Streetbeat News

Acquisitions Mergers

COVTY

Covestro AG (OTC:COVTY) has rejected a $12 billion takeover proposal from Abu Dhabi National Oil Co (ADNOC), citing the offer as 'too low'. The offer represents a per-share price in the mid-50 euros, compared to Covestro's closing price of 40.31 euros as of 19th June.

Portfolio Pulse from Lekha Gupta

June 22, 2023 | 3:16 pm

TECH

Bio-Techne Corporation (NASDAQ:TECH) has agreed to acquire Lunaphore Inc, a Swiss company that develops automated spatial biology solutions. The acquisition is expected to close in Q1 of Bio-Techne's fiscal 2024 and will expand its spatial biology offerings, providing automation for RNAscope assays and synergies with its antibody portfolio.

Portfolio Pulse from Vandana Singh

June 22, 2023 | 2:57 pm

HOOD

PYPL

Robinhood Markets Inc (NASDAQ:HOOD) is set to acquire San Francisco-based X1, a no-fee credit card platform, for around $95 million in cash. The deal is expected to close in Q3 2021 and will allow Robinhood to offer credit to its customers.

Portfolio Pulse from AJ Fabino

June 22, 2023 | 2:19 pm

HOOD

Robinhood Markets has signed an agreement to acquire X1 for approximately $95 million in cash. X1's co-founders Deepak Rao and Siddharth Batra will oversee the new business, with Rao serving as GM of Credit Cards.

Portfolio Pulse from Happy Mohamed

June 22, 2023 | 1:58 pm

ALVR

CDMO

CHD

IGMS

ROOT

SPR

STKH

TALS

US stocks traded lower following the initial jobless claims report, with the Nasdaq Composite dropping over 150 points. Consumer staples shares rose, while energy shares dipped. Root, Inc. shares shot up after a takeover bid, while AlloVir, Inc. shares dropped after pricing a share offering. Spirit AeroSystems Holdings, Inc. fell after suspending factory operations due to a worker's strike.

Portfolio Pulse from Lisa Levin

June 22, 2023 | 1:41 pm

TMPO

Tempo Automation secured a $7 million convertible promissory note facility, improving its financial position and providing capital for the Optimum acquisition.

Portfolio Pulse from Benzinga Newsdesk

June 22, 2023 | 1:18 pm

TALS

Talaris Therapeutics and Tourmaline Bio have announced a merger agreement, causing Talaris shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

June 22, 2023 | 1:17 pm

AGLE

Aeglea BioTherapeutics has acquired Spyre Therapeutics, a biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD). The acquisition includes a private placement of Series A non-voting convertible preferred stock, resulting in approximately $210 million in gross proceeds. The funds will be used to advance Spyre's IBD product portfolio and support operations until 2026.

Portfolio Pulse from Vandana Singh

June 22, 2023 | 12:59 pm

AGLE

Aeglea BioTherapeutics has announced the acquisition of Spyre Therapeutics and a concurrent oversubscribed $210 million private investment. This news has led to an increase in AGLE's share price.

Portfolio Pulse from Benzinga Newsdesk

June 22, 2023 | 12:32 pm

CVNA

ROOT

Root Inc (NASDAQ:ROOT) shares are trading higher following reports of a takeover bid by Embedded Insurance at $19.34 per share, a significant premium to recent share prices. Root is a car insurance firm backed by Carvana Co (NYSE:CVNA).

Portfolio Pulse from Adam Eckert

June 22, 2023 | 12:25 pm