Streetbeat News

Acquisitions Mergers

ESMK

WPSC

X

Esmark, Inc. has announced a voluntary public cash and exchange offer for all issued and outstanding shares in U.S. Steel Corporation (NYSE:X) for $35 USD per share. The offer period runs from August 14, 2023, to November 30, 2023, and may be extended. Completion of the offer is expected in Q4 2023, subject to regulatory and antitrust clearances.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 7:05 pm

AMC

BTAI

HE

MNDY

ZYNE

U.S. stocks traded mixed with the Nasdaq Composite gaining around 90 points. Monday.com Ltd reported better-than-expected earnings for its second quarter and raised 2023 revenue guidance. Zynerba Pharmaceuticals shares shot up 280% after Harmony Biosciences announced it will acquire the company for $200 million. Shares of Taysha Gene Therapies and Hanryu Holdings also rose significantly. BioXcel Therapeutics shares dropped 42% after the company reported second-quarter results and announced plans to reduce over 50% of jobs. Shares of Hawaiian Electric Industries were down 38% after Wells Fargo maintained an Underweight rating on the stock and lowered its price target. AMC Entertainment was down, falling 34% after the company received court approval for its revised stock conversion plan.

Portfolio Pulse from Lisa Levin

August 14, 2023 | 6:52 pm

NMRK

Newmark Group, Inc. (NASDAQ:NMRK) has secured a $500 million investment from an institutional investor on behalf of Envision Cold. The investment will allow Envision to acquire and develop over $1.5 billion of cold storage assets. Envision has already acquired cold storage operations in Oakland, San Francisco, Laredo, and Vancouver, and plans to continue expanding across North America.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 6:30 pm

CLF

X

US Steel has rejected a takeover offer from Cleveland-Cliffs, leading to a rise in the shares of steel companies.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 6:27 pm

IPGP

IPG Photonics Corp (IPGP) is expanding its business in battery welding, medical, and emerging laser markets. The company has seen significant growth in battery welding applications, which now constitute over 20% of its sales. IPG is also exploring growth opportunities in green lasers for renewable energy, AMB lasers for e-Mobility, and additive processes for smartphone cases. The company is shifting production from Russia to Italy and a new plant in Poland, which has temporarily impacted margins. IPG is also seeking acquisitions in emerging growth areas.

Portfolio Pulse from Anusuya Lahiri

August 14, 2023 | 6:17 pm

TALS

ImmunoFree, Inc. has acquired the rights to FCR001, a cellular therapy product, and the sponsorship of the FREEDOM-1 Study from Talaris Therapeutics (TALS). ImmunoFree will now oversee all remaining close-out activities and the shutdown of the remaining active FREEDOM-1 phase 3 clinical sites. The company plans to commence a new clinical trial with modifications to the protocol to improve patient outcomes.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 5:12 pm

NBTB

NBT Bancorp Inc (NASDAQ:NBTB) has completed its merger with Salisbury Bancorp, Inc. and raised its Q3 2023 dividend per share by 6.7% to $0.32. The merger has added 13 banking offices to NBTB's franchise, expanding its footprint to 153 offices across seven states. Richard J. Cantele, Jr., former President and CEO of Salisbury, has been appointed to NBTB's board of directors and will join the Executive Management Team. NBTB's Q2 adjusted EPS was $0.80, beating the consensus of $0.76, but sales of $121.13 million missed the consensus of $126.11 million.

Portfolio Pulse from Lekha Gupta

August 14, 2023 | 5:05 pm

AAPL

F

Ford Motor Company has hired former Apple executive Peter Stern to lead its newly-formed Ford Integrated Services unit. Stern will be responsible for building the business tied to Ford's BlueCruise hands-free driving system and overseeing new physical services, marketing services, and Ford Next. The move is part of Ford's transformational strategy to create customer services and experiences enabled by hardware and software.

Portfolio Pulse from Nabaparna Bhattacharya

August 14, 2023 | 4:48 pm

YVR

Liquid Media Group has received a non-binding term sheet for a proposed restructuring transaction, which would involve a merger with a wholly-owned subsidiary of the company. This news has led to an increase in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 4:41 pm

AMC

APE

Shares of AMC Entertainment Holdings Inc (NYSE:AMC) fell after the court approved a revised stock conversion plan, which includes a one-for-ten reverse stock split and the conversion of APE units into common shares. The conversion of APE units could see AMC raise as much as $16 billion in incremental equity. AMC CEO Adam Aron said the company can use this access to equity capital to shore up cash reserves, pay down debt, invest in growth initiatives, and pursue merger and acquisition opportunities.

Portfolio Pulse from Chris Katje

August 14, 2023 | 4:21 pm