Streetbeat News

Acquisitions Mergers

CSCO

Cisco has announced its plan to acquire Splunk for approximately $28 billion, which has led to a decrease in Cisco's share price.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 12:15 pm

MXL

SIMO

Silicon Motion Technology Corporation (NASDAQ:SIMO) has disclosed additional details regarding MaxLinear's (NYSE:MXL) termination of its agreement to acquire the company. MaxLinear's termination notice did not contain a factual basis for its claim that it was not obligated to close the acquisition due to a material adverse effect (MAE) on Silicon Motion's business. Silicon Motion will seek arbitration for substantial damages in excess of the termination fee.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 12:09 pm

AMTI

CYTH

Cyclo Therapeutics and Applied Molecular Transport have entered into a definitive merger agreement in an all-stock transaction. The combined company will operate under the name Cyclo Therapeutics and trade under the symbol 'CYTH'. The company will focus on advancing Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1 (NPC1). The company will have approximately $13.7 million cash on hand at closing to fund operations into 2H 2024. Upcoming milestones include completion of enrollment in a pivotal Phase 3 clinical trial in NPC1, reporting top line data, and preparation for NDA submission.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 12:08 pm

IBIO

iBio Inc's unit has entered into a purchase and sale agreement with Majestic Realty to sell its CGMP Biologics Manufacturing Facility for $17.25M.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 12:07 pm

VEDU

Visionary Education Technology Holdings Group Inc. (NASDAQ:VEDU) has announced plans to diversify its business into three sectors: Education, Life Sciences, and Artificial Intelligence. The company has also appointed Mr. Charlie Penn as Chief Operating Officer, effective from September 14, 2023. Mr. Penn has extensive experience in investment and education management.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 12:03 pm

CLF

United States Steel Corporation (NYSE:X) and Cleveland-Cliffs Inc. (NYSE:CLF) are reportedly in a dispute over a confidentiality agreement, following Cliffs' public cash-and-stock offer to acquire U.S. Steel at $35 per share. U.S. Steel has not yet revealed its books to Cliffs, as it is taking initial proposals from other potential acquirers. Cliffs, which wants to acquire U.S. Steel in a $7.1 billion deal, has declined to sign a six-month standstill deal. Arcelor Mittal (NYSE:MT) is also reportedly considering a bid for U.S. Steel.

Portfolio Pulse from Nabaparna Bhattacharya

September 21, 2023 | 12:00 pm

CRNX

NXGN

OBIO

TAK

The article identifies four overbought health care stocks: Orchestra BioMed Holdings, Inc. (OBIO), Crinetics Pharmaceuticals, Inc. (CRNX), Takeda Pharmaceutical Company Limited (TAK), and NextGen Healthcare, Inc. (NXGN). These stocks are considered overvalued and present an opportunity to go short. The companies have recent developments such as FDA approvals, public offerings, and acquisitions.

Portfolio Pulse from Lisa Levin

September 21, 2023 | 11:51 am

CSCO

SPLK

Cisco Systems Inc. is set to acquire Splunk Inc. for $157 per share in cash, representing an equity value of approximately $28 billion. The acquisition is aimed at making organizations more secure and resilient in an AI-powered world.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 11:46 am

AVGO

GOOG

MRVL

MSFT

Google plans to replace Broadcom with Marvell as its supplier of artificial intelligence chips by 2027. This decision follows a pricing dispute with Broadcom. Google's increased investment in generative AI, triggered by Microsoft-backed OpenAI's launch of ChatGPT, is also noteworthy. Broadcom's stock fell by 6.51%, while Marvell's rose by 3.87%.

Portfolio Pulse from Anusuya Lahiri

September 21, 2023 | 11:42 am

TOSBF

TOSYY

Toshiba Corp has announced the successful completion of a $14 billion tender offer from Japan Industrial Partners (JIP), allowing the company to go private. The total number of shares tendered exceeded the minimum required, with the company set to be delisted from the stock exchange as early as December.

Portfolio Pulse from Akanksha Bakshi

September 21, 2023 | 11:30 am