Streetbeat News

Acquisitions Mergers

YELL

Trucking firm Estes Express has proposed a $1.3 billion offer to acquire Yellow Corp's shipment centers. However, Yellow has decided to accept a $142.5 million loan offer from hedge fund Citadel and MFN Partners, its largest shareholder. Citadel also bought Yellow's pre-bankruptcy debt of around $500 million. Yellow recently filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.

Portfolio Pulse from Lekha Gupta

August 18, 2023 | 1:14 pm

NVS

Novartis AG plans to spin off its Sandoz unit on October 4, ending the coexistence of its generic and prescription drugs businesses. The separation will occur through a distribution of Sandoz shares to existing Novartis shareholders. Sandoz generated pro forma 2022 net sales of $9.12 billion and a net profit of $677 million. After the spin-off, Sandoz will remain dependent on Novartis for technical development and manufacturing for a significant time. Sandoz's potential market capitalization could be approximately $18-$25 billion.

Portfolio Pulse from Vandana Singh

August 18, 2023 | 1:04 pm

LGVC

Nuvo Group is set to become a public company through a business combination with LAMF Global Ventures. The transaction values Nuvo at a pre-money equity valuation of $269M and approximately $300M upon achieving a commercial milestone.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 1:03 pm

AMRC

Ameresco Inc has won the Department of Energy's Generation 4 energy savings performance contract, which carries a $5 billion contract ceiling over 10 years. The contract allows Federal agencies to drive private capital and utility cost savings to cut energy consumption and boost the efficiency of Federal facilities. The company also recently acquired an energy resilience project, adding 54MW to its energy assets portfolio.

Portfolio Pulse from Lekha Gupta

August 18, 2023 | 12:58 pm

TAP

TLRY

Tilray Brands has announced the acquisition of the remaining 57.5% equity ownership of Truss Beverage from Molson Coors Canada. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 11:03 am

MANU

The Glazers, owners of Manchester United (MANU), have not yet responded to Sheikh Jassim's final offer to buy the club.

Portfolio Pulse from Charles Gross

August 18, 2023 | 9:46 am

CLF

X

Cleveland-Cliffs Inc. (CLF) has received the exclusive right to bid from United Steelworkers (USW) under their Basic Labor Agreement with United States Steel Corporation (X). This makes Cliffs the only realistic buyer for U.S. Steel. Cliffs has also agreed to assume all agreements between U.S. Steel and the USW applicable to U.S. Steel employees upon closing of a transaction.

Portfolio Pulse from Charles Gross

August 18, 2023 | 9:14 am

PRDS

MediPacific has reported an additional price per share and an extension of the expiration date for its tender offer for Pardes Biosciences shares. The total cash amount that the purchaser will pay according to the terms of the offer and the merger agreement is $2.13 per share.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 9:45 pm

EBAY

PYPL

TSLA

Elon Musk's acquisition of X.com and subsequent investments in Tesla Inc (NASDAQ:TSLA) and Twitter have yielded significant returns for investors. A $1,000 investment in Tesla when Musk acquired X.com would be worth $10,633.53 today, a return of 963.4% over the last six years. The same investment in PayPal (NASDAQ:PYPL) would have yielded a 6.3% return, while an investment in Twitter would have resulted in a 195.6% return.

Portfolio Pulse from Chris Katje

August 17, 2023 | 8:16 pm

MS

NEPT

Neptune Wellness has entered into a binding term sheet with Morgan Stanley, providing an option to exchange existing Sprout Organics debt for Sprout equity. This could result in Neptune owning 89.5% of Sprout if the option is exercised within 90 days.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 8:02 pm