Streetbeat News

Acquisitions Mergers

GNL

RTL

Orange Capital Ventures has expressed concerns over the tactics used by Global Net Lease, Inc. (GNL) regarding its proposed merger with Necessity Retail REIT (RTL). Orange Capital alleges that GNL's board is using the promise of governance enhancements as leverage to get shareholders to approve the merger. The board has reportedly refused to commit to these enhancements unless the merger is approved. Orange Capital has called for the board to commit to these changes regardless of the merger's outcome.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 1:13 pm

FITB

Fifth Third Bancorp reported Q2 2023 sales of $2.19 billion, in line with consensus. The company saw a 62% Y/Y increase in interest income to $2.38 billion, and a 9% Y/Y increase in net interest income to $1.46 billion. The net interest margin rose 18 basis points to 3.10%. The company also reported a 1% Y/Y decrease in total average deposits to $160.86 billion, and a 3% Y/Y increase in average loans and leases to $123.99 billion. Adjusted EPS of $0.87 topped the Street view of $0.83. The company also acquired Rize Money to boost its embedded payments capabilities.

Portfolio Pulse from Lekha Gupta

July 20, 2023 | 1:07 pm

JNJ

KVUE

An executive from Johnson & Johnson (JNJ) has stated that the launch of the tender offer for Kenvue (KVUE) shares could occur in the coming days.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 1:04 pm

KTTA

Pasithea Therapeutics has rejected an unsolicited, non-binding acquisition proposal from Lucy Scientific Discovery. The company has also authorized the repurchase of up to 5.7 million shares at $0.70/share.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 12:50 pm

KTTA

LSDI

Pasithea Therapeutics Corp. (NASDAQ:KTTA) has rejected an unsolicited bid from Lucy Scientific Discovery, Inc. (NASDAQ:LSDI) to acquire all outstanding shares of Pasithea. The bid consisted of $0.60 in cash plus $0.25 worth of Lucy common stock per share. Pasithea's special committee determined that the proposal does not reflect the company's strategic value and growth prospects.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 12:41 pm

OFED

Oconee Federal Financial Corp. (OFED) is set to merge with Mutual Savings Bank. As a result of the merger, Mutual Savings Bank's depositors will become depositors of Oconee Federal and members of the MHC, and will have the same rights and privileges.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 12:34 pm

SOPA

Society Pass Inc's (NASDAQ:SOPA) travel subsidiary, NusaTrip Inc, has acquired Vietnam International Travel and Service JSC, adding approximately $2M in GMV to NusaTrip's revenue base. This acquisition is part of NusaTrip's business plan to acquire other IATA-licensed travel agencies throughout Asia Pacific in 2023. The Vietnam travel market is projected to reach $3.0 billion in 2023 and $4.2 billion by 2027.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 12:34 pm

OFED

Oconee Federal Financial Corp. (OFED) has announced its intent to voluntarily delist its common stock from the NASDAQ Capital Market and deregister with the U.S. Securities and Exchange Commission (SEC). The company also announced a merger with Mutual Savings Bank, with Oconee Federal as the surviving entity. The last trading day of its shares on NASDAQ is expected to be July 31, 2023. The company will no longer be a public reporting company but will continue to publish quarterly and annual financial information.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 12:31 pm

HCCI

Heritage-Crystal Clean (HCCI) announced that it will be acquired by J.F. Lehman & Company for $1.2 billion, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 12:16 pm

GRNA

GreenLight Biosciences Holdings (NASDAQ:GRNA) is finalizing its merger with SW MergerCo, Inc. and SW ParentCo, Inc. Post-merger, GreenLight's common stock will cease trading on the NASDAQ after market close on July 20, 2023. The tender offer for GreenLight's outstanding shares expired on July 19, 2023, with approximately 60.4% of the shares validly tendered. Remaining shares not purchased in the offer will be converted into the right to receive $0.30 in cash.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 12:13 pm