Streetbeat News

Acquisitions Mergers

AMZN

NVDA

SFTBY

Softbank is reportedly in talks to buy a 25% stake in Arm from its Vision Fund. This move could potentially impact other investors who have been waiting for years.

Portfolio Pulse from Charles Gross

August 13, 2023 | 11:29 pm

CLF

X

United States Steel Corporation (NYSE:X) has confirmed receipt of multiple unsolicited proposals, including one from Cleveland-Cliffs Inc. (CLF). The proposals range from acquisition of certain production assets to consideration for the whole company. U. S. Steel has invited Cleveland-Cliffs to participate in its strategic review process.

Portfolio Pulse from Charles Gross

August 13, 2023 | 11:24 pm

CLF

X

Cleveland-Cliffs Inc. (CLF) has publicly announced a previously private offer to acquire U.S. Steel Corporation (X) for $17.50 per share in cash and 1.023 shares of CLF stock, valuing the deal at $35 per share. This offer represents a 43% premium to U.S. Steel's share price. However, the offer was rejected by the Board of Directors of U.S. Steel as being 'unreasonable'.

Portfolio Pulse from Charles Gross

August 13, 2023 | 11:23 pm

TWOU

Ark Invest, led by Cathie Wood, acquired over 1 million shares of online education platform 2U Inc (NASDAQ:TWOU). The acquisition was divided among three of Ark's ETFs, with the majority secured through Ark Innovation. However, 2U's stock has been on a downward trend, reaching a low of $13.15 over 52 weeks. The stock plunged by 24% following an underwhelming earnings report, with an 8% decline in revenue compared to the previous year.

Portfolio Pulse from Bibhu Pattnaik

August 12, 2023 | 5:28 pm

CD

Chindata Group has entered into a definitive agreement for a 'going private' transaction at $4.30 per share in cash.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 8:32 pm

FWRD

Shares of Forward Air Corp (NASDAQ:FWRD) have dropped by over 27% following the announcement of a business combination with Omni Logistics, LLC. The drop is due to several analysts downgrading the stock, citing concerns about top-line diversions, increased short-term leverage, and lack of near-term earnings accretion. Wolfe Research and Stifel also lowered their ratings for FWRD.

Portfolio Pulse from Lekha Gupta

August 11, 2023 | 6:26 pm

IVCP

HDL Therapeutics, a biotech company with an FDA-approved cardiovascular therapy, is set to merge with Swiftmerge Acquisition Corp. (NASDAQ:IVCP) in a $480 million business combination. The merger will accelerate the commercialization of HDL's innovative cardiovascular disease treatment. Post-merger, Swiftmerge will change its name to HDL Therapeutics, and the combined company will trade on the NASDAQ under the ticker symbol 'HDLT'. The transaction is expected to close in Q4 2023.

Portfolio Pulse from Happy Mohamed

August 11, 2023 | 5:55 pm

ACAC

Acri Capital Acquisition Corporation (NASDAQ:ACAC) has announced an extension of the deadline for its initial business combination from August 14, 2023 to September 14, 2023. The company's sponsor, Acri Capital Sponsor LLC, has deposited $75,000 into its trust account to facilitate this extension.

Portfolio Pulse from Happy Mohamed

August 11, 2023 | 5:34 pm

CPRI

TPR

Tapestry, Inc (TPR) plans to acquire Capri Holdings Limited (CPRI) for $57.00 per share, a total enterprise value of approximately $8.5 billion. The combined company is expected to generate over $12 billion in global annual sales. TPR has secured $8.0 billion in bridge financing from Bank of America N.A. and Morgan Stanley Senior Funding, Inc. Telsey Advisory Group maintained CPRI with a Market Perform and raised the price target from $41 to $57. Raymond James downgraded CPRI from Strong Buy to Market Perform.

Portfolio Pulse from Anusuya Lahiri

August 11, 2023 | 5:24 pm

ACHR

BA

STLA

UAL

Archer Aviation Inc (ACHR) has received a $215 million equity investment from Boeing Co (BA), Stellantis N.V. (STLA), and United Airlines Holdings Inc (UAL), increasing its total funding to over $1.1 billion. Archer also received FAA approval to begin flying its Midnight eVTOL aircraft and settled litigation with Boeing and Wisk Aero. The company is on track to deliver its first eVTOL aircraft to the Department of Defense. Archer's Q2 operating expense was $181.4 million and it expects Q3 operating expenses of $42 million - $52 million.

Portfolio Pulse from Shivani Kumaresan

August 11, 2023 | 5:10 pm