Streetbeat News

Acquisitions Mergers

WEL

Integrated Wellness Acquisition Corp (NYSE:WEL) has terminated its merger agreement with Refreshing USA, LLC, effective immediately. The termination was due to the conditions for the initial business combination not being met or waived by the outside date of July 31, 2023. The company and its sponsor are now seeking alternative ways to complete an initial business combination.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 12:27 pm

NYC

Bellevue Capital Partners, LLC has launched a tender offer to purchase up to 350,000 shares of American Strategic Investment Co. (NYSE:NYC) at a price of $10.25 per share, a 64.8% premium to the most recent closing price. Bellevue's offer reflects its confidence in ASIC's portfolio and underlying assets, as well as its expanded investment strategy. The offer will expire on October 26, 2023.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 12:24 pm

MMTOF

MTSUY

Mitsubishi Motors has decided to cease automobile production in China due to rising EV popularity and strong local brands. The company has started final withdrawal talks with China's Guangzhou Automobile Group (GAC), with which Mitsubishi has a joint venture. GAC Mitsubishi Motors owns a manufacturing plant in Hunan province, which ceased production in March. GAC plans to convert the Hunan plant for EV manufacturing. Mitsubishi Motors and Mitsubishi Corp. are pulling their investments.

Portfolio Pulse from Akanksha Bakshi

September 27, 2023 | 12:06 pm

HRMY

ZYNE

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) has extended the expiration of its tender offer to acquire all outstanding shares of Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) to October 10, 2023. The tender offer was previously set to expire on September 26, 2023. As of September 26, 2023, approximately 32.1% of Zynerba's outstanding common stock has been tendered.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 12:04 pm

BABA

Alibaba Group's logistics arm, Cainiao Smart Logistics Network Ltd, has filed for its Hong Kong initial public offering (IPO), which could fetch a minimum of $1 billion. Alibaba is currently restructuring, splitting into six central units and transitioning to new leadership. Meanwhile, Alibaba's international e-commerce platform, AliExpress, in collaboration with Cainiao, is set to enhance its delivery services, promising delivery within five working days in selected countries. Cainiao has been proactive in enhancing its logistics network, introducing a half-day express delivery service in major Chinese cities.

Portfolio Pulse from Anusuya Lahiri

September 27, 2023 | 11:45 am

AES

AES Corp has announced minority sell-downs of its businesses in the Dominican Republic and Panama. The company will sell 10% of its Dominican Republic business to Grupo Linda and AFI Popular, and 20% of AES Colón in Panama to Grupo Linda. The transactions will provide AES with $190 million, helping it meet its asset sale proceeds target for the year. These transactions also secure all planned external funding for AES for 2023.

Portfolio Pulse from Lekha Gupta

September 27, 2023 | 11:25 am

MSFT

TSLA

Tesla Inc (NASDAQ:TSLA) is increasingly using X, a social media platform owned by CEO Elon Musk, for talent acquisition. The platform's XHiring feature, currently under testing, allows verified organizations to feature job openings on their profiles. The feature is seen as a potential competitor to Microsoft Corporation’s (NASDAQ:MSFT) LinkedIn.

Portfolio Pulse from Anan Ashraf

September 27, 2023 | 11:04 am

BYDDY

JBL

Jabil Inc has agreed to sell its Mobility business to Chinese EV maker BYD Co., Ltd. for $2.2 billion. The business, which manufactures components for consumer electronics, is mainly located in China. The deal is expected to close within the first two-quarters of Jabil's FY24. The sale will allow Jabil to enhance its shareholder-centric capital framework, including incremental share buybacks, and provide opportunities for further investment in various sectors.

Portfolio Pulse from Lekha Gupta

September 27, 2023 | 10:58 am

SNT

Senstar Technologies Ltd. has filed an agreement and plan of merger with Senstar Technologies Corporation and Can Co Sub Ltd.

Portfolio Pulse from Charles Gross

September 27, 2023 | 10:09 am

CPK

NEE

NextEra Energy Inc's subsidiary Florida Power & Light Company has agreed to sell Florida City Gas to Chesapeake Utilities Corp for $923 million in cash. The deal is expected to close in Q4 FY23. NextEra expects the transaction to be accretive to its earnings immediately upon closure and reiterated its guidance for adjusted EPS at $2.98-$3.13 for 2023 and $3.23-$3.43 for 2024. Chesapeake's Florida portfolio is expected to contribute about 60% of its total utility net plant and operating income post-acquisition.

Portfolio Pulse from Lekha Gupta

September 27, 2023 | 10:00 am