Streetbeat News

Acquisitions Mergers

ENOB

RENB

AI company GEDI Cube and biotech firm Renovaro Biosciences have announced an exclusive intent to merge. The merger aims to accelerate the fight against cancer, with GEDI Cube's AI/machine learning technology for early diagnosis of lung cancer and Renovaro's promising pancreatic cancer results. The combined entity is expected to begin human studies for several challenging solid tumors by mid-2024.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 1:08 pm

XYL

Spruce Point Capital Management has released a strong sell research opinion on Xylem Inc. (NYSE:XYL), citing concerns over Xylem's recent $7.5 billion acquisition of Evoqua Water Technologies. Spruce Point believes the acquisition combines two troubled companies that will fail to deliver value for shareholders. The firm also highlighted new accounting concerns and warned that Evoqua was charged for revenue fraud by the SEC and remains under federal investigation. Spruce Point sees a 30% to 45% long-term downside risk to Xylem's share price.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 1:04 pm

MAQCU

Immersed Inc., a provider of spatial computing software, is set to go public on Nasdaq via a merger with Maquia Capital Acquisition Corp. (NASDAQ:MAQCU). The transaction values Immersed at $150 million. The proceeds will be used to complete the development of its AI assistant, 'Curator', and its lightweight headset, 'Visor'. Post-merger, the company will trade under the ticker symbol 'AIMR'.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 12:19 pm

AAPL

DIS

Speculations are rife about a potential acquisition of Disney by Apple. The idea has been discussed in the past, but recent signals from Disney's Bob Iger suggest it could be a possibility. Apple, with $62 billion in cash and a $2.8 trillion market cap, could be a potential buyer. Disney's linear TV networks, like ABC and FX, may be sold, making Disney a more attractive acquisition target. However, any such deal would face intense scrutiny from regulatory bodies.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 11:50 am

UP

Wheels Up Experience Inc. (NYSE:UP) is in discussions for strategic business partnerships and has received a short-term capital infusion from Delta Air Lines. The company has also entered into a non-binding letter of intent with Airshare to acquire Wheels Up's non-core aircraft management business. The company has postponed its earnings communications and cancelled the call for today.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 11:41 am

K

KLG

Kellogg Company plans to separate into Kellanova (NYSE:K) and WK Kellogg Co (NYSE:KLG) by Q4 2023. Kellanova will focus on snacks and emerging markets, projecting net sales of $13.4-13.6 billion and adjusted EBITDA of $2.25-2.3 billion in 2024. WK Kellogg Co will focus on North American cereal, projecting net sales of $2.7 billion and adjusted EBITDA of $255-265 million in 2024. WK Kellogg Co also plans to improve its EBITDA margins by 500 basis points by 2026.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 11:37 am

DBTX

REGN

Regeneron Pharmaceuticals is set to acquire Decibel Therapeutics at $4.00 per share in cash at closing, with an additional non-tradeable contingent value right to receive up to $3.50 per share in cash. The acquisition values Decibel at approximately $109 million based on the amount payable at closing, and up to $213 million if the CVR milestones are achieved.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 11:35 am

DBTX

REGN

Regeneron Pharmaceuticals (REGN) has announced a definitive agreement to acquire Decibel Therapeutics (DBTX) at $4 per share, with a total equity value of up to $213 million if certain milestones are achieved. The acquisition will strengthen Regeneron's gene therapy and hearing loss programs. Decibel's lead investigational gene therapy, DB-OTO, is currently in its first clinical trial. The transaction is expected to close in Q3 2023.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 11:35 am

CTG

European IT solutions company Cegeka has agreed to acquire Computer Task Group (CTG) for $10.50 per share, representing an implied equity value of approximately $170 million. The offer price represents a 44.8% premium to the trailing 90-day volume weighted average stock price. Both the Cegeka and CTG board of directors unanimously approved the merger agreement.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 10:57 am