Streetbeat News

Acquisitions Mergers

ACI

COST

KR

WMT

Telsey Advisory Group analyst Joseph Feldman reiterated a Market Perform rating on Albertsons Companies, Inc. (NYSE:ACI) with an unchanged price target of $27.25. The analyst maintained 2Q23 sales and profit projections but lowered 2H23 estimates due to slower consumer spending trends and faster-than-anticipated disinflation. The analyst believes Albertsons' valuation is dependent on its potential merger with Kroger Company (NYSE:KR).

Portfolio Pulse from Shivani Kumaresan

October 10, 2023 | 7:19 pm

EURN

FRO

Stifel analyst Benjamin J. Nolan downgraded Euronav NV (EURN) to Hold from Buy with a lowered price target of $18.43. This follows the offer by Compagnie Maritime Belge (CMB) to acquire Frontline Plc's (FRO) 26.12% stake in EURN. The deal also involves FRO acquiring 24 VLCC tankers from EURN's fleet. Post closure, CMB will own 49.05% of EURN's outstanding shares and is expected to make a mandatory public takeover offer. Nolan expects EURN to become private in the coming quarters.

Portfolio Pulse from Lekha Gupta

October 10, 2023 | 7:17 pm

LLY

NVS

RYZB

JP Morgan has initiated coverage on RayzeBio Inc (NASDAQ:RYZB), a company in the radiopharmaceutical space, with an Outperform rating and a price target of $30. The analysts see potential value-creating milestones over the next 2+ years for RayzeBio. The radiopharmaceutical landscape includes notable therapies like Novartis AG's (NYSE:NVS) Lutathera and Pluvicto. The planned acquisition of POINT Biopharma by Eli Lilly And Co (NYSE:LLY) signals the potential attraction of more prominent entities to this advancing field.

Portfolio Pulse from Vandana Singh

October 10, 2023 | 7:06 pm

SRT

StarTek, Inc. (NYSE:SRT) shares surged after the company announced an agreement to be acquired by funds managed by CSP Management Limited for $4.30 per share in cash. The all-cash transaction has a total enterprise value of approximately $217 million and total equity value of approximately $174 million. Trading of the stock was halted and then resumed early in Tuesday's session. The stock experienced above-average trading volume of 877,491 shares compared to its average volume of 31,152. Barrington Research analyst Christopher Howe downgraded StarTek from Outperform to Market Perform.

Portfolio Pulse from Ryan Gustafson

October 10, 2023 | 7:00 pm

KKR

Private equity firm KKR & Co. is reportedly considering a sale of European car park operator Q-Park, which could value the company at about $4.2 billion, including debt. The firm has held talks with potential advisers about an exit and could start gauging buyer interest in Q-Park early next year. However, there's no certainty they will lead to a transaction.

Portfolio Pulse from Benzinga Newsdesk

October 10, 2023 | 6:54 pm

APP

C

U

Traders are circulating a note from Citi suggesting that AppLovin (APP) is planning to make another attempt to acquire Unity Software (U).

Portfolio Pulse from Benzinga Newsdesk

October 10, 2023 | 6:05 pm

OTEX

OpenText (NASDAQ: OTEX) has announced its new unified OpenText Partner Network, which combines OpenText's and recently acquired Micro Focus' partner ecosystems. The network will provide over 30,000 partners with access to OpenText's expertise in information management. The company is investing in R&D to develop advanced technologies for partners to build upon. The new network includes programs for enterprise partners, mid-market partners, and a program for partners to build custom solutions using OpenText Cloud API services.

Portfolio Pulse from Benzinga Newsdesk

October 10, 2023 | 5:42 pm

SPY

The Securities and Exchange Commission (SEC) has shortened the deadline for institutional investors to disclose acquisition of 5% stakes to 45 days from the end of the quarter, instead of from the year end. Additionally, the disclosure of 5% stakes by investors seeking control of companies has been reduced to 5 business days, from 10 calendar days.

Portfolio Pulse from Benzinga Newsdesk

October 10, 2023 | 5:38 pm

MDGL

Janus Henderson Group PLC has acquired a 15.4% stake in Madrigal Pharmaceuticals, according to a 13G filing with the SEC. The stake was acquired as of September 29, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 10, 2023 | 5:10 pm

AKAM

LUMN

Akamai Technologies Inc (AKAM) has acquired select Content Delivery Network contracts from Lumen Technologies Inc (LUMN). The acquisition is expected to add around $40 million-$50 million in revenue and be accretive to adjusted EPS by $0.08-$0.12 for FY24. Both companies will operate under a transition services agreement for the first 90 days, after which Lumen plans to wind down its content delivery services. No material impact of the acquisition on FY23 results is expected.

Portfolio Pulse from Lekha Gupta

October 10, 2023 | 5:06 pm