Streetbeat News

Acquisitions Mergers

DDD

SSYS

Stratasys (SSYS) is considering a revised unsolicited proposal by 3D Systems (DDD) that could potentially result in a 'Superior Proposal' as defined in Stratasys' merger agreement with Desktop Metal. Stratasys will conduct due diligence on 3D Systems' business and prospects, including a forecast of $100 million of synergies and revenue growth and profitability.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 8:37 pm

BRY

Berry Corporation has signed a definitive agreement to acquire Macpherson Energy, a privately held Kern County, California operator, for $70M in cash. The transaction is structured such that $50 million will be paid at closing and the remainder paid in July 2024. The acquisition is expected to close in the third quarter of 2023.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 8:20 pm

AMLI

TSXV:FRDY

American Lithium Corp. (AMLI) has decided to advance the next phase of work at Macusani within the company, deferring the spin out of its Macusani Uranium Project previously announced on June 7, 2023. As a result, it has terminated the definitive arrangement agreement with Friday's Dog Holdings Inc. (TSXV:FRDY). The company believes it will generate greater value for shareholders by postponing the spin out and continuing to advance the project within American Lithium.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 8:19 pm

DLR

Digital Realty (DLR) has announced a joint venture with GI Partners, selling a 65% interest in two hyperscale data center buildings in Chicago. DLR will receive approximately $743 million from the deal and will maintain a 35% interest in the joint venture while managing operations. The company also granted GI Partners an option to purchase an interest in a third facility. The proceeds will be used to pay down debt and for general corporate purposes.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 8:09 pm

HAS

LGF.A

Lionsgate is reportedly in the lead to acquire Entertainment One, a Hasbro-owned company. Hasbro has been looking to shed all but its core business, and Lionsgate, along with Legendary and GoDigital Media Group, have been bidding for eOne's film and TV assets. Hasbro's plan, announced in January, involves cutting 15% of the company's global workforce this year, or about 1,000 positions. The eOne assets up for sale include all scripted and unscripted TV production, all film production and related global distribution, a 6,500-plus title content library, and Hasbro's interest in eOne's Canadian film and TV business.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 8:02 pm

ATV

CRM

MSFT

SONY

Microsoft Corporation (NASDAQ:MSFT) has won against the FTC, allowing its acquisition of Activision Blizzard Inc (NASDAQ:ATV) to proceed. Sony Group Corporation (NYSE:SONY) has also given its blessing to the deal. However, Microsoft is still facing regulatory challenges over its bundling of Teams videoconferencing app with its Office software, following a complaint by Slack, which is owned by Salesforce Inc (NYSE:CRM).

Portfolio Pulse from Upwallstreet

July 17, 2023 | 7:37 pm

IDEX

Turk and Company has announced the acquisition of Timios, Inc, a subsidiary of Ideanomics (NASDAQ:IDEX), by Timios Acquisition, LLC. Turk and Company served as the exclusive investment banker to Timios, Inc. The financial terms of the deal were not disclosed.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 7:24 pm

ATVI

MSFT

SONY

Microsoft and the UK's Competition and Markets Authority (CMA) have sought additional time from London's Competition Appeal Tribunal for the proposed $69 billion acquisition of Activision Blizzard. This comes after the US Federal Trade Commission's (FTC) application to halt the deal was dismissed. The CMA announced it would reconsider a revised proposal and a restructured agreement might address its concerns. Microsoft also announced a 10-year agreement with Sony to retain the Call of Duty video game series on the PlayStation console if the merger is successfully completed.

Portfolio Pulse from Franca Quarneti

July 17, 2023 | 6:03 pm

WDC

Western Digital Corp (NASDAQ:WDC) is reportedly planning to merge with Kioxia in a tax-free spinoff of its flash business. The combined company, which would be headquartered in Japan and trade on the NASDAQ, could challenge Samsung for NAND share leadership. The merger could result in a combined loss of $2.67 billion over the current and prior quarters. However, there could be significant synergistic savings and a return to profitability depending on the degree of these savings. WDC shares traded lower by 1.40% at $39.11 on the last check Monday.

Portfolio Pulse from Anusuya Lahiri

July 17, 2023 | 5:56 pm

RMTI

H.C. Wainwright analyst Raghuram Selvaraju has reiterated a Buy rating on Rockwell Medical, Inc. (NASDAQ:RMTI), raising the price target to $11 from $9. This follows Rockwell Medical's acquisition of a hemodialysis concentrates business from Evoqua Water Technologies. The analyst believes that Rockwell could break even in operating cash flow during 2024 and reach profitability by late 2024. The company's shares are currently trading higher by 24% to $3.96.

Portfolio Pulse from Nabaparna Bhattacharya

July 17, 2023 | 4:57 pm