Streetbeat News

Acquisitions Mergers

CTLT

Elliott Investment Management has acquired a significant stake in Catalent Inc (NYSE:CTLT) and is advocating for a major overhaul of the board. This comes during a challenging period for Catalent, which has faced setbacks including the departure of its CFO, unexpected costs, operational challenges, and a 19% decline in revenue. In response, Catalent has appointed a new CFO and is implementing cost-cutting measures.

Portfolio Pulse from Vandana Singh

July 20, 2023 | 12:08 pm

RKDA

Arcadia Biosciences (NASDAQ:RKDA) has initiated a strategic review to explore potential transactions and strategies to maximize long-term shareholder value. Options may include an acquisition, company sale, merger, business combination, asset sale, joint venture, licensing arrangement, capital raise or other strategic transaction. The company anticipates Q2 revenue of $1.3M-$1.5M and has $18.8M in cash and cash equivalents. Arcadia is also streamlining operations and exiting body care brands ProVault and SoulSpring, expected to save $3M-$4M annually.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 12:08 pm

CASI

CASI Pharmaceuticals has acquired all rights and global intellectual property rights related to CB-5339 from Cleave Therapeutics. CASI will also assume responsibility for the US CB-5339 Investigational New Drug Application.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 12:07 pm

LAND

NNN

RTL

WSR

Several REITs have announced dividend increases ahead of their Q2 earnings reports. NNN REIT Inc. (NYSE:NNN) increased its quarterly dividend by 2.7% and Gladstone Land Corp. (NASDAQ:LAND) increased its monthly dividend. Necessity Retail REIT Inc. (NASDAQ:RTL) is increasing its quarterly dividend and is set to be acquired by Global Net Lease Inc. (NYSE:GNL) in an all-stock transaction. Whitestone REIT (NYSE:WSR) is also increasing its monthly dividend.

Portfolio Pulse from Ethan Roberts

July 20, 2023 | 10:49 am

ELYM

Eliem Therapeutics is exploring strategic alternatives, including potential acquisition, merger, business combination, or other transaction. The company has also decided to halt further development of its Kv7 program.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 10:47 am

GRAB

Grab Holdings Inc's (NASDAQ:GRAB) rental arm, Grab Rentals Pte. Ltd., has agreed to acquire Trans-cab Holdings Ltd., Singapore's third largest taxi operator. The acquisition will include Trans-cab's taxi and car rental business, maintenance workshop, and fuel pump operations. The deal is expected to close in Q4 2023, subject to regulatory approvals. Grab expects the acquisition to drive operational efficiency, reduce costs, and derive savings from scale in areas like auto insurance premiums and parts procurement.

Portfolio Pulse from Lekha Gupta

July 20, 2023 | 10:24 am

HCCI

Heritage-Crystal Clean Inc (NASDAQ:HCCI) is set to be acquired by an investment affiliate of J.F. Lehman & Company (JFLCO) in a $1.2 billion all-cash deal. The purchase price represents a 24.9% premium to Crystal Clean's 60-day volume-weighted average price on July 19. Post-acquisition, Crystal Clean will become a privately held company and its shares will no longer be listed on the Nasdaq Stock Exchange. The transaction is expected to close in Q4 2023.

Portfolio Pulse from Shivani Kumaresan

July 20, 2023 | 9:55 am

DELL

Dell Technologies has announced its intention to acquire Moogsoft, a leader in artificial intelligence for IT operations (AIOps). The financial terms of the deal have not been disclosed.

Portfolio Pulse from Bill Haddad

July 19, 2023 | 10:20 pm

ALB

Albemarle has agreed to amend the terms of a transaction with Mineral Resources Limited, taking 100% ownership of the Kemerton lithium hydroxide processing facility in Australia. The facility was previously jointly owned through the MARBL joint venture.

Portfolio Pulse from Benzinga Newsdesk

July 19, 2023 | 10:09 pm