Streetbeat News

Acquisitions Mergers

FPI

Farmland Partners Inc. (FPI) has made significant changes to its portfolio in 3Q23, selling over 13,500 acres across six states and acquiring a large farm in Louisiana. The sales generated over $70 million, a 17% gain, while the acquisition cost an estimated $11 million. FPI has sold farmland valued at over $120 million as of September 2023, expecting total asset sales for the year to reach $170 million. The strategic move aims to optimize asset value for shareholders, with proceeds used for stock repurchases, debt repayment, and acquisitions in more viable locations.

Portfolio Pulse from Akanksha Bakshi

October 10, 2023 | 4:43 pm

AMD

Advanced Micro Devices, Inc (AMD) has agreed to acquire Nod.ai to expand its open AI software capabilities. The acquisition will bring an experienced team to AMD that has developed software technology that accelerates the deployment of AI solutions optimized for AMD's hardware. The financial terms of the transaction were not disclosed.

Portfolio Pulse from Anusuya Lahiri

October 10, 2023 | 4:27 pm

SRT

StarTek (SRT) has announced an agreement to be acquired by funds managed by CSP Management Limited for $4.30 per share in cash. This has led to a rise in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

October 10, 2023 | 4:21 pm

IMAX

IMAX Corporation's proposal to acquire the outstanding 96.3 million shares of IMAX China has failed to pass a vote by IMAX China shareholders. Despite 70% of the shares voted being in favor, the votes against the transaction exceeded the 10% threshold required by Hong Kong law to defeat a privatization transaction. IMAX Corporation will now explore other means of creating shareholder value, such as share repurchases.

Portfolio Pulse from Shivani Kumaresan

October 10, 2023 | 4:11 pm

BUD

TAP

Molson Coors Beverage Company (NYSE:TAP) has announced plans to buy back shares worth $2 billion over the next five years, a significant increase from the $51.5 million it repurchased in 2022. The company's credit rating was also upgraded by S&P Global Ratings, recognizing its efforts in reducing debt. Molson Coors reported an 11.8% increase in net sales for Q2, totaling $3.27 billion. The company's market share has increased, partly due to a controversial move by competitor Bud Light, which resulted in a 30% drop in its U.S. volumes.

Portfolio Pulse from Shivani Kumaresan

October 10, 2023 | 3:35 pm

INQD

WDLF

Indoor Harvest Corp. (OTCPK: INQD) and MjLink.com, Inc. have formed a joint venture to create a technology and media platform for the hemp and CBD industry. Decentral Life, Inc. (OTCPK: WDLF) has announced a binding Letter of Intent to acquire MjLink, with the joint venture agreement transferring to Decentral Life upon completion. The collaboration aims to provide emerging growth companies with greater access to industry investors and enhance their investor relations capabilities.

Portfolio Pulse from Jelena Martinovic

October 10, 2023 | 3:18 pm

TRNO

Terreno Realty Corp (TRNO) reported major Q3 FY23 developments, including 98.3% occupancy, a 38.9% increase in cash rents, and no debt maturities in 2023. The company acquired a property in Santa Ana for $14.8 million and sold a property in Maryland for $18 million. It also issued common shares at an average price of $60.78 per share, raising $95.7 million.

Portfolio Pulse from Lekha Gupta

October 10, 2023 | 3:13 pm

POST

Post Holdings Inc (NYSE:POST) has agreed to acquire Perfection Pet Foods LLC for $235 million. The acquisition includes two facilities in Visalia, California, and will expand Post's manufacturing capacity and provide an entry into the private label and co-manufacturing pet food category. The deal is expected to close in Q4 2023 and contribute around $25 million of Adjusted EBITDA in the next 12 months. Post also anticipates a tax benefit of about $20 million and lower future capital expenditures for capacity expansion.

Portfolio Pulse from Lekha Gupta

October 10, 2023 | 2:47 pm

SMX

SMX (Security Matters) PLC has increased its stake in True Gold Consortium Pty Ltd by 7.5%, bringing its total shareholding to 51.9%. The acquisition involves a waiver of around $307,000 in outstanding payables by TrueGold to SMX and grants TrueGold access to additional intellectual property from SMX. The move is expected to strengthen SMX's influence in TrueGold's R&D and revenue commercialization ventures. Following the news, SMX shares surged by 94.7%.

Portfolio Pulse from Akanksha Bakshi

October 10, 2023 | 1:58 pm

SRT

Startek has announced an agreement to be acquired by funds managed by CSP Management Limited for $4.30 per share in cash. The deal is expected to close in the first half of 2023.

Portfolio Pulse from Bill Haddad

October 10, 2023 | 1:28 pm