Streetbeat News

Acquisitions Mergers

LAZ

Lazard Ltd (NYSE:LAZ) reportedly held acquisition talks with Abu Dhabi's sovereign wealth fund ADQ earlier this year, but negotiations fell apart after both sides withdrew from the deal. Lazard recently announced the appointment of Peter R. Orszag as the new CEO, effective October 1, 2023.

Portfolio Pulse from Lekha Gupta

June 20, 2023 | 1:58 pm

DICE

PAM

RNW

US stocks traded mixed with Dow Jones dropping over 150 points, while housing starts surged 21.7% MoM in May. Utilities shares jumped by 1.2%, with ReNew Energy Global (RNW) and Pampa Energía (PAM) both up 5%. DICE Therapeutics (DICE) shares rose 38% after Eli Lilly agreed to acquire the company.

Portfolio Pulse from Lisa Levin

June 20, 2023 | 1:52 pm

DICE

LLY

Eli Lilly has agreed to acquire biopharmaceutical company DICE Therapeutics for $2.4 billion. The acquisition will expand Lilly's pipeline with DICE's oral therapeutic candidates for immunology indications, including IL-17 inhibitors DC-806 and DC-853.

Portfolio Pulse from Vandana Singh

June 20, 2023 | 1:51 pm

UPXI

Upexi Inc. (NASDAQ:UPXI) has voluntarily terminated its acquisition of a superfoods brand, stating that the transaction value did not make sense in the current market environment. The company plans to reinvest the capital in growth initiatives for current brands and other businesses.

Portfolio Pulse from Happy Mohamed

June 20, 2023 | 1:47 pm

QUOT

Quotient Technology announced it will combine with Neptune Retail Solutions, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

June 20, 2023 | 1:25 pm

QUOT

Quotient Technology (NYSE: QUOT) will be acquired by Neptune Retail Solutions in an all-cash transaction valued at $430 million. Quotient shareholders will receive $4 per share in cash, a 36% premium. The deal combines Quotient's digital promotions and media technology with Neptune's omnichannel retail marketing solutions.

Portfolio Pulse from Happy Mohamed

June 20, 2023 | 1:22 pm

DICE

LLY

Eli Lilly and Co (LLY) has agreed to acquire DICE Therapeutics (DICE) for $48 per share in cash. The transaction has been approved by both companies' boards and is expected to close in Q3. DICE's stock price soared, hitting new 52-week highs.

Portfolio Pulse from Adam Eckert

June 20, 2023 | 1:18 pm

MEC

Mayville Engineering Company (NYSE:MEC) has agreed to acquire Mid-States Aluminum Corp for $96 million. The acquisition is expected to close in Q3 2023 and contribute $30-35 million in net sales and $4-6 million in Adjusted EBITDA for FY 2023. MEC plans to fund the transaction by amending its existing credit agreement.

Portfolio Pulse from Shivani Kumaresan

June 20, 2023 | 1:12 pm

FCNCA

HSBC

First Citizens Bank's Maritime Finance group has acquired $123 million of Greek shipping loans from HSBC Bank Plc, expanding its maritime financings for clients in Greece. The loan portfolio covers 11 financings involving 14 vessels and eight clients.

Portfolio Pulse from Happy Mohamed

June 20, 2023 | 1:10 pm

BABA

EADSY

GOOGL

GRAB

HYMTF

NVDA

SPOT

Spotify plans to launch a more expensive subscription plan called 'Supremium' with high-fidelity audio. Grab Holdings plans to cut its workforce by 5%. Deutsche Bank applies for a digital asset custody license. Google is in talks with Indian suppliers to assemble Pixel smartphones. Chinese vendors bypass the US embargo to supply Nvidia AI chips. Alibaba names Eddie Wu as its new CEO. Hyundai unveils an $85B investment plan for EVs. Airbus confirms a 500 A320 aircraft order from IndiGo.

Portfolio Pulse from Vandana Singh

June 20, 2023 | 1:07 pm