Streetbeat News

Acquisitions Mergers

X

United States Steel Corporation has rejected a $35/share acquisition offer from Cleveland-Cliffs, leading to a rise in its share price.

Portfolio Pulse from Luke J Jacobi

August 14, 2023 | 12:27 pm

HRMY

ZYNE

Harmony Biosciences (HRMY) has entered into a definitive agreement to acquire Zynerba Pharmaceuticals (ZYNE) for a total potential consideration of up to $200 million in cash. The purchase price is $1.1059 per share, 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.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 11:34 am

ATMV

AlphaVest Acquisition (ATMV) has entered a merger agreement with Wanshun Technology Industrial Group. The deal, valued at approximately $300 million, will result in ATMV shareholders receiving shares of Wanshun capital stock. The transaction has been approved by the boards of both companies and is expected to be completed in Q4 2023 or early 2024.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 11:18 am

BABA

CPRI

GEO

SIX

TTEK

Five top Wall Street analysts with high accuracy rates have made new stock picks. Sean Eastman from Keybanc sees a 19% upside in Tetra Tech (TTEK), Rick Patel from Raymond James downgraded Capri Holdings (CPRI) due to its acquisition by Tapestry (TPR), Eric Wold from B. Riley Securities sees a 21% upside in Six Flags Entertainment (SIX), Colin Sebastian from Baird sees over 25% upside in Alibaba Group (BABA), and Jay McCanless from Wedbush sees a 69% upside in GEO Group (GEO).

Portfolio Pulse from Lisa Levin

August 14, 2023 | 11:11 am

MSCI

MSCI has entered into a definitive agreement to acquire the remaining 66% of The Burgiss Group, LLC for $697M in cash. The transaction, which is expected to close in Q4 2023, will bring MSCI's total investment in Burgiss to $913M. Burgiss is expected to generate over $90M in revenue in 2023 with mid-teen EBITDA and operating income margins.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 10:51 am

CHK

SBOW

Chesapeake Energy Corporation (CHK) has agreed to sell its remaining Eagle Ford assets to SilverBow Resources (SBOW) for $700 million. This brings the total proceeds from CHK's Eagle Ford exit to over $3.5 billion.

Portfolio Pulse from Charles Gross

August 14, 2023 | 10:24 am

HUT

Hut 8 Mining Corp. (NASDAQ:HUT) has obtained an interim order from the Supreme Court of British Columbia in connection with its business combination with U.S. Data Mining Group, Inc. dba US Bitcoin Corp. A special meeting of the holders of common shares of the company is scheduled for September 12, 2023, to approve the arrangement.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 10:04 am

PHG

Exor N.V. has purchased a 15% stake in Koninklijke Philips NV (NYSE:PHG), causing a surge in Philips' shares by around 5%. The investment will allow Exor to nominate a member to Philips' Supervisory Board and potentially increase its stake to a maximum of 20%. Philips reported a Q2 sales growth of 9% YoY to €4.47 billion ($4.87 billion).

Portfolio Pulse from Lekha Gupta

August 14, 2023 | 9:48 am

CLF

X

United States Steel Corp. (NYSE:X) has rejected a buyout offer from Cleveland-Cliffs Inc. (NYSE:CLF) but invited the latter to participate in a formal review process. Cleveland-Cliffs had offered to buy all outstanding shares of U.S. Steel for $35 per share, a 42% premium on the latter's trading price. However, U.S. Steel CEO David Burritt stated that the board could not agree to the proposal without conducting due diligence. KeyBanc Capital Markets analyst Philip Gibbs believes the deal is less likely to close without meaningful concessions.

Portfolio Pulse from Shanthi Rexaline

August 14, 2023 | 6:26 am

EXXRF

PHG

Exor, an Italian holding company, has become a long-term investor in Philips, a Dutch multinational conglomerate, by acquiring a 15% shareholding.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 5:33 am