Streetbeat News

Acquisitions Mergers

MNST

Monster Beverage Corporation (NASDAQ:MNST) has entered into an Asset Purchase Agreement with Vital Pharmaceuticals, Inc and its debtor affiliates, Bang Energy. Under the agreement, Monster will acquire substantially all of Bang Energy's assets, including a beverage production facility in Phoenix, Arizona. The deal is part of Monster's strategy to capitalize on the growing energy drink market. Bang Energy filed for Chapter 11 bankruptcy in October 2022. Monster held around $3 billion in cash and equivalents as of March 31, 2023. MNST shares are currently trading lower by 1.29% at $56.70.

Portfolio Pulse from Shivani Kumaresan

July 03, 2023 | 1:48 pm

FIS

Private equity groups are considering purchasing a majority stake in Worldpay from Fidelity National Information Services Inc (FIS) at a valuation exceeding $15 billion. This would deviate from FIS's plan to spin off Worldpay as a separate publicly traded entity. Large Wall Street lenders are reportedly discussing the possibility of financing the deal. FIS shares are up 8.41% in premarket trading.

Portfolio Pulse from Vandana Singh

July 03, 2023 | 1:30 pm

AJX

EFC

Ellington Financial Inc. (EFC) has entered a definitive merger agreement to acquire Great Ajax Corp. (AJX) for an implied offer price of $7.33 per share, a 19% premium to the Great Ajax stock closing price on June 30, 2023. Following the acquisition, each share of Great Ajax common stock will be converted into 0.5308 shares of Ellington Financial common stock. The transaction is expected to be accretive to earnings within one year of closing.

Portfolio Pulse from Nabaparna Bhattacharya

July 03, 2023 | 1:11 pm

PLM

Polymet Mining Corp. announced that Glencore has made a non-binding proposal to acquire the company for $2.11 per share. This has led to a rise in Polymet's share price.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 12:34 pm

IJR

J

RIG

V

CNBC's 'Halftime Report Final Trades' featured recommendations from various analysts. Stephen Weiss of Short Hills Capital Partners recommended Jacobs Solutions Inc. (NYSE:J) citing its recent Engineering Partnering Agreement with Fortescue Future Industries. Bryn Talkington of Requisite Capital Management recommended Visa Inc. (NYSE:V), highlighting its recent acquisition of Pismo and the upcoming earnings season for financial stocks. Jim Lebenthal of Cerity Partners recommended Transocean Ltd. (NYSE:RIG) following its $184-million award for semisubmersible services. Liz Young of BNY Mellon Investment Management recommended iShares Core S&P Small-Cap ETF (NYSE:IJR).

Portfolio Pulse from Lisa Levin

July 03, 2023 | 12:30 pm

PLM

Polymet Mining has announced that its special committee is reviewing a proposal from Glencore. The review is being conducted in accordance with fiduciary duties and in consultation with independent financial and legal advisors, according to an SEC filing.

Portfolio Pulse from Happy Mohamed

July 03, 2023 | 12:18 pm

PLM

PolyMet Mining Corp. has received a non-binding proposal from Glencore AG to acquire all outstanding shares of the company for $2.11 per share, according to an SEC filing.

Portfolio Pulse from Happy Mohamed

July 03, 2023 | 12:16 pm

MNST

Monster Beverage Corporation has entered into an asset purchase agreement with Vital Pharmaceuticals, which filed for Chapter 11 protection in October 2022. The terms of the deal were not disclosed. The transaction is aimed at capitalizing on the growing energy drink market.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 12:09 pm

BWAQ

Blue World Acquisition Corporation (BWAQ) has announced an extension of the deadline for an initial business combination to August 2.

Portfolio Pulse from Bill Haddad

July 03, 2023 | 12:01 pm

ERES

East Resources Acquisition Company (ERES) has completed its business combination with Abacus Life. Post the merger, ERES has been renamed to Abacus Life, Inc. and will start trading on Nasdaq under the ticker symbol 'ABL' from July 5, 2023. The company aims to leverage the capital raised from this transaction and its new access to public markets to scale and expand its portfolio of life settlement services and specialty insurance products.

Portfolio Pulse from Happy Mohamed

July 03, 2023 | 12:01 pm