Streetbeat News

Acquisitions Mergers

FWRG

First Watch Restaurants, Inc. (FWRG) has announced the acquisition of six franchise restaurants in Georgia and South Carolina. The deal was funded with cash on hand, but the amount was not disclosed.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 9:25 pm

SPNT

SiriusPoint and Dan Loeb have entered into a standstill agreement. Under this agreement, Loeb will not make a takeover or purchase proposal for SiriusPoint or acquire more than 9.5% of the company's outstanding shares. He also won't take any action to control, change, or influence the company's management, business, capitalization, or corporate structure.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 9:15 pm

AVID

Avid Technology (NASDAQ:AVID) has announced a definitive agreement to be acquired by an affiliate of Symphony Technology Group (STG) in an all-cash transaction valued at approximately $1.4 billion. Avid stockholders will receive $27.05 in cash for each share, a 32.1% premium over the company's unaffected closing share price on May 23, 2023. The transaction is expected to close in Q4 2023, subject to stockholder and regulatory approvals. Upon completion, Avid will become a privately-held company and its common stock will no longer be traded on Nasdaq.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 8:55 pm

GSD

Global System Dynamics Inc and Zilla Acquisition Corp have agreed to extend the consummation date for their business combination from August 9, 2023 to February 9, 2024.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 7:36 pm

AVID

Private equity firm Symphony Technology Group is reportedly close to acquiring media editing software maker Avid Technology for approximately $1.4 billion, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 7:19 pm

BNTC

DBTX

NXU

PALI

TNGX

TYGO

The article lists the stocks that gained and lost the most in Wednesday's trading session. Among the gainers, Tango Therapeutics, Decibel Therapeutics, and Benitec Biopharma saw significant increases due to recent positive financial results and acquisition news. Among the losers, Palisade Bio, Tigo Energy, and Nxu saw significant decreases due to disappointing financial results and negative news.

Portfolio Pulse from Lisa Levin

August 09, 2023 | 7:17 pm

SONY

Sony Group Corp aims to sell 25 million PlayStation 5 units this financial year, a record for PlayStation consoles. The company plans to implement promotions and other strategies to achieve this target. Despite selling 3.3 million PS5 units in Q1 2023, Sony's sales fell short of expectations. The company's PlayStation business saw a 28% increase in sales to $5.3 billion in the last quarter, but operating income dropped 7% due to increased costs from Sony's acquisition of Bungie.

Portfolio Pulse from Franca Quarneti

August 09, 2023 | 4:41 pm

DIS

PENN

Penn Entertainment (NASDAQ:PENN) is selling 100% of Barstool Sports back to its founder, Dave Portnoy, in exchange for certain non-compete and other restrictive covenants. This comes after Penn acquired the remaining stake in Barstool Sports for over $500 million through transactions in 2020 and 2023. The divestiture is part of Penn's partnership with ESPN, which Portnoy has described as a win-win. Penn will receive 50% of any sale proceeds or dividends Barstool Sports pays out.

Portfolio Pulse from Chris Katje

August 09, 2023 | 4:36 pm

Kellogg Co has disclosed its plans to separate into two public companies, Kellanova and WK Kellogg Co, by Q4 FY23. Kellanova is expected to deliver sales of $13.4 billion-$13.6 billion, adjusted-basis EBITDA of about $2.25 billion-$2.3 billion, and adjusted EPS of $3.55-$3.65 in 2024. WK Kellogg Co is expected to generate net sales of around $2.7 billion and adjusted-basis EBITDA of about $255 million-$265 million in 2024, with a cash dividend payout ratio of about 45%.

Portfolio Pulse from Lekha Gupta

August 09, 2023 | 4:35 pm

DBTX

NVEI

PALI

RENB

TNGX

TYGO

US stocks were lower with the Nasdaq Composite falling around 1%. Energy shares jumped by 1.1% while information technology shares fell 1.3%. Tango Therapeutics, Decibel Therapeutics, and Renovaro Biosciences saw their shares rise significantly. Palisade Bio, Tigo Energy, and Nuvei Corporation shares dropped. U.S. crude oil inventories increased by 5.851 million barrels, exceeding market expectations.

Portfolio Pulse from Lisa Levin

August 09, 2023 | 4:25 pm