Streetbeat News

Acquisitions Mergers

AGAE

Allied Gaming & Entertainment announced its plan to acquire a 40% equity interest in mobile games developer Zhihe for $7 million in cash. This has led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 3:17 pm

BRKR

CELL

Bruker Corp (NASDAQ:BRKR) has announced its plan to acquire PhenomeX Inc (NASDAQ:CELL) for $108 million in cash, expected to be completed in Q4 of 2023. Bruker manufactures scientific instruments and diagnostic tests, while PhenomeX provides live cell biology research tools.

Portfolio Pulse from Benzinga Insights

August 17, 2023 | 3:10 pm

EXXRF

GS

PHG

Investors organisations Eumedion and VEB have raised questions about the way Exor was able to build up a 15% stake in Philips without reporting significant stakes to the regulator AFM. Market sources suggest that Exor signed a deal with Goldman Sachs to provide most of the shares, thereby avoiding reporting requirements. Goldman Sachs declined to comment on the market rumours. The AFM is closely following the case.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 3:08 pm

TECK

Teck Resources' shares are trading higher after a Bloomberg report suggested that India's JSW is considering acquiring a majority stake in Teck's coal unit.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 2:55 pm

F

EcoProBM, SK On, and Ford are investing C$1.2 billion to build a cathode manufacturing facility in Bécancour, Québec. The facility, which will create approximately 345 new jobs, is expected to start production in the first half of 2026. The facility will produce up to 45,000 tonnes of cathode active materials per year, which will be used in batteries for Ford's future electric vehicles. The investment is part of Ford's plan to localize key battery raw material processing in regions where it produces EVs.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 2:41 pm

CHEK

Check-Cap and Keystone Dental have entered into a definitive Business Combination Agreement, resulting in Keystone Dental stockholders becoming majority holders. This has led to a decrease in Check-Cap's share price.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 2:39 pm

INTC

Intel Corporation (NASDAQ:INTC) shares dropped by 2.54% after the company and Tower Semiconductor terminated their pending merger agreement due to regulatory approval delays. Intel will pay a $353 million termination fee. Despite this, Intel's CEO, Pat Gelsinger, reiterated their commitment to foundry efforts and technology leadership. Intel Foundry Services (IFS) reported over 300% YoY revenue growth in Q2 2023, secured partnerships, and won defense contracts.

Portfolio Pulse from Henry Khederian

August 17, 2023 | 2:29 pm

FRG

Franchise Group's stockholders have approved the proposed acquisition by a consortium led by the Management Group. Following the closing of the transaction, shares of Franchise Group will cease trading and will no longer be listed on the Nasdaq Exchange.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 2:25 pm

INDA

TECK

JSW Steel Ltd. is considering forming a consortium to bid for a majority stake in Teck Resources Ltd.’s steelmaking coal business, potentially competing with an $8 billion offer from Glencore Plc. JSW is seeking partners for an offer to acquire a 75% interest in the asset, known as Elk Valley Resources Ltd.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 2:24 pm

APO

ARNC

CHK

MRCY

Chesapeake Energy Corp. (CHK) will replace Mercury Systems Inc. (MRCY) in the S&P MidCap 400, and Mercury Systems will replace Arconic Corp. (ARNC) in the S&P SmallCap 600 effective August 21, 2023. Apollo Global Management Inc. (APO) is acquiring Arconic in a deal expected to close soon.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 2:20 pm