Streetbeat News

Acquisitions Mergers

IRRX

Integrated Rail and Resources Acquisition Corp., a blank check company, has announced an extension of time available to consummate a business combination. The deadline has been moved from October 15, 2023, to November 15, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 8:12 pm

ATVI

MSFT

Concerns about cheating in the Modern Warfare 3 beta, particularly on the PlayStation 5 version, are escalating among Call of Duty fans. The extent of the cheating remains unclear, but videos showcasing apparent cheating have raised concerns about the future of competitive play. Activision Blizzard Inc (NASDAQ:ATVI) aims to address this with its new anti-cheat system called Ricochet. Microsoft Corp (NASDAQ:MSFT) is nearing the completion of its $69 billion acquisition of parent company Activision Blizzard.

Portfolio Pulse from Franca Quarneti

October 09, 2023 | 6:10 pm

VTS

Vitesse Energy Inc (NYSE:VTS) has acquired additional oil and gas stakes in the Williston Basin of North Dakota, leading to a $50 million expenditure in Q3 and Q4 FY23. As a result, VTS has raised its FY23 production guidance and capital expenditure. The company also provided preliminary FY24 guidance and added oil swaps for Q4 FY23 and FY24. VTS shares are trading higher by 6.56% at $23.05.

Portfolio Pulse from Lekha Gupta

October 09, 2023 | 3:26 pm

CTLT

LLY

NVO

PFE

TMO

The weight-loss drug market is experiencing a boom, leading to a rapid growth in the fill-finish market. Companies like Novo Nordisk, Eli Lilly, and Pfizer are driving this growth with their weight-loss drugs. Contract drug manufacturers like WuXi Biologics and Catalent Inc are investing heavily in expanding their facilities to meet the rising demand. The fill-finish market is expected to double to $12.5 billion between 2019 and 2027.

Portfolio Pulse from Vandana Singh

October 09, 2023 | 3:21 pm

NWLI

National Western and Prosperity Life Group have announced a $1.9 billion cash merger. This has resulted in National Western's shares trading higher.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 3:00 pm

CLB

CNQ

CPE

HAL

HII

KTOS

LHX

LMT

MRCY

NOC

NWLI

PTEN

Several US stocks recorded gains on Monday despite the overall market trading lower. National Western Life Group's shares jumped 13.8% after announcing a merger deal with Prosperity Life Group. Defense stocks such as Northrop Grumman, General Dynamics, and Lockheed Martin surged amid the Israel-Hamas conflict. WW International, L3Harris Technologies, Kratos Defense & Security Solutions, and Huntington Ingalls Industries also saw gains. Callon Petroleum Company and Canadian Natural Resources Limited rose due to oil supply uncertainty caused by the conflict. Patterson-UTI Energy gained after Citigroup upgraded the stock, and Halliburton Company announced a strategic alliance with Core Laboratories.

Portfolio Pulse from Lisa Levin

October 09, 2023 | 2:53 pm

ILMN

Illumina Inc (NASDAQ:ILMN) is facing increasing pressure from EU regulators to divest its acquisition of cancer test developer Grail. The acquisition has also caused discontent among Illumina's shareholders, with activist investor Carl Icahn criticizing the deal. The EU had previously fined Illumina €432 million for defying regulatory authority. The US Federal Trade Commission has also demanded the sale of Grail due to concerns about its impact on cancer detection efforts.

Portfolio Pulse from Vandana Singh

October 09, 2023 | 1:24 pm

NWLI

National Western Life Group Inc (NWLI) shares surged by around 14% after the company announced a definitive merger deal with Prosperity Life Group for about $1.9 billion in an all-cash transaction. The deal, which represents an 87.1% premium to the unaffected Class A Common Stock share price, is expected to close in H1 2024. NWLI stockholders that collectively own common shares representing approximately 29.7% of the total voting power have executed voting and support agreements with S. USA Life Insurance Company, Inc. (SUSA), an affiliate of Prosperity Life Group.

Portfolio Pulse from Lekha Gupta

October 09, 2023 | 1:22 pm

VEON

VEON Ltd. has completed its exit from Russia with the closing of the sale of its Russian operations to a group of senior members of the PJSC VimpelCom management team. The transaction does not provide for any buy-back arrangements and signifies a complete exit from the Russian market for VEON. The company now focuses on six emerging markets - Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan and Kyrgyzstan.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 1:20 pm

BMY

MRTX

Bristol Myers Squibb & Co (BMY) has agreed to acquire Mirati Therapeutics Inc (MRTX) for $58.00 per share in cash, totaling $4.8 billion. Mirati stockholders will also receive one non-tradeable Contingent Value Right (CVR) for each Mirati share held, potentially worth an additional $1.0 billion. The acquisition is expected to dilute Bristol Myers Squibb's adjusted EPS by approximately $0.35 per share in the first 12 months after the transaction closes. The deal is expected to close by the first half of 2024.

Portfolio Pulse from Vandana Singh

October 09, 2023 | 1:07 pm