Streetbeat News

Acquisitions Mergers

BX

EBAY

Adevinta has received a non-binding indicative proposal from a consortium led by Permira and Blackstone. eBay and Schibsted, who have expressed support for the proposal, would retain part of their current shareholding.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 9:45 pm

CSCO

SPLK

Cisco Systems Inc has announced plans to acquire Splunk Inc for $157 per share, a total equity value of about $28 billion. The acquisition is expected to be cash flow positive and accrue gross margin in the initial fiscal year post-close and be non-GAAP EPS accretive in the following year. The deal is expected to be finalized by Q3 2024. The article also discusses how investors can earn monthly dividends from Cisco's stock.

Portfolio Pulse from AJ Fabino

September 21, 2023 | 9:37 pm

IIPR

SLGWF

A New Jersey Judge has dismissed an investor lawsuit against cannabis REIT Innovative Industrial Properties (IIPR) that accused IIP of fraudulent activities. Meanwhile, SLANG Worldwide (SLGWF) is facing allegations of concealing their financial difficulties during negotiations to acquire a Vermont-based cannabis operation.

Portfolio Pulse from Nicolás Jose Rodriguez

September 21, 2023 | 9:01 pm

CSCO

SPLK

Cisco Systems Inc (CSCO) announced its acquisition of Splunk Inc (SPLK) for $28 billion, causing Splunk's stock to rise over 20%. A trader who bought $22,000 worth of out-of-the-money call options on Splunk the day before the announcement saw their options value increase to over $10 million. This has led to speculation of insider trading.

Portfolio Pulse from Aaron Bry

September 21, 2023 | 8:59 pm

SSYS

The Donerail Group, a large shareholder of Stratasys Ltd. (NASDAQ:SSYS), has reiterated its intent to vote against Stratasys' proposed acquisition of Desktop Metal. Donerail has expressed serious concerns about the strategic and financial merits of the acquisition and the Stratasys Board's disregard of its fiduciary obligations. The group also highlighted the recommendation by Institutional Shareholder Services Inc. (ISS) that Stratasys shareholders vote against the acquisition. Donerail believes there are other viable, attractive alternatives to the Desktop Metal acquisition.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:44 pm

CRM

Salesforce has signed a definitive agreement to acquire Airkit.AI, according to Reuters. No further details about the acquisition have been disclosed at this time.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:39 pm

NYAX

ONDS

Ondas Holdings Inc. (NASDAQ:ONDS) has promoted Yishay Curelaru to Chief Financial Officer (CFO), Treasurer and Secretary. Curelaru will continue to serve as CFO of Ondas' subsidiary, Airobotics LTD, and lead the financial management of the Ondas Autonomous Systems business unit. Curelaru has held CFO responsibilities at OAS since the acquisition of Airobotics in January 2023. He was previously CFO of On Track Innovations, a Nasdaq-listed company until it was acquired by Nayax Ltd. (NASDAQ:NYAX) in 2022.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:32 pm

BLEU

The board of Bleuacacia Ltd has decided to extend the date by which the company must consummate a business combination to October 22, 2023, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:25 pm

LUXH

WH

LuxUrban Hotels Inc. (NASDAQ:LUXH) has announced the addition of three new properties to the Trademark Collection by Wyndham. The Hotel 57 in New York City, the Condor Hotel in Brooklyn, and the Lafayette Hotel in New Orleans have been rebranded under the Wyndham banner. The company also announced the expected opening of a new boutique hotel in New York City in October 2023. LuxUrban expects that at least 60% of its hotels will join the Wyndham platform by the end of Q3 2023, with the remainder to be added by the end of the year.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:17 pm

ORMP

SCLX

SRNEQ

Scilex Holding Company (SCLX) has completed the purchase of securities from Sorrento Therapeutics (SRNEQ). As part of the deal, Scilex assumed approximately $100 million in debt owed by Sorrento to Oramed Pharmaceuticals (ORMP) and issued a promissory note and warrants to Oramed. The total consideration for the securities transfer included $110 million, legal fees and expenses of $12.25 million, and a credit bid of all amounts owed to Scilex under a financing facility provided to Sorrento.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:16 pm