Streetbeat News

Acquisitions Mergers

AVID

Avid Technology Inc (NASDAQ:AVID) has agreed to be acquired by an affiliate of STG in an all-cash transaction worth around $1.4 billion. 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. The deal is expected to close in Q4 2023. AVID also reported Q2 FY23 revenues of $108.5 million, beating the consensus of $103.5 million, and adjusted EPS of $0.22, above the street view of $0.21.

Portfolio Pulse from Lekha Gupta

August 10, 2023 | 9:42 am

CPRI

TPR

Tapestry Inc. is reportedly nearing a deal to acquire Capri Holdings Ltd., according to the Wall Street Journal. The deal would bring brands like Michael Kors and Versace under the Tapestry umbrella.

Portfolio Pulse from Charles Gross

August 10, 2023 | 8:45 am

CPRI

Capri Holdings Limited (NYSE:CPRI) is expected to report a sharp decline in its Q1 fiscal 2024 earnings on Aug. 10, 2023. Analysts predict earnings of 71 cents per share, down from $1.5 per share in the previous year, and revenue of $1.2 billion, down from $1.36 billion. Meanwhile, Tapestry is reportedly nearing a deal to acquire Capri Holdings. The company's shares fell 1.7% to close at $34.61 on Wednesday. Several analysts have recently downgraded the stock and cut their price targets.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 6:26 am

VCXB

Clinical stage gene therapy company, Addimmune, is set to go public through a business combination with SPAC 10x Capital Venture Acquisition Corp. III (VCXB).

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 5:55 am

PENN

PENN Entertainment's CEO Jay Snowden discussed the company's divestiture of Barstool Sports back to its founder Dave Portnoy and a new partnership with ESPN. Portnoy bought back his media brand from Penn for $1, following Penn's acquisition of the remaining stake in Barstool Sports for over $500 million. Snowden sees this as a win for all parties involved.

Portfolio Pulse from Ramakrishnan M

August 10, 2023 | 5:51 am

SHWZ

Schwazze (OTCQX:SHWZ) reported Q2 2023 financials with a total revenue of $42.4 million, down from $44.3 million last year due to lower wholesale revenue and a 25% YoY drop in pricing. The company's gross profit stands at $24.5 million, boosted by efficiency gains despite wholesale pricing pressure. Operating expenses rose to $19.6 million, due to 27 new stores in Colorado and New Mexico. The company's CEO highlighted its commitment to its 'go deep' retail strategy, demonstrated through acquisitions like Everest Apothecary in New Mexico and Standing Akimbo in Colorado.

Portfolio Pulse from Joana Scopel

August 09, 2023 | 11:22 pm

PENN

Dave Portnoy has bought back Barstool Sports from Penn Entertainment for $1. Penn Entertainment, which spent $551 million to acquire Barstool, expects to record a loss of between $800 million-$850 million on the deal. Penn has also announced a deal with ESPN to rebrand its Barstool Sportsbook as ESPN Bet, for which it will pay ESPN $1.5 billion and $500 million in stock warrants.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 9:52 pm

DWAC

Digital World Acquisition Corp (DWAC) has amended its merger agreement with Trump Media & Technology Group, extending the outside date to Dec. 31, 2023. The company also plans to create a new class of common stock called 'High Vote Common Stock'. This news led to a 4.82% increase in DWAC's after-hours trading.

Portfolio Pulse from Adam Eckert

August 09, 2023 | 9:40 pm

DWAC

Digital World Acquisition Corp (DWAC) has announced that the outside date for its merger has been extended to December 31, 2023.

Portfolio Pulse from Charles Gross

August 09, 2023 | 9:29 pm

DWAC

Digital World Acquisition Corp (DWAC) has announced a second amendment to its merger agreement, which includes issuing a new class of common stock to Trump Media & Technology's company principal. This new class will have equivalent voting, dividend, liquidation, and other rights as one share of DWAC Class A common stock.

Portfolio Pulse from Charles Gross

August 09, 2023 | 9:28 pm