Streetbeat News

Acquisitions Mergers

LMNL

Liminal BioSciences has entered an arrangement agreement with Structured Alpha LP (SALP) in a 'Go Private' transaction. SALP will acquire all of the issued and outstanding common shares of Liminal BioSciences that it does not already own. Minority shareholders will receive $8.50 in cash per share.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 11:33 am

CNSL

Wildcat Capital Management has urged Consolidated Communications Holdings (CNSL) to reject a $2.9 billion offer to take the company private, including debt.

Portfolio Pulse from Charles Gross

July 12, 2023 | 11:13 am

AEL

BNRE

American Equity Investment Life Holding Co (AEL) reported Q2 2023 sales of $2 billion, led by fixed index annuities business which totaled $1.9 billion, up 94% Q/Q and 141% Y/Y. The company also disclosed its acquisition by Brookfield Reinsurance Ltd (BNRE) for $4.3 billion last week. AEL shares closed higher by 0.38% at $53.11 after-hours on Tuesday.

Portfolio Pulse from Lekha Gupta

July 12, 2023 | 10:45 am

AVGO

VMW

The European Commission has given conditional approval to Broadcom for its acquisition of VMware. The deal is expected to close in FY23. Broadcom has also received legal merger clearance in Australia, Brazil, Canada, South Africa, and Taiwan, and foreign investment control clearance in all necessary jurisdictions.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 10:07 am

SFTBF

SFTBY

SoftBank Group Corp is considering a US IPO for its PayPay payments business. The timing is unclear as PayPay, which reported an EBITDA loss of 11.9 billion yen in the year ended March, needs to demonstrate a path to profitability. This would be the second SoftBank company's listing on the US stock market after Arm Ltd. SFTBF shares closed lower by 1.44% at $47.83 on Tuesday.

Portfolio Pulse from Lekha Gupta

July 12, 2023 | 9:58 am

AVGO

MRVL

VMW

Broadcom has received EU antitrust approval to acquire VMWare. As part of the agreement, Broadcom will provide Marvell with an irrevocable open source license and others with access to software and technical support to develop rival Fibre Channel Most-bus Adapters.

Portfolio Pulse from Charles Gross

July 12, 2023 | 9:55 am

NVDA

SFTBY

Nvidia is reportedly in talks to become an anchor investor in Arm's IPO, according to the Financial Times. This comes after Nvidia's failed attempt to acquire Arm from SoftBank.

Portfolio Pulse from Charles Gross

July 12, 2023 | 8:57 am

DIS

Walt Disney Co. (NYSE:DIS) is reportedly considering different strategies for its Star India business, including potential partnerships or a sale. This comes as Disney and its competitors shift focus towards streaming services and away from traditional TV platforms. Star India's success was impacted last year when Disney lost streaming rights for the Indian Premier League cricket matches to Mukesh Ambani's Jio Cinema, which affected Star's Hotstar mobile streaming service. Despite lower earnings from its streaming services in India compared to the US, Disney aims to make its streaming business profitable by September 2024.

Portfolio Pulse from Shomik Sen Bhattacharjee

July 12, 2023 | 7:04 am

COTY

Kim Kardashian is reportedly negotiating to buy back the minority stake in her beauty company, SKKN BY KIM, from Coty Inc. (NYSE:COTY). The sale price and other details are yet to be finalized. Coty had acquired a 20% stake in the business three years ago, valuing it at $1 billion. Kardashian's move is seen as an effort to expand SKKN’s beauty categories.

Portfolio Pulse from Benzinga Newsbot

July 12, 2023 | 5:04 am

ATVI

BRK

MSFT

Warren Buffett's Berkshire Hathaway stands to make over $1 billion profit from Microsoft's acquisition of Activision Blizzard. Berkshire Hathaway owned nearly 50 million shares of Activision at the end of Q1 2023. The court's decision to allow the acquisition led to a 12% surge in Activision's stock.

Portfolio Pulse from Benzinga Newsbot

July 12, 2023 | 3:36 am