Streetbeat News

Acquisitions Mergers

BX

LBO

PSP

SMAR

Blackstone Inc. and Vista Equity Partners are reportedly in talks to acquire Smartsheet Inc., which has a market value of around $7 billion. Smartsheet recently reported strong earnings, surpassing estimates. Blackstone has been actively acquiring assets, including AirTrunk and a stake in the Burstone Group's PEL platform. BX and SMAR stocks have seen positive price action.

Portfolio Pulse from Lekha Gupta

September 06, 2024 | 2:05 pm

DRI

Red Lobster is nearing an exit from Chapter 11 bankruptcy with a plan to be acquired by RL Investor Holdings LLC, backed by Fortress Investment Group. The acquisition aims to reinvigorate the brand with over $60 million in new funding. Red Lobster will operate independently with a new CEO, Damola Adamolekun, and plans to focus on its 544 locations across the U.S. and Canada.

Portfolio Pulse from Chris Katje

September 06, 2024 | 2:02 pm

ANCTF

SVNDF

Seven & i Holdings Co. rejected a $39 billion takeover offer from Alimentation Couche-Tard, citing undervaluation and regulatory challenges. The board remains open to better offers that recognize the company's value and address regulatory concerns.

Portfolio Pulse from Vandana Singh

September 06, 2024 | 12:47 pm

CLF

JPM

WFC

X

Cleveland-Cliffs is prepared to acquire U.S. Steel assets if a deal with Nippon Steel is blocked by the Biden administration. U.S. Steel's shares dropped significantly after the deal was flagged as a national security risk. Cleveland-Cliffs has union and financial backing for the acquisition.

Portfolio Pulse from Matt Whittaker

September 06, 2024 | 12:29 pm

TCBI

Texas Capital Bancshares announced strategic acquisitions, balance sheet repositioning, and new initiatives as part of its transformation plan. The company aims to enhance client services and long-term value creation. Key actions include acquiring a $400 million healthcare portfolio, selling $1.24 billion in securities to purchase higher-yielding ones, and launching new platforms like Direct Lending and Public Finance.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2024 | 12:06 pm

CLF

X

US Steel shares rose as Cleveland-Cliffs expressed interest in acquiring and investing in assets that US Steel may shut down.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2024 | 12:04 pm

PBM

Psyence Biomedical's shares rose following the announcement of a conditional binding term sheet to acquire Clairvoyant Therapeutics.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2024 | 11:39 am

CDAQ

Compass Digital Acquisition (CDAQ) has announced a business combination with EEW Renewables, valuing the enterprise at $386 million. The deal is expected to close in Q1 2025, with EEW shareholders owning 79% of the new entity. The combined company plans to list on Nasdaq.

Portfolio Pulse from Nabaparna Bhattacharya

September 06, 2024 | 11:36 am

PBM

Psyence Biomedical has entered a conditional binding term sheet to acquire Clairvoyant Therapeutics. The acquisition involves issuing $500,000 in common shares and potential additional payments based on milestone achievements. Psyence will also provide up to $1.80 million to settle Clairvoyant's liabilities.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2024 | 11:32 am

INTC

MBLY

Intel is considering selling up to 88% of its stake in Mobileye amid financial pressures, as both companies face significant stock declines. Mobileye has struggled with reduced auto production and weak demand from China, while Intel's Network and Edge business has seen revenue drops. Intel is also exploring options for its enterprise networking division and seeking to boost its contract chip business.

Portfolio Pulse from Anusuya Lahiri

September 06, 2024 | 11:22 am