Streetbeat News

Acquisitions Mergers

MSCI

MSCI Inc. has agreed to acquire the remaining 66% of The Burgiss Group for $697 million in cash, bringing its total investment in Burgiss to $913 million since January 2020. Burgiss is a provider of data, analytics, and technology solutions for investors in private assets. The transaction is expected to close in 4Q23 and will be funded through MSCI's existing liquidity sources. Burgiss is expected to generate over $90 million in revenue in FY23.

Portfolio Pulse from Akanksha Bakshi

August 14, 2023 | 2:26 pm

MANU

Manchester United Ltd (NYSE:MANU) shares are trading higher following reports that the company is preparing to announce a sale. The board has been exploring strategic alternatives for the club since last November and has been reviewing offers from multiple potential buyers. Cardiff City chairman Mehmet Dalman suggested a takeover deal will be announced soon, with the sale price estimated at £7.2bn-7.3bn.

Portfolio Pulse from Adam Eckert

August 14, 2023 | 2:25 pm

INTU

PYPL

PayPal Holdings, Inc (NASDAQ:PYPL) has appointed Alex Chriss, currently Executive Vice President and General Manager of Intuit's Small Business and Self-Employed Group, as its new CEO effective from September 27, 2023. Chriss, who has been with Intuit Inc (NASDAQ:INTU) for 19 years, will also join PayPal's Board. The announcement follows the planned retirement of current CEO Dan Schulman at the end of the year.

Portfolio Pulse from Anusuya Lahiri

August 14, 2023 | 2:24 pm

HRMY

ZYNE

Harmony Biosciences (NASDAQ:HRMY) announced it will acquire Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) for $200 million. The purchase price is $1.1059 per share in cash, or $60 million in aggregate, plus one non-tradeable contingent value right (CVR) per share, representing the right to receive potential additional payments of up to $140 million. Zynerba's shares are up by more than 280% at $1.29.

Portfolio Pulse from Erica Kollmann

August 14, 2023 | 2:21 pm

ZYNE

Harmony Biosciences has announced its plans to acquire Zynerba Pharmaceuticals, leading to a rise in Zynerba's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 2:17 pm

MEDIF

MediPharm Labs Corp. reported Q2 2023 financial results, with revenue of CA$9.58 million, up from CA$4.36 million in the same period last year. The company also reported a gross profit of CA$855,000, an adjusted EBITDA loss of CA$3.19 million, and a net loss of CA$2.7 million. MediPharm completed its first commercial delivery to the US and closed the acquisition of VIVO Cannabis Inc. Despite these achievements, the company's shares were trading 7.97% lower.

Portfolio Pulse from Nina Zdinjak

August 14, 2023 | 2:13 pm

CCHWF

CRLBF

Columbia Care Inc. released its Q2 2023 financial results, revealing $129.2 million in revenue, a 3.8% sequential increase but a 0.3% decrease from the same period last year. The company's gross profit was $52.1 million, up from $47 million in the prior quarter. The company also reported a net loss of $29 million, an improvement from the $36.6 million net loss in the prior period. The company and Cresco Labs Inc. mutually terminated a deal under which Cresco agreed to acquire all of the issued and outstanding shares of Columbia Care. Columbia Care's shares traded 0.7624% higher at $0.4282 per share at the market close on Friday.

Portfolio Pulse from Jelena Martinovic

August 14, 2023 | 2:05 pm

AMC

APE

AMC Entertainment Holdings Inc's shares are trading lower after the company received court approval for its revised stock conversion plan. The plan allows for the conversion of AMC Preferred Equity Units (APE) into common shares and includes a one-for-ten reverse stock split. The court-approved settlement could be valued at up to $120 million. AMC CEO Adam Aron stated that the proposal is the right path for AMC, allowing the company to shore up cash reserves, pay down debt, invest in growth initiatives, and pursue merger and acquisition opportunities.

Portfolio Pulse from Adam Eckert

August 14, 2023 | 1:34 pm

CLF

X

Cleveland-Cliffs Inc (CLF) has made a public offer to acquire United States Steel Corp (X) for $35 per share, which was rejected by U.S. Steel as 'unreasonable'. U.S. Steel is exploring strategic alternatives after receiving multiple unsolicited proposals. The company's shares were up 27.8% at $29.04 after the news.

Portfolio Pulse from Adam Eckert

August 14, 2023 | 1:27 pm

BTCUSD

ETHUSD

Crypto media company CoinDesk is expected to lay off staff as part of a cost-cutting measure to facilitate its sale. CoinDesk's parent company, Digital Currency Group (DCG), is finalizing a deal to sell CoinDesk to an investor group for $125 million. The layoffs will predominantly affect the firm's media team. DCG has been negatively impacted by the downturn in the cryptocurrency industry.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 1:26 pm