Streetbeat News

Acquisitions Mergers

SGML

Sigma Lithium Corporation is reportedly undergoing a sales process update, as mentioned by M&A blog CTFN.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 7:40 pm

EURN

Euronav announced that Frontline and CMB NV are in talks for CMB to acquire Frontline's 26.12% stake in Euronav. This news has led to a rise in Euronav's share price.

Portfolio Pulse from Bill Haddad

October 05, 2023 | 7:39 pm

MRTX

SNY

Sanofi is reportedly considering the acquisition of cancer drugmaker Mirati, according to a Bloomberg report cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 6:52 pm

CAG

CMBM

MXCT

ORTX

RIVN

U.S. stocks traded slightly lower with the Dow Jones index falling around 40 points. ConAgra Brands Inc (CAG) reported better-than-expected earnings for its first quarter. Orchard Therapeutics (ORTX) shares shot up 98% after agreeing to be acquired by Japan's Kyowa Kirin. Lamb Weston Holdings (LW) and SP Plus Corporation (SP) also saw significant increases in share prices. Cambium Networks Corporation (CMBM), Rivian Automotive (RIVN), and MaxCyte (MXCT) shares dropped significantly due to disappointing financial results and outlooks.

Portfolio Pulse from Lisa Levin

October 05, 2023 | 6:31 pm

EURN

FRO

Belgian oil tanker and storage operator Euronav NV (EURN) confirmed that Compagnie Maritime Belge (CMB) offered to acquire Frontline Plc's (FRO) 26.12% stake in Euronav for $18.43 per share. This news led to a rally in Euronav and Frontline shares. The agreement would resolve a legal dispute initiated by Euronav against Frontline over a cancelled $4.2 billion merger. The proposed transaction would also involve Frontline acquiring 24 VLCC tankers from the Euronav fleet for $2.35 billion.

Portfolio Pulse from Anusuya Lahiri

October 05, 2023 | 5:42 pm

ACAQ

Athena Consumer Acquisition Corp. (ACAQ) has announced that the conditions for closing the business combination with Next.e.GO Mobile SE and its subsidiaries have not yet been met. The parties are working to satisfy these conditions, including obtaining Nasdaq approval to list TopCo’s ordinary shares post-closing. There is no assurance that the business combination will be completed by the deadline of October 22, 2023, as required by ACAQ's governing documents.

Portfolio Pulse from Charles Gross

October 05, 2023 | 5:42 pm

DWAC

Former President Donald Trump's campaign team announced they raised $45.5 million during the months of July, August, and September, partly due to the viral mug shot of Trump. The campaign has $37.5 million on hand entering October, with $36 million available for the 2024 Republican primary race. This is significantly more than what Ron DeSantis raised during the same period. The news could benefit Digital World Acquisition Corp (NASDAQ:DWAC), which is merging with Trump Media & Technology Group.

Portfolio Pulse from Chris Katje

October 05, 2023 | 5:42 pm

ACCD

OMAB

ORTX

Several stocks experienced significant movement in Thursday's mid-day session. Orchard Therapeutics plc (ORTX) shares climbed 97.7% after agreeing to be acquired by Japan's Kyowa Kirin. SP Plus Corporation (SP) shares gained 47.5% after Metropolis Technologies announced it will acquire the company. Accolade Inc (ACCD) shares fell 9.9% after the company reported second-quarter results. Grupo Aeroportuario del Centro Norte (OMAB) shares dipped 39.6%.

Portfolio Pulse from Lisa Levin

October 05, 2023 | 5:23 pm

FCNCA

First Citizens BancShares Inc (NASDAQ:FCNCA) has grown by 400% over the last 18 months, largely due to the acquisitions of CIT Group and the failed Silicon Valley Bank. Analyst David Chiaverini initiated coverage of the company with an Outperform rating and a price target of $1,700, citing its strong position to benefit from its recent acquisitions and solid growth due to its increased scale with over $200 billion in assets.

Portfolio Pulse from Priya Nigam

October 05, 2023 | 4:19 pm

RPD

Traders are circulating a report from The Deal suggesting that cybersecurity firm Rapid7 is on a fast track to consolidation and may soon be targeted by a strategic or financial buyer or an activist seeking to expedite a sale.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 4:16 pm