Streetbeat News

Acquisitions Mergers

CIR

CIRCOR's shares are trading higher after receiving a new $57 per share binding cash proposal from Arcline, which is higher than the $51 per share revised merger agreement with KKR.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 11:57 am

GOOG

GOOGL

Alphabet Inc's Google plans to downsize the workforce at mapping app Waze as it merges its advertising system with Google Ads technology. The company reduced roles focused on Waze Ads monetization as it began transitioning Waze's existing advertising system to Google Ads technology. Google had acquired Waze for about $1.3 billion in 2013 and in December, shared plans to merge Waze and Google Maps teams to consolidate processes. Google's shares traded lower by 0.34% at $118.60 premarket on the last check Wednesday.

Portfolio Pulse from Anusuya Lahiri

June 28, 2023 | 11:56 am

DWAC

TWTR

Former President Donald Trump is considering a return to Twitter, despite owning his own platform, Truth Social. His return could potentially hurt Truth Social, as he owns 90% of Trump Media & Technology Group, the parent company of Truth Social. The value of these entities could decline significantly if Trump were to favor Twitter over Truth Social. A proposed merger between TMTG and the blank-check company Digital World Acquisition Corp. (NASDAQ:DWAC) is currently in limbo due to government investigations into potential money laundering violations.

Portfolio Pulse from Benzinga Newsbot

June 28, 2023 | 11:30 am

CP

CSX

CPKC, CSX and Genesee & Wyoming have reached agreements to create a new direct CPKC-CSX interchange connection in Alabama. As part of the transactions, CPKC and CSX would each acquire or operate portions of Meridian & Bigbee Railroad, a G&W-owned railway in Mississippi and Alabama, to establish a new freight corridor for shippers that connects Mexico, Texas and the U.S. Southeast.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 11:10 am

BBBYQ

OSTK

Overstock.com Inc (NASDAQ:OSTK) has received approval from a U.S. bankruptcy judge for its $21.5M acquisition of Bed Bath & Beyond Inc's (OTC:BBBYQ) brand name, intellectual property, and ecommerce platform. Bed Bath & Beyond, which filed for Chapter 11 bankruptcy in April, will also conduct a separate auction for its infants and toddlers products chain, Buy Buy Baby.

Portfolio Pulse from Shivani Kumaresan

June 28, 2023 | 10:26 am

WMC

Terra Property Trust, Inc. (TPT) and Western Asset Mortgage Capital Corporation (NYSE:WMC) have announced a definitive merger agreement. The combined REIT is expected to have approximately $1.2 billion in assets and $436 million of adjusted book value. WMC will issue new Class B common stock to TPT stockholders as merger consideration. Post-merger, TPT stockholders are expected to own approximately 76% of the combined company's outstanding common stock, while WMC stockholders are expected to own approximately 24%.

Portfolio Pulse from Charles Gross

June 28, 2023 | 10:14 am

LFUS

Littelfuse, Inc. (NASDAQ:LFUS) has announced a definitive purchase agreement to acquire a 200mm wafer fab in Dortmund, Germany from Elmos Semiconductor SE for approximately €93M. The acquisition is expected to close early in fiscal year 2025. The transaction is not expected to have a material impact on the company's fiscal year 2023 or 2024 financial results.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 10:03 am

CIR

KKR

Arcline has submitted a proposal to acquire CIRCOR for $57.00 per share, representing a 12% premium to the $51.00 per share price in CIRCOR's revised merger agreement with KKR & Co. Inc. The offer represents a total valuation of over $59.00 per share, factoring in over $2.00 per share in value leakage through termination fees agreed with KKR.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 10:02 am

DKNG

DraftKings Inc. (NASDAQ:DKNG) has announced that it will no longer pursue the acquisition of the U.S. business of PointsBet Holdings Ltd.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 7:29 am

FTHWF

PHRRF

PharmaTher Holdings Ltd. has filed a pre-submission facility correspondence for its novel racemic ketamine KETARX to the FDA, aiming for an expedited review. The company expects KETARX approval in Q1 2024 and a U.S. commercial launch in Q2 2024. Meanwhile, mental healthcare treatment provider Stella has acquired Field Trip’s U.S. assets to expand its treatment offerings. The acquisition will allow Stella to assume operations of Field Trip clinics in New York and Washington D.C.

Portfolio Pulse from Lara Goldstein

June 27, 2023 | 10:05 pm