Streetbeat News

Acquisitions Mergers

AUPH

Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) has announced that its Board of Directors is exploring strategic alternatives to maximize shareholder value, including a potential sale, merger, or other strategic transaction. The company has not set a timetable for this process. The Board has also accepted the resignations of two directors and has initiated a search for their replacements.

Portfolio Pulse from Happy Mohamed

June 29, 2023 | 8:07 pm

AEP

Southwestern Electric Power Co., a subsidiary of American Electric Power (NASDAQ:AEP), has received approval from the Louisiana Public Service Commission to proceed with its plan to acquire up to 999 megawatts of renewable generation resources. The plan includes the construction of one solar and two wind projects by Invenergy, which will then be acquired by SWEPCO. The move is part of SWEPCO's long-term strategy to replace a third of its capacity with wind and solar resources.

Portfolio Pulse from Happy Mohamed

June 29, 2023 | 8:01 pm

KTTA

LSDI

Lucy Scientific Discovery (LSDI) has reiterated its proposal to acquire Pasithea Therapeutics at $0.85 per share, a 142% premium to Pasithea's share price. The offer includes $0.60 in cash and $0.25 in LSDI stock for each share of Pasithea.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 6:51 pm

ATVI

MSFT

The Canadian Justice Department has informed Microsoft that its proposed acquisition of Activision is likely to result in a substantial lessening of competition. The Bureau is continuing to monitor the transaction.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 6:23 pm

V

Visa Inc. (NYSE:V) shares are rising after the company announced the acquisition of Pismo. The acquisition will allow Visa to offer clients core banking and issuer processing capabilities across various card types and provide support for emerging payment networks. The transaction is expected to close by the end of 2023.

Portfolio Pulse from Ryan Gustafson

June 29, 2023 | 6:11 pm

TRU

Enento Group is reportedly considering a sale after rejecting an approach from TransUnion, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 6:07 pm

DKNG

DraftKings Inc. (NASDAQ:DKNG) shares are trading higher following the company's announcement that it is no longer pursuing the acquisition of the U.S. business of PointsBet Holdings Ltd. Oppenheimer analyst Jed Kelly reiterated an Outperform rating on DraftKings and implied that PointsBet's U.S. segment was undervalued. He also noted that Fanatics Betting and Gaming could become a larger player in online sports betting.

Portfolio Pulse from Ryan Gustafson

June 29, 2023 | 6:01 pm

BTAI

FC

SGTX

WAVE

Several stocks experienced significant movement in Thursday's mid-day session. Sigilon Therapeutics (SGTX) shares climbed 523.8% after Eli Lilly agreed to acquire the company. Eco Wave Power Global (WAVE) gained 47.4% after announcing plans for a share repurchase program. Franklin Covey Co. (FC) gained 25.2% following upbeat Q3 results. Carriage Services (CSV) surged 24.4% after its Board initiated a process to explore potential strategic alternatives. The Greenbrier Companies (GBX) gained 23.2% after reporting better-than-expected Q3 results and raising FY23 revenue guidance. On the downside, BioXcel Therapeutics (BTAI) shares dipped 62.2% after releasing topline results from a Phase 3 trial.

Portfolio Pulse from Lisa Levin

June 29, 2023 | 5:52 pm

DM

SSYS

The Donerail Group, a large shareholder of Stratasys Ltd. (SSYS), has expressed skepticism regarding the strategic and financial merits of the pending acquisition of Desktop Metal. Donerail has urged the Stratasys board to consider a superior proposal from 3D Systems. The group has also expressed concern over the board's refusal to negotiate with potential suitors prior to finalizing the Desktop Metal transaction.

Portfolio Pulse from Happy Mohamed

June 29, 2023 | 5:44 pm

OSTK

Overstock.com CEO appeared on CNBC to discuss the company's acquisition of intellectual property from Bed, Bath & Beyond.

Portfolio Pulse from Happy Mohamed

June 29, 2023 | 5:23 pm