Streetbeat News

Acquisitions Mergers

LL

Live Ventures has submitted a proposal to acquire LL Flooring for $5.85 per share in cash, causing LL Flooring shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 3:03 pm

TEAM

Atlassian Corp (NASDAQ:TEAM) shares are trading lower by 4% after the company announced it will acquire video messaging platform Loom for approximately $975 million. The acquisition is expected to close in the third quarter of Atlassian's fiscal year 2024. Investors are concerned about the price Atlassian is paying for Loom, its alignment with Atlassian's long-term strategy, and its impact on the company's financials.

Portfolio Pulse from Henry Khederian

October 12, 2023 | 2:58 pm

VSAT

ViaSat, Inc. (NASDAQ:VSAT) expects to reach sustainable positive free cash flow in the first half of 2025, earlier than previously announced. The company anticipates reporting over $3 billion of liquidity by September 2023, with no near-term outstanding debt maturities. ViaSat also expects high single-digit revenue growth in FY2023 and again in FY2025. The integration of the Inmarsat acquisition is ahead of schedule, with synergy estimates to be fully realized in FY25. Despite a malfunction in the VS-3 F1 Satellite, ViaSat has insurance coverage and does not require a replacement. The company's shares are trading higher by 10.75%.

Portfolio Pulse from Nabaparna Bhattacharya

October 12, 2023 | 2:29 pm

TEAM

Atlassian has announced its plans to acquire Loom, causing its shares to trade lower.

Portfolio Pulse from Bill Haddad

October 12, 2023 | 2:14 pm

TRNO

Terreno Realty Corporation (NYSE:TRNO) has acquired an industrial property in Red Hook, Brooklyn, New York for approximately $27.5 million. The property, which is 66% leased to 19 tenants, consists of one industrial flex building of about 96,000 square feet on 3.8 acres. The estimated stabilized cap rate is 6.4%.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 1:20 pm

PXD

XOM

Exxon Mobil Corporation (XOM) has announced a definitive agreement to acquire Pioneer Natural Resources Company (PXD) in an all-stock transaction valued at $59.5 billion. The deal is expected to close in the first half of 2024. Exxon Mobil offers an annual dividend yield of 3.42%, and investors can earn $500 per month or $6,000 annually from dividends alone with an investment of approximately $175,496 or around 1,648 shares.

Portfolio Pulse from Lisa Levin

October 12, 2023 | 1:19 pm

BP

OSG

Overseas Shipholding Group (OSG) has purchased a vessel from BP for a total capital commitment of approximately $50 million. The vessel, Alaskan Frontier, is expected to be reactivated and available for service by the fourth quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 1:18 pm

LIVE

LL

Live Ventures Incorporated (NASDAQ:LIVE) has submitted a proposal to acquire LL Flooring Holdings, Inc. (NYSE:LL) for $5.85 per share in cash, representing an aggregate equity value of approximately $194.4 million. This all-cash offer represents a 106% premium to LL Flooring's closing price as of October 6, 2023. Live Ventures, a diversified holding company specializing in the retail and flooring industries, believes that this acquisition would be synergistic given their extensive portfolio of flooring companies.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 1:04 pm

APLE

Apple Hospitality REIT has acquired Courtyard By Marriott Salt Lake City Downtown for approximately $48.1M, Hyatt House Salt Lake City/Downtown for approximately $34.3M, and a 346-space parking garage for approximately $9.1M. The company also has two additional hotels under purchase for approximately $55.5M and $36.8M.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 1:03 pm

FAST

LL

OPGN

Opgen's unit Curetis received a payment of 750,000 Euros related to the sale of Unyvero A50 Systems, causing OPGN's stock to surge by 1200%. LL Flooring received a $180 million takeover offer from Live Ventures, leading to a 45% increase in LL's stock. Fastenal's Q3 EPS beat estimates but sales missed, resulting in a 5% increase in FAST's stock.

Portfolio Pulse from ryanfaloona@benzinga.com

October 12, 2023 | 12:49 pm