse from Erica Kollmann

October 13, 2023 | 5:37 pm

EBF

Ennis, Inc. (NYSE:EBF) has announced the acquisition of Eagle Graphics, Inc. and Diamond Graphics, Inc. Both companies specialize in commercial and direct mail printing respectively. The acquisition is expected to strengthen Ennis's production capabilities and expand its presence in Pennsylvania.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 5:28 pm

SSNLF

TOSYY

TSM

WDC

Western Digital Corp (NASDAQ:WDC) and Japanese chipmaker Kioxia Holdings are expected to merge soon, with a holding company set up to integrate their NAND flash memory chip operations. The combined entity will likely list on the Nasdaq stock exchange. Western Digital shareholders will own over 50% of the new company, with Kioxia holding the remaining stake. The combined market share of Kioxia and Western Digital for NAND memories stood at 35.4% as of March.

Portfolio Pulse from Anusuya Lahiri

October 13, 2023 | 4:53 pm

SNDL

SunStream Bancorp Inc. has announced the acquisition of certain assets of Greenpeak Industries Inc. and affiliated entities doing business as Skymint. The assets were acquired by Skymint Acquisition Co., a new entity of Tropics L.P., which is fully owned by an affiliate of Sunstream, a joint venture sponsored by SNDL Inc. (NASDAQ:SNDL). The acquisition is part of Skymint's ongoing restructuring and is expected to close in the first quarter of 2024.

Portfolio Pulse from Jelena Martinovic

October 13, 2023 | 4:38 pm

ATVI

MSFT

Activision Blizzard's CEO Bobby Kotick has confirmed his resignation following Microsoft's acquisition of the company. Kotick will remain in his role until the end of 2023 and will report to Xbox boss Phil Spencer. The buyout, valued at $69 billion, could make Kotick one of the wealthiest individuals in the gaming industry. However, his tenure has been marked by controversies, including allegations of sexism and a toxic work culture.

Portfolio Pulse from Franca Quarneti

October 13, 2023 | 4:10 pm