Streetbeat News

Acquisitions Mergers

UHAL

U-Haul has expanded its services in Grovetown by acquiring a storage hotel facility on High Meadows Drive. This acquisition will strengthen U-Haul's storage and moving services in the area.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 5:01 am

GLPI

Gaming and Leisure Properties (GLPI) has acquired the land under the Hard Rock Casino in Rockford, IL for $100 million.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 8:39 pm

MMP

OKE

Magellan Midstream Partners (MMP) has filed an investor presentation with the U.S. Securities and Exchange Commission regarding its pending merger with ONEOK, Inc. (OKE). The merger is expected to provide significant value to Magellan unitholders, with a meaningful upfront cash consideration and substantial ownership in a stronger combined company. The transaction multiple and premium exceed precedent industry transactions, representing the highest EV/EBITDA multiple of comparable midstream energy transactions since 2016.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 8:39 pm

MOD

Modine (NYSE:MOD) has announced the sale of its coatings aftermarket application facilities in California and Florida to Protecall. The sale is part of Modine's strategy to grow its coatings business through strategic licensing agreements. The company will continue to own and license the spray-applied coatings used in aftermarket applications.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 8:37 pm

CGNX

Cognex Corporation is set to acquire Moritex Corporation for approximately $275 million.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 8:31 pm

IRIX

Iridex Corporation has announced plans to review and evaluate strategic alternatives to enhance shareholder value. The alternatives could include a sale of the company, a business combination, a merger, a reverse merger, a business disposal, a joint venture, or other transactions.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 8:06 pm

EWU

FXI

SPY

Goldman Sachs has reportedly purchased UK and US companies using Chinese state funds, according to the Financial Times. The specific companies and the impact of these purchases have not been detailed.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 8:04 pm

KIM

RPT

RPT Realty's merger deal with Kimco Realty Corp has been viewed as a win-win by analysts, despite some downgrading RPT following the announcement. The $2 billion deal includes the assumption of debt and preferred stock, and offers a 19% premium to RPT's closing share price on August 25, 2023. Analysts believe the deal is positive for RPT as the stock is worth below the implied takeover price. However, they also predict RPT will not be able to cover its dividend in 2024 based on updated AFFO estimates.

Portfolio Pulse from Lekha Gupta

August 29, 2023 | 7:10 pm

ABCM

DHR

TMO

Danaher Corporation (DHR) has agreed to acquire Abcam plc (ABCM) for $24.00 per share in cash, a total enterprise value of ~$5.7 billion. The deal is expected to close in mid-2024 and will be funded using cash on hand and proceeds from the issuance of commercial paper. Analysts from William Blair believe the acquisition will promote growth and bolster margins for Danaher, and allow it to penetrate the proteomics reagents market, where Thermo Fisher Scientific Inc (TMO) and Merck Millipore have strong positions.

Portfolio Pulse from Vandana Singh

August 29, 2023 | 7:09 pm

CYBN

DMTTF

NUGL

SILFF

Silo Wellness (OTCQB:SILFF) plans to acquire all securities of NUGL Inc./Kaya Group (OTC:NUGL) for $31.9 million. This follows Cybin's (NYSE:CYBN) proposed acquisition of Small Pharma (OTC:DMTTF). The acquisition will involve Silo acquiring 100% of NUGL’s shares in exchange for 2.01 million treasury shares. Silo will also issue common shares within a private placement financing to cover transaction costs and provide additional capital for strategic growth post-merger.

Portfolio Pulse from Lara Goldstein

August 29, 2023 | 6:31 pm