Streetbeat News

Acquisitions Mergers

ORCL

Oracle Corporation exceeded Q4 earnings expectations, with its stock price increasing by nearly 6%. The company's success is attributed to its strategic shift towards cloud computing, backed by key acquisitions and partnerships, positioning Oracle Cloud Infrastructure as a major AI/Machine Learning development platform.

Portfolio Pulse from Zaheer Anwari

June 13, 2023 | 5:33 pm

PROK

ProKidney Corp. (NASDAQ:PROK) has agreed to purchase a 210,000 sq ft facility and 22 acres of land in Greensboro, NC for $25.5 million to support future commercial manufacturing needs for its REACT® therapy. The company plans to invest in the facility through 2028 and is eligible for up to $13.3 million in tax credits based on certain milestones.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 4:07 pm

BBBYQ

OSTK

Overstock.com has agreed to acquire some assets of Bed Bath & Beyond, including intellectual property, business data, and rights to mobile applications, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 4:01 pm

BBBY

OSTK

Overstock.com has entered into an asset purchase agreement with Bed Bath & Beyond to acquire certain assets for a total purchase price of $21.5 million.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 4:00 pm

MIDD

Middleby Corporation has acquired Filtration Automation Inc., known for its Micron-Pro brand high-capacity oil management systems. Filtration Automation has annual revenues of approximately $10 million and its patented technologies are used in various food applications. Middleby's cash balances as of April 1, 2023, were $156.5 million.

Portfolio Pulse from Akanksha Bakshi

June 13, 2023 | 3:14 pm

ACI

KR

The merger between Albertsons Companies Inc (NYSE:ACI) and Kroger Co (NYSE:KR) faces opposition from customers and unions, including the International Brotherhood of Teamsters and the United Food and Commercial Workers International Union. Concerns include employee protection, price increases, and reduced accessibility to food.

Portfolio Pulse from Lekha Gupta

June 13, 2023 | 3:13 pm

CZFS

HVBC

Citizens Financial Services, Inc. (CZFS) announced the preliminary results of the merger consideration elections for the pending merger with HV Bancorp, Inc. (HVBC). The transaction is expected to close on June 16, 2023. HVBC stockholders were entitled to elect to receive either $30.50 in cash or 0.4040 shares of CZFS stock.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 1:25 pm

LAD

Lithia Motors Inc (NYSE:LAD) has acquired 13 locations from Priority Automotive Group in Virginia, expanding its footprint in the Mid-Atlantic Region. The acquired stores are expected to generate annualized revenue of over $1.2 billion. Lithia Motors financed the acquisition using existing on-balance sheet capacity.

Portfolio Pulse from Lekha Gupta

June 13, 2023 | 1:22 pm

MANU

Manchester United Ltd (NYSE:MANU) shares are rising following reports that Qatari investors have succeeded in their bid to acquire the company. The investors reportedly submitted a final takeover offer of more than $6 billion last week.

Portfolio Pulse from Adam Eckert

June 13, 2023 | 12:57 pm

ABBV

AVGO

DE

CNBC's 'Halftime Report Final Trades' highlighted AbbVie, Deere & Company, and Broadcom as potential winners. AbbVie reported VRAYLAR reimbursement under the NIHB Program, Deere may return to over $400 level, and Broadcom is expected to benefit from AI advancements. EU Antitrust Regulators are set to approve Broadcom's acquisition of VMware.

Portfolio Pulse from Lisa Levin

June 13, 2023 | 12:48 pm