Streetbeat News

Acquisitions Mergers

Hersha Hospitality Trust (HT) has announced that it will be acquired by KSL Capital Partners. This news has led to an increase in HT's share price.

Portfolio Pulse from Benzinga Newsdesk

August 28, 2023 | 3:05 pm

CYBN

DMTTF

Cybin Inc. (NYSE:CYBN) is set to acquire Small Pharma Inc. (TSXV:DMT) (OTCQB:DMTTF) in an all-share transaction. Small Pharma shareholders will receive 0.2409 common shares in Cybin for each Small Pharma share held, implying a consideration of approximately $0.10 per Small Pharma share. The combined entity will hold the most extensive intellectual property portfolio in the psychedelic drug development sector, with 28 granted patents and 158 pending. The acquisition is expected to close in late October 2023.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 2:52 pm

BYDDY

JBL

TSLA

VWAGY

XPEV

Chinese EV manufacturers XPeng and BYD have announced strategic acquisitions. XPeng will purchase Didi Global Inc.'s smart-car development business, while BYD's electronics unit will acquire Jabil Inc's mobile electronics manufacturing business in China. BYD also reported record deliveries and a 204.7% rise in profit for the first half of the year. XPeng's shares rose 5.5% in pre-market trading following the announcement.

Portfolio Pulse from Upwallstreet

August 28, 2023 | 2:50 pm

RPT

THRN

Several US stocks recorded gains on Monday, with Hersha Hospitality Trust (HT) leading the pack with a 56.5% increase after announcing a merger with KSL Capital Partners. Hawaiian Electric Industries (HE) saw a 41.8% jump following its response to a lawsuit filed by the County of Maui. Thorne HealthTech (THRN) rose 29.3% after agreeing to be acquired by L Catterton. RPT Realty (RPT) climbed 20% after Kimco Realty agreed to acquire it. Other notable gainers include VinFast Auto (VFS), BrightView Holdings (BV), Betterware de México (BWMX), Dingdong (DDL), Aehr Test Systems (AEHR), Carvana (CVNA), NWTN Inc. (NWTN), Jabil Inc. (JBL), Tencent Music Entertainment Group (TME), Novavax (NVAX), Applied Optoelectronics (AAOI), and Boston Scientific Corporation (BSX).

Portfolio Pulse from Lisa Levin

August 28, 2023 | 2:44 pm

BlackBerry Ltd's shares are trading lower by 3.15% to $5.06, following a gain on Friday due to a Bloomberg report suggesting Veritas is considering a takeover offer for BlackBerry. In May, BlackBerry announced plans to review its portfolio and consider strategic alternatives to boost shareholder value, including a possible separation of some companies.

Portfolio Pulse from Henry Khederian

August 28, 2023 | 2:44 pm

CNC

Centene Corporation (NYSE:CNC) has agreed to sell Circle Health Group, one of the UK's largest independent hospital operators, to Middle-East-based PureHealth for approximately $1.2 billion. The sale is part of Centene's ongoing value-creation efforts and portfolio review. The transaction is expected to close in Q1 2024.

Portfolio Pulse from Nabaparna Bhattacharya

August 28, 2023 | 2:16 pm

BAC

JPM

Neiman Marcus is considering a merger with Saks Fifth Avenue, a move that would unite two major US luxury retailers. The potential deal comes as Neiman Marcus, owned by Davidson Kempner Capital Management, Sixth Street Partners, and PIMCO, struggles with a downturn in its business. The company could sell for over $2 billion, less than half of its 2005 valuation. Hudson's Bay, the owner of Saks Fifth Avenue, has begun due diligence to evaluate Neiman's business. The merger would likely face antitrust scrutiny.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 2:15 pm

AGIL

BEEP

FFIE

GDC

KIM

NVCR

RPT

US stocks opened higher with the Dow Jones gaining over 250 points. Kimco Realty Corp (KIM) is set to acquire RPT Realty (RPT) in an all-stock transaction for around $2 billion. Mobile Infrastructure Corporation (BEEP) shares shot up 76%, GD Culture Group Limited (GDC) shares rose 59% after announcing the launch of a live-streaming e-commerce business on TikTok. Hersha Hospitality Trust (HT) shares were up 57% after announcing a merger with KSL Capital Partners. AgileThought (AGIL) shares dropped 37% after being downgraded from Buy to Sell. NovoCure Limited (NVCR) shares were down 32% after its Phase 3 trial did not meet its primary endpoint. Faraday Future Intelligent Electric Inc. (FFIE) fell 20% after announcing a 1-for-80 reverse stock split.

Portfolio Pulse from Lisa Levin

August 28, 2023 | 2:06 pm

KIM

RPT

Kimco Realty Corp (KIM) has agreed to acquire RPT Realty (RPT) in an all-stock transaction valued at around $2 billion. The deal, which includes the assumption of debt and preferred stock, will see RPT shareholders receive 0.6049 newly issued KIM shares for each RPT share. The acquisition will add 56 open-air shopping centers to KIM's portfolio. Post-deal, KIM expects the combined company to have a pro forma equity market capitalization of around $13 billion and a total enterprise value of about $22 billion.

Portfolio Pulse from Lekha Gupta

August 28, 2023 | 1:59 pm

VHNA

Vahanna Tech Edge Acquisition I Corp. announced that its business combination with Roadzen, Inc. was approved at a special meeting of Vahanna shareholders on August 25, 2023.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 1:53 pm