Streetbeat News

Acquisitions Mergers

MGPI

Truist Securities analyst Bill Chappell has reiterated a Buy rating on MGP Ingredients, Inc. (NASDAQ:MGPI), raising the price target to $140 from $125. The analyst praised the company's whiskey orders, which are primarily locked in for 2024, and the potential upside from recent and future acquisitions. The company's Premium Branded Spirits orders returned to normal in June, indicating good growth prospects. The analyst also raised the FY23 sales estimate to $826.4 million from $822.0 million, and the EPS estimate to $5.42 from $5.10.

Portfolio Pulse from Nabaparna Bhattacharya

August 07, 2023 | 6:19 pm

IKNA

Ikena Oncology Inc (NASDAQ:IKNA) has acquired Pionyr Immunotherapeutics Inc in an all-stock transaction. The deal includes all of Pionyr's assets, including approximately $43 million in net cash, in exchange for shares of IKNA stock. The transaction strengthens Ikena's financial position and allows it to advance its oncology programs. Analysts from William Blair and HC Wainwright view the acquisition positively.

Portfolio Pulse from Vandana Singh

August 07, 2023 | 5:40 pm

TRHC

Nautic Partners has agreed to acquire Tabula Rasa HealthCare Inc (NASDAQ:TRHC) for $10.50 per share in cash, valuing the company at approximately $570 million. The deal will combine Tabula Rasa with ExactCare Pharmacy, another Nautic portfolio company. The transaction is expected to close in Q4 2023. Tabula Rasa's Q2 adjusted EPS was $0.03, beating the consensus of $(0.14), and sales were $90.04 million, beating the consensus of $88.82 million. William Blair analysts have downgraded the stock to Market Perform from Outperform.

Portfolio Pulse from Vandana Singh

August 07, 2023 | 5:34 pm

VRTV

Veritiv Corporation (VRTV) has agreed to be acquired by an affiliate of Clayton, Dubilier & Rice, LLC (CD&R). Each share of Veritiv will receive $170 in cash, a premium of over 20% to the last closing price. The transaction is expected to be completed in Q4 FY23, after which Veritiv will become a privately held company. Veritiv’s dividend of $0.63 per share is payable on September 13, 2023.

Portfolio Pulse from Shivani Kumaresan

August 07, 2023 | 4:07 pm

MANU

Manchester United Ltd (NYSE:MANU) shares are trading higher following a report suggesting Sheikh Jassim bin Hamad Al Thani is set to acquire the club. The club's board has been reviewing offers from multiple potential buyers for over eight months. Sheikh Jassim reportedly submitted a final takeover offer of more than $6 billion. A deal is expected to be done by November.

Portfolio Pulse from Adam Eckert

August 07, 2023 | 3:57 pm

BKI

ICE

The U.S. Federal Trade Commission (FTC) has agreed to dismiss a federal court case to block the acquisition of Black Knight, Inc. (BKI) by Intercontinental Exchange Inc. (ICE). This follows the announced divestiture agreements for Black Knight's Optimal Blue and Empower loan origination system businesses. BKI shares are trading higher by 4.41% to $74.65, while ICE shares are trading higher by 1.53% to $115.74.

Portfolio Pulse from Nabaparna Bhattacharya

August 07, 2023 | 3:30 pm

CPB

SOVO

Campbell Soup (NYSE:CPB) has announced its plan to acquire Sovos Brands (NASDAQ:SOVO) for $2.70 billion in cash. The acquisition is expected to be completed by December 2023. Campbell Soup is a leading manufacturer of branded convenience food products, while Sovos Brands is a US-based food company with brands like Rao's, noosa, Birch Benders, and Michael Angelo's.

Portfolio Pulse from Benzinga Insights

August 07, 2023 | 3:10 pm

GRMN

Garmin Ltd. (GRMN) has announced a definitive agreement to acquire JL Audio, a privately-held U.S. company that designs and manufactures audio solutions. The acquisition is expected to complete by the end of 2023, subject to regulatory approvals and closing conditions. Financial terms were not disclosed.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 3:01 pm

ALMPY

PSTX

TAK

Poseida Therapeutics Inc (PSTX) shares are trading higher after receiving a $50 million strategic investment from Astellas Pharma Inc (ALMPY/ALMPF). The investment includes the purchase of 8.33 million shares at $3.00 per share and a $25 million one-time payment for strategic rights. This investment can extend Poseida's cash runway into early 2025. Poseida is also evaluating its gene therapy programs, including those returned from a terminated collaboration with Takeda Pharmaceutical Company Limited (TAK).

Portfolio Pulse from Vandana Singh

August 07, 2023 | 2:55 pm

MANU

Manchester United shares are trading higher following a report suggesting Sheikh Jassim bin Hamad Al Thani is set to acquire the club, beating out a competing offer from Sir Jim Ratcliffe.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2023 | 2:34 pm