Streetbeat News

Acquisitions Mergers

ATVI

MSFT

Microsoft CEO Satya Nadella and other Xbox executives will defend the company's proposed $68.7 billion acquisition of Activision Blizzard in an FTC case. If the FTC wins an injunction, the deal could be over. Sony's PlayStation chief, Jim Ryan, will also testify via video link.

Portfolio Pulse from Happy Mohamed

June 20, 2023 | 8:42 pm

NVEE

NV5 Global is reportedly exploring a sale, leading to an increase in its share prices.

Portfolio Pulse from Benzinga Newsdesk

June 20, 2023 | 7:58 pm

PARAA

Tyler Perry is reportedly refusing to pay the $3 billion asking price for Paramount's Black Entertainment Television (BET) Group, putting the sale in doubt. Perry, who already owns a 25% stake in BET and BET+, has private equity backing for his offer. Paramount Global, which bought BET for $2.7 billion in 2000, is seeking a sale price of roughly 10 times BET Group's current $325 million Ebitda.

Portfolio Pulse from Happy Mohamed

June 20, 2023 | 7:44 pm

AJRD

LHX

LMT

Lockheed Martin has raised concerns over L3Harris Technologies' acquisition of Aerojet Rocketdyne Holdings, citing lack of response to requests for access to rocket motors, fair pricing, and IP protections. Lockheed has approached the U.S. Defense Department and Federal Trade Commission for intervention.

Portfolio Pulse from Akanksha Bakshi

June 20, 2023 | 7:23 pm

NIO

TCEHY

Abu Dhabi Government's investment vehicle, CYVN Holdings, will invest $738.5 million in NIO Inc. for 84.7 million newly issued Class A ordinary shares. Concurrently, CYVN will purchase 40.14 million Class A ordinary shares from Tencent Holdings ADR. The transactions are expected to close in early July 2023.

Portfolio Pulse from Akanksha Bakshi

June 20, 2023 | 7:14 pm

CHRS

SURF

Coherus BioSciences (CHRS) has agreed to acquire Surface Oncology (SURF), with the deal expected to save CHRS at least $50 million and achieve profitability by 2024. Truist Securities analyst Robyn Karnauskas reiterated a Buy rating on CHRS, lowering the price target to $22 from $24.

Portfolio Pulse from Nabaparna Bhattacharya

June 20, 2023 | 6:57 pm

DKNG

DraftKings (DKNG) has offered $195 million for PointBet's US operations, a 30% premium to Fanatics' $150 million acquisition agreement. The deal would be funded through cash on the balance sheet and is expected to increase adjusted EBITDA potential in 2025. Truist Securities analyst Barry Jonas reiterated a Hold rating on DKNG shares with a price target of $26.00.

Portfolio Pulse from Shivani Kumaresan

June 20, 2023 | 6:52 pm

FDX

FedEx plans to fold its Canada Ground unit into its Express division, aiming to streamline operations and convert some contractors into employees.

Portfolio Pulse from Happy Mohamed

June 20, 2023 | 6:45 pm

CDRO

CPS

DFLI

DICE

FFIE

QUOT

SRGA

VCIG

Crude oil prices fell 2%, causing energy shares to dip by 2.4%. Dow Jones dropped over 150 points, NASDAQ fell 0.16%, and S&P 500 dropped 0.33%. Housing starts in the US surged 21.7% month-over-month in May. DICE Therapeutics shares rose 37% after Eli Lilly agreed to acquire the company, while Dragonfly Energy shares plunged 45% after pricing 10 million shares at $2 per share.

Portfolio Pulse from Lisa Levin

June 20, 2023 | 6:36 pm

BVNRY

EBS

VALN

Bavarian Nordic's phase 3 chikungunya virus vaccine trial has hit its primary endpoint in healthy adults aged 65 and above. The company acquired the vaccine candidate from Emergent BioSolutions for $380 million and is competing with Valneva's VLA1553 vaccine.

Portfolio Pulse from Vandana Singh

June 20, 2023 | 6:30 pm