Streetbeat News

Acquisitions Mergers

ENZ

Enzo Biochem's unit has entered an amendment to a purchase agreement dated March 16, 2023. The amendment adjusted the purchase price for the business from $146M to $113.25M.

Portfolio Pulse from Charles Gross

July 10, 2023 | 9:26 pm

FORG

The Department of Justice (DoJ) is close to making a decision on whether to challenge the acquisition of ForgeRock (FORG) by private equity firm Thoma Bravo, according to Reuters.

Portfolio Pulse from Charles Gross

July 10, 2023 | 9:16 pm

MDU

MDU Resources Group, Inc. plans to separate its construction services business in a tax-advantaged manner. The company also anticipates additional project opportunities from the federal Infrastructure Investment and Jobs Act and the ongoing energy transition in the U.S.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 9:01 pm

BRK.A

Dominion Energy has announced the sale of its remaining interest in Cove Point to Berkshire Hathaway Energy for $3.5 billion. The sale is expected to close by the end of 2023, subject to standard HSR clearance. The after-tax proceeds are expected to be used to retire debt, making the deal highly credit accretive.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 8:32 pm

NNDM

SSYS

Nano Dimension Ltd. (NNDM) has increased its unsolicited partial tender offer to acquire Stratasys Ltd. (SSYS) shares to $24.00 from $20.05 per share. The Stratasys Board, which previously rejected Nano's offers, will review the revised offer. Stratasys is also in a merger agreement with Desktop Metal, Inc. (DM), which remains unchanged.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 8:24 pm

BMY

PRTA

Bristol Myers Squibb has exercised its option to obtain exclusive worldwide commercial rights for PRX005, an anti-tau antibody developed by Prothena for the potential treatment of Alzheimer's disease. Bristol Myers Squibb will pay Prothena $55M and will be responsible for development, manufacturing, and commercialization of PRX005.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 8:12 pm

NBTB

NBT Bancorp Inc. (NASDAQ:NBTB) has received regulatory approval for its proposed merger with Salisbury Bancorp, Inc. The merger is expected to close on August 11, 2023, with Salisbury Bank locations opening as NBT Bank offices on August 14, 2023. The merger was approved by Salisbury shareholders on April 12, 2023.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 8:00 pm

ADBE

ATVI

MSFT

Adobe Systems, Inc (ADBE) is facing global antitrust resistance to its proposed acquisition of Figma, Inc. The European Commission has until August 7 to decide whether to clear the acquisition or move to a more detailed investigation. The U.S. Department of Justice is also reportedly preparing to file a lawsuit to enjoin the acquisition. Despite these challenges, Adobe's stock has increased 44% year to date. JMP analyst Patrick Walravens maintained a Market Perform rating on Adobe.

Portfolio Pulse from Anusuya Lahiri

July 10, 2023 | 7:01 pm

DIS

PARA

SPY

Disney's acquisition of Lucasfilm in 2012 for $4.05 billion has proven to be a profitable move, with the Star Wars and Indiana Jones franchises contributing significantly to Disney's revenues. Since the acquisition, Disney's stock has seen a return of 71.3%. However, this return has trailed that of the SPDR S&P 500 ETF Trust, which has seen a return of 209.1% in the same period.

Portfolio Pulse from Chris Katje

July 10, 2023 | 6:22 pm

INFI

MEIP

MRK

Infinity Pharmaceuticals has announced further design features of its Phase 2 MARIO-8 study in Squamous Cell Cancer of the Head and Neck (SCCHN). The study is designed to optimize the dose of the oral drug candidate, eganelisib, in combination with Merck & Co Inc's Keytruda. The company has received FDA feedback and, pending final FDA review and subject to the successful close of the company's proposed merger with MEI Pharma Inc, preliminary safety and efficacy data are expected in the second half of 2024. A second leading independent proxy advisory firm, Glass, Lewis & Co, has recommended that stockholders of Infinity and MEI vote for the merger. INFI shares are up 19.80% at $0.24 on the last check Monday.

Portfolio Pulse from Vandana Singh

July 10, 2023 | 4:45 pm