Streetbeat News

Acquisitions Mergers

AVGO

VMW

Broadcom Inc (NASDAQ:AVGO) shares are trading higher after the company affirmed its expectation that its VMware Inc (NYSE:VMW) acquisition will close at the end of October. The company has received final transaction approval from the UK's Competition and Markets Authority and legal merger clearance in the European Union, Australia, Brazil, Canada, Israel, South Africa, and Taiwan. In the U.S., pre-merger waiting periods have expired and no legal hurdles remain.

Portfolio Pulse from Adam Eckert

August 21, 2023 | 3:17 pm

AMZN

DIS

KHC

META

MPW

ODFL

SCU

TSLA

WMT

Meta Platforms is preparing to launch a desktop version of Threads to compete with Elon Musk's X. Amazon has restarted its external shipping service, challenging FedEx and UPS. High-profile investors have presented a competing bid for Sculptor Capital Management. Kraft Heinz plans to offer Lunchables to school cafeterias. Medical Properties Trust's deal with Prospect Medical Holdings is on hold. Tesla has suffered a data breach affecting over 75,000 people. Old Dominion Freight Line has offered $1.5 billion to acquire Yellow Corp's terminals. General Motors' Cruise is under investigation after a collision. DuPont is in talks to sell its Delrin resins unit. Disney is in a legal battle with Florida Governor Ron DeSantis. Goldman Sachs faces potential lawsuits over the 1MDB scandal. Citigroup is considering splitting its largest division. Walmart and Centric Brands are examining their Cambodian supply chains. US Steel denies union veto rights in company sale.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 3:17 pm

SPY

Subway, the sandwich chain, is nearing a deal to be sold to Roark Capital for $9.6 billion. The deal could be finalized this week, according to sources.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 3:11 pm

ESTE

Permian Resources (NYSE:PR) has announced its acquisition of Earthstone Energy (NYSE:ESTE) for $4.50 billion in stock, expected to be completed in 2023. Both companies are involved in oil and natural gas development and production.

Portfolio Pulse from Benzinga Insights

August 21, 2023 | 3:10 pm

AAOI

ESTE

GNLX

MRNA

PANW

XPEV

Several stocks recorded gains on Monday, including Genelux Corporation, Applied Optoelectronics, AlloVir, Earthstone Energy, Palo Alto Networks, Archer Aviation, XPeng, Eos Energy Enterprises, BioNTech, and Moderna. Notable events include Earthstone Energy's acquisition by Permian Resources, Palo Alto Networks' strong Q4 earnings, XPeng's upgrade from Neutral to Buy by B of A Securities, and Moderna's announcement of positive preliminary clinical trial data for its updated COVID-19 vaccine.

Portfolio Pulse from Lisa Levin

August 21, 2023 | 3:08 pm

FWRD

ClearBridge Investments LLC, a subsidiary of Franklin Resources, has objected to Forward Air Corporation's (NASDAQ:FWRD) intention to acquire Omni Logistics for $3.2 billion. ClearBridge, a significant shareholder in Forward Air since 2018, expressed concerns about the financial leverage and the unclear industrial logic of the deal. Despite this, FWRD shares are trading higher by 2.20%.

Portfolio Pulse from Shivani Kumaresan

August 21, 2023 | 2:46 pm

TIMB

Timber Pharmaceuticals has announced a definitive agreement to be acquired by LEO Pharma for up to $36 million, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 2:19 pm

Betaville has issued a correction stating that ArcelorMittal is considering making an offer of between $38-$39 per share for United States Steel Corporation.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 2:16 pm

ArcelorMittal is reportedly making an offer of $42/share for U.S. Steel Corp. The company is working with advisors from Bank of America and has asked Credit Agricole Corporate and Investment Bank to arrange the financing for the potential offer.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 2:15 pm

AVGO

Broadcom has reaffirmed its expectation that its acquisition of VMware will close on October 30. This has led to an increase in Broadcom's share price.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 2:14 pm