Streetbeat News

Acquisitions Mergers

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

MT

X

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

MT

X

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

APO

ODFL

YELL

Old Dominion Freight Line Inc (ODFL) has offered $1.5 billion to acquire Yellow Corp’s (YELL) 169 terminals out of bankruptcy, exceeding a previous offer from Estes Express Lines of $1.3 billion. The properties will still undergo a marketing and sale process in which higher offers may be accepted. Yellow’s largest shareholder, MFN Partners LP, and Citadel Credit Master Fund offered to provide $142.5 million to fund Yellow’s liquidation. Citadel recently bought Yellow’s term loan from Apollo Global Management (APO).

Portfolio Pulse from Vandana Singh

August 21, 2023 | 2:09 pm

RBC

RBC Bearings Incorporated has acquired the business assets of Specline Inc, a manufacturer of precision bearings for the commercial and defense aerospace markets, for $18.7 million. Specline, which generated approximately $8.4 million in net sales over the last twelve months, will enhance RBC's aerospace product offering and production capacity.

Portfolio Pulse from Shivani Kumaresan

August 21, 2023 | 1:58 pm

TMBR

Timber Pharmaceuticals, Inc. (NYSE:TMBR) has agreed to be acquired by LEO US Holding, Inc., a subsidiary of LEO Pharma A/S, for a total transaction value of $36 million. The deal includes an initial upfront consideration of $14 million and up to an additional $22 million in contingent value rights (CVRs) payable upon achievement of certain milestones. The transaction is expected to close in 4Q23, after which Timber will become a privately held company.

Portfolio Pulse from Akanksha Bakshi

August 21, 2023 | 1:42 pm

RITM

SCU

High-profile investors Boaz Weinstein, William Ackman, and Marc Lasry have presented a competing bid for hedge-fund firm Sculptor Capital Management Inc (NYSE:SCU), challenging a prior agreement to sell the firm to real-estate investment firm Rithm Capital Corp (NYSE:RITM) for approximately $639 million. The new bid, which is higher than the original offer, has raised concerns due to its lack of committed financing for the full amount. If Sculptor chooses to terminate the agreement with Rithm for a superior offer, it could face a fee of about $16.5 million.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 1:39 pm

CVLG

Covenant Logistics Group has acquired 100% of the equity interests of a specialized brokerage company. The total purchase price is expected to range from $8M-$20M, depending on the acquired company's achievement of earnouts running through 2027.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 1:25 pm

FNVT

Finnovate Acquisition Corp has announced a business combination with Scage International Limited. The newly formed holding company, Pubco, will be listed on Nasdaq with all outstanding securities converted. The transaction represents a post-combination valuation of $1B.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 1:23 pm