Streetbeat News

Acquisitions Mergers

CLF

X

United States Steel Corp (NYSE:X) is evaluating bids for the company or parts of its operations, having received multiple unsolicited proposals. Cleveland-Cliffs Inc (NYSE:CLF) has publicly offered to acquire U.S. Steel at $35 per share, a proposal that was rejected by U.S. Steel due to Cleveland-Cliffs' refusal to sign a nondisclosure agreement. The potential merger between the two companies is being closely watched by industry analysts due to potential regulatory concerns.

Portfolio Pulse from Vandana Singh

August 30, 2023 | 1:44 pm

GSAT

QCOM

Globalstar Inc (GSAT) has appointed Paul Jacobs as CEO and announced a licensing agreement with XCOM Labs. Jacobs, founder and CEO of XCOM Labs and former CEO of Qualcomm Inc (QCOM), will replace retiring David Kagan. The agreement gives Globalstar exclusive access to key XCOM technologies and personnel. XCOM will receive approximately 60 million shares of Globalstar common stock. GSAT shares have risen 23.6% and 8.4% on consecutive days.

Portfolio Pulse from Adam Eckert

August 30, 2023 | 1:38 pm

GSAT

Globalstar has appointed Dr. Paul Jacobs as CEO and announced a licensing agreement with XCOM Labs. This news has led to an increase in Globalstar's share price.

Portfolio Pulse from Bill Haddad

August 30, 2023 | 1:16 pm

BUD

CGC

CURLF

TLRY

The cannabis beverages market, currently valued at $1 billion, is expected to double by 2026, with a CAGR of 16.9%. This trend is driven by the preference of younger generations for cannabis over alcohol. Industry leaders such as Curaleaf Holdings (CURLF), Tilray (TLRY), and Canopy Growth Corporation (CGC) are capitalizing on this trend, with CURLF's founder predicting that cannabis beverages will represent 50% of the industry in 5-10 years. TLRY recently debuted its sparkling THC beverages and acquired eight beer and beverage brands from Anheuser-Busch (BUD). CGC also launched four new THC-infused drinks under the Tweed brand.

Portfolio Pulse from Maureen Meehan

August 30, 2023 | 1:12 pm

PECO

Phillips Edison & Company (PECO) has acquired Lake Pointe Market and plans to acquire $200M-$300M in net acquisitions this year.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 1:05 pm

RBT

Rubicon Technologies (NYSE:RBT) has announced the purchase of the remaining self-liquidating note from Yorkville by entities affiliated with the company's largest investors, Rodina Capital and their partners. The note has been fully converted into shares. This move is part of Rubicon's strategy to improve its liquidity position and accelerate its progress to profitability. The company has recently announced a second consecutive quarter of record Adjusted Gross Profit at approximately $18 million.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 12:57 pm

WBD

Warner Bros. Discovery Inc (NASDAQ:WBD) is reportedly close to appointing Mark Thompson, former executive at the New York Times and the BBC, as the new CEO of CNN. This move is seen as a strategy to combat CNN's prolonged ratings decline. Thompson's tenure at the New York Times was marked by a successful transformation, including the achievement of 10 million paying subscribers ahead of schedule. His appointment comes as Warner Bros. Discovery seeks to rejuvenate CNN and align its traditional TV business with its digital growth objectives.

Portfolio Pulse from Anusuya Lahiri

August 30, 2023 | 12:42 pm

EFSH

1847 Holdings LLC (NYSE:EFSH) has announced its plans to acquire a premier consumer products company with revenues exceeding $20M and positive EBITDA in 2022. The acquisition will be funded without issuing any common stock or dilutive equity and is expected to be completed by Q3 2023. Egan-Jones has affirmed a BBB+ rating on 1847's senior credit facility. The company also plans to restructure its outstanding convertible notes and expects to resume dividends and repurchase stock in the future.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 12:36 pm

NVO

Novo Nordisk has acquired Embark Biotech and entered a three-year R&D pact to develop novel pharmaceuticals for obesity and related co-morbidities. Embark Biotech will receive €15M upfront and potential milestones of up to €456M.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 12:31 pm

BWAQ

Blue World Acquisition Corporation (BWAQ) has announced its intention to extend the deadline for an initial business combination from September 2 to October 2.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 12:14 pm