Streetbeat News

Acquisitions Mergers

EA

NTDOY

THQQF

TTWO

Embracer Group AB's stock dropped due to a collapsed $2 billion deal with Savvy Games Group, a subsidiary of the Saudi Arabian Public Investment Fund (PIF). The reasons for the withdrawal remain uncertain. Embracer is set to unveil its recent quarterly earnings, potentially outlining cost-cutting measures. The PIF has emerged as a major stakeholder in numerous gaming enterprises, such as Nintendo, Take-Two Interactive Software, and Electronic Arts.

Portfolio Pulse from Franca Quarneti

August 15, 2023 | 9:51 pm

RDZN

VHNA

Vahanna Tech Edge Acquisition I Corp. (NASDAQ:VHNAU, VHNA, VHNAW) has announced that it will hold an extraordinary general meeting of shareholders on August 25, 2023, to vote on the proposed business combination with Roadzen, Inc. (NASDAQ:RDZN, RDZNW). The combined company will be renamed 'Roadzen Inc.' following the closing. The registration statement on Form S-4 relating to the Business Combination filed by Vahanna with the SEC was declared effective on August 14, 2023.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 8:17 pm

OXY

Occidental Petroleum Corporation (OXY) has entered into an agreement to acquire Carbon Engineering for approximately $1.1 billion. The deal is expected to enhance OXY's carbon capture capabilities and contribute to its sustainability goals.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 8:16 pm

DFFN

Diffusion Pharmaceuticals Inc. (NASDAQ:DFFN) announced that its stockholders have approved all proposals, including the merger with EIP Pharma Inc. and a 1-for-1.5 reverse stock split. The merger is expected to close on August 16, 2023, and the combined company's common stock is expected to begin trading on a split-adjusted basis under the new symbol 'CRVO' on August 17, 2023.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 8:13 pm

RETA

SNY

Sanofi is reported to have been the mystery buyer in a bidding war for Reata Pharmaceuticals, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 7:36 pm

AAPL

BRK-A

BRK-B

Warren Buffett's Berkshire Hathaway has significantly increased its stake in Apple since its initial purchase in 2016. The shares, bought at an average price of $27.25, now constitute approximately 50% of Berkshire Hathaway's investment portfolio. An investor who invested $1,000 in Apple on the same day as Buffett would have seen a return of 653.2% over the last seven years, outperforming the overall stock market.

Portfolio Pulse from Chris Katje

August 15, 2023 | 7:02 pm

CLF

X

United States Steel Corporation (NYSE:X) shares are trading lower following a rise on Monday due to the company's rejection of Cleveland-Cliffs' (NYSE:CLF) acquisition offer. Esmark Inc. later announced an all-cash public offer for U.S. Steel shares at $35 per share. The stock may also be down due to weakness in the broader metals sector following weak economic data from China.

Portfolio Pulse from Ryan Gustafson

August 15, 2023 | 6:54 pm

AVID

Truist Securities analyst Terry Tillman has downgraded Avid Technology Inc's (NASDAQ:AVID) rating to Hold from Buy and reduced the price target to $27.05 from $45.00. This is in response to AVID's $1.4 billion all-cash acquisition deal, which includes AVID's debt. AVID shareholders will receive $27.05 in cash for each common share, a premium of 32.1% over the closing share price as on May 23, 2023. Tillman expects AVID to report revenue of $454 million in FY23 and $504 million in FY24.

Portfolio Pulse from Lekha Gupta

August 15, 2023 | 5:58 pm

RCRT

Recruiter.Com Group reported better-than-expected Q2 EPS results, leading to a rise in its share prices. Additionally, Futuris has agreed to acquire the company's specialized healthcare staffing business.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 5:23 pm

DAL

UP

Delta Air Lines, Certares, and Knighthead are set to co-lead a $500 million facility in Wheels Up. As a result, the lenders will receive newly issued Wheels Up Class A common stock, leading to the lenders owning approximately 95% of the pro forma equity of the company.

Portfolio Pulse from Charles Gross

August 15, 2023 | 4:58 pm