Streetbeat News

Acquisitions Mergers

NMG

US luxury retailer Neiman Marcus is reportedly considering a sale to rival Saks Fifth Avenue due to weak demand. The company, which also owns Bergdorf Goodman, is expected to be acquired for $2 billion, below the $5.1 billion it fetched in 2005. Minor stakeholders Davidson Kempner Capital Management and Sixth Street Partners are pushing for the sale, while major investor PIMCO initially argued for improvement over time but has now agreed to a possible sale. The company's EBITDA in the June quarter decreased 25% Y/Y with a 9% drop in revenue.

Portfolio Pulse from Shivani Kumaresan

August 28, 2023 | 5:43 pm

CYBN

DMTTF

Cybin (NYSE:CYBN) has announced its acquisition of UK-based Small Pharma (OTCQB:DMTTF). The deal has been approved by both companies' boards and will next face Cybin’s shareholders meeting on October 12. Small Pharma shareholders will receive 0.2409 Cybin common shares per each common share held. Post-acquisition, Cybin shareholders and Small Pharma security holders would own approximately 74.5% and 25.5% of Cybin, respectively. The combined company will continue to trade on NYSE and Cboe Canada under the ticker “CYBN”. The acquisition is expected to create a market leader in psychedelic therapeutics.

Portfolio Pulse from Lara Goldstein

August 28, 2023 | 5:38 pm

APO

SCBFY

Apollo Global Management's aviation lending platform, PK Airfinance, is set to acquire most of a $920 million secured aviation loans portfolio from Standard Chartered. The remainder of the portfolio will be bought by Apollo. The transaction is expected to close by the end of 2023. Apollo's aviation business, including PK Airfinance, has over $40 billion of commitments year to date and a current loan portfolio of $4 billion.

Portfolio Pulse from Lekha Gupta

August 28, 2023 | 4:27 pm

AUVI

Applied UV has integrated the sales teams of Airocide and Puro and their reporting software to enhance cross-channel and cross-market sales. Additionally, the majority of Sterilumen's disinfection-related product manufacturing has been transferred to Canon, Virginia.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 4:09 pm

AGIL

FFIE

GDC

HE

HT

NVCR

U.S. stocks traded higher with the Dow Jones gaining over 150 points. Hersha Hospitality Trust (NYSE:HT) announced a merger with KSL Capital Partners, causing its shares to rise by 56%. Hawaiian Electric Industries (NYSE:HE) shares rose by 35% after the company responded to a lawsuit. GD Culture Group Limited (NASDAQ:GDC) shares rose by 64% after the launch of a live-streaming e-commerce business on TikTok. However, AgileThought (NASDAQ:AGIL) shares dropped by 29% after a downgrade from Buy to Sell. NovoCure Limited (NASDAQ:NVCR) shares fell by 33% after a failed trial, and Faraday Future (NASDAQ:FFIE) shares fell by 25% after a reverse stock split.

Portfolio Pulse from Lisa Levin

August 28, 2023 | 4:03 pm

PRDS

MediPacific is making a tender offer for Pardes Biosciences at $2.13 per share, plus one Contingent Value Right per share. The offer is subject to acceptance by Pardes Biosciences shareholders.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 3:34 pm

GS

Goldman Sachs has announced an agreement to sell its Personal Financial Management Business to Creative Planning. The transaction is expected to close in Q4 2023 and result in a gain. The companies will also enter into strategic distribution agreements.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 3:25 pm

THRN

Thorne HealthTech Inc (NASDAQ:THRN) is set to be acquired by L Catterton, a global consumer-focused investment firm, in a $680 million cash deal. The transaction, which represents a 94% premium to the unaffected closing share price on July 20, 2023, and a 30% premium to the last closing price of $7.81 on August 25, 2023, is expected to be completed in Q4 2023. Post-acquisition, Thorne will become a privately held company and its shares will no longer be listed on any public market.

Portfolio Pulse from Shivani Kumaresan

August 28, 2023 | 3:23 pm

ABCM

DHR

Danaher (NYSE:DHR) has announced the acquisition of Abcam (NASDAQ:ABCM) for $5.70 billion in cash, expected to be completed by H1 2024. Danaher is a manufacturing company focusing on scientific instruments and consumables, while Abcam is a biotechnology company that develops and provides antibodies to life science research and clinical communities.

Portfolio Pulse from Benzinga Insights

August 28, 2023 | 3:10 pm

SKY

Skyline Champion Corp (NYSE:SKY) subsidiaries, Champion Home Builders and Champion Retail Housing, have agreed to acquire Regional Enterprises LLC and related companies for $328 million, plus assumed debt of $130 million. Regional Homes is the fourth largest HUD manufacturer in the U.S. with estimated revenue of $523 million for the year ended December 31, 2022. The acquisition is expected to be completed in the third quarter of FY24.

Portfolio Pulse from Shivani Kumaresan

August 28, 2023 | 3:08 pm