Streetbeat News

Acquisitions Mergers

ENB

Enbridge Inc. has announced a bought-deal offering of 89.49 million common shares at CDN$44.70 per share, for a total of CDN$4 billion. The underwriters, led by RBC Capital Markets and Morgan Stanley, have an option to purchase up to 15% additional shares. The proceeds will be used to finance part of the cash consideration for the purchase of US gas utilities from Dominion Energy. The offering is expected to close on September 8, 2023.

Portfolio Pulse from Happy Mohamed

September 05, 2023 | 8:14 pm

D

ENB

Enbridge Inc. has entered into three separate agreements with Dominion Energy, Inc. to acquire EOG, Questar and PSNC for an aggregate purchase price of $14.0 billion. The acquisitions will double the scale of Enbridge's gas utility business to approximately 22% of its total adjusted EBITDA. The company expects the acquisitions to be accretive to its financial DCFPS and adjusted EPS outlook in the first full year of ownership.

Portfolio Pulse from Happy Mohamed

September 05, 2023 | 8:12 pm

ROK

Rockwell Automation has signed a definitive agreement to acquire Ontario-based Clearpath Robotics. Clearpath, founded in 2009, offers robotics technology to global research and development markets. Post-acquisition, Clearpath will report to Rockwell's Intelligent Devices operating segment. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 05, 2023 | 8:10 pm

BRKR

PhenomeX has announced the commencement of a cash tender offer by Bruker for $1.00 per share. This offer is being made pursuant to the previously announced merger agreement between PhenomeX and Bruker entered into on August 17, 2023.

Portfolio Pulse from Benzinga Newsdesk

September 05, 2023 | 8:05 pm

MGY

Magnolia Oil & Gas Corporation (NYSE:MGY) has announced a definitive purchase agreement to acquire oil and gas producing properties in Giddings for $300 million. The acquisition will be funded with cash on hand, which was $677 million as of June 30, 2023. The acquisition will add approximately 48,000 net acres in Giddings to Magnolia's portfolio, enhancing its development opportunities. The acquired assets are expected to generate a free cash flow yield of more than 20% during 2024 at current strip prices.

Portfolio Pulse from Happy Mohamed

September 05, 2023 | 8:04 pm

CYBN

DMTTF

The U.S. Patent and Trademark Office has granted a new patent to Cybin Inc. (NYSE:CYBN) for the composition of matter of deuterated 5-MeO-DMT analogs and their pharmaceutical compositions. This strengthens Cybin's position in the development of therapeutics for mental health conditions. The company's CEO, Doug Drysdale, sees this as a timely development considering their upcoming merger with Small Pharma (OTC:DMTTF). The combined intellectual property of the two companies will provide an opportunity to develop novel therapeutics for patients in need of improved treatment options.

Portfolio Pulse from Lara Goldstein

September 05, 2023 | 6:48 pm

AMGN

HZNP

The U.S. Federal Trade Commission (FTC) has approved Amgen Inc's acquisition of Horizon Therapeutics Plc. This decision could provide Amgen with a portfolio of drugs shielded from fresh pricing negotiations and possible tax relief benefits. The acquisition focuses on 'orphan drugs' which are not impacted by the Inflation Reduction Act (IRA) introduced in 2022. The Horizon acquisition could also offer tax breaks linked to Irish manufacturing units.

Portfolio Pulse from Vandana Singh

September 05, 2023 | 5:52 pm

WMG

Warner Music Group (NASDAQ:WMG) has announced a joint venture with 10K Projects, a Los Angeles-based label founded by Elliot Grainge. 10K Projects will become a standalone label within the WMG ecosystem, benefiting from WMG's investment, expertise, and global infrastructure. The label is home to several chart-topping artists and has been behind over 30 platinum-certified hits. Elliot Grainge will remain CEO of 10K Projects and join WMG's global leadership team.

Portfolio Pulse from Happy Mohamed

September 05, 2023 | 5:06 pm

DWAC

Digital World Acquisition Corp. (NASDAQ:DWAC) has scheduled a shareholder meeting to extend the merger deadline with Trump Media and Technology Group (TMTG) by a year. The company needs shareholder approval to avoid dissolution under its articles of incorporation if the merger is not completed by Sept. 8. DWAC shares are trading higher on heavy volume, with more than 1.65 million shares traded in the session.

Portfolio Pulse from Erica Kollmann

September 05, 2023 | 4:48 pm

PFE

PYXS

SGEN

RBC Capital Markets has initiated coverage on Pyxis Oncology Inc with an Outperform rating and a price target of $7. Pyxis recently acquired Apexigen Inc., positioning it at the forefront of ADC innovation. The company's diverse oncology assets, including a proven ADC platform from Pfizer Inc and promising I/O assets, provide numerous prospects for stock appreciation. However, RBC recognizes the risks tied to novel targets, competition within the ADC domain, and potential toxicities. Pfizer recently agreed to acquire Seagen Inc, a player in the ADC space, in a $43 billion deal.

Portfolio Pulse from Vandana Singh

September 05, 2023 | 4:43 pm