Streetbeat News

Acquisitions Mergers

AGFY

NMHI

Nature's Miracle Holding Inc. (NASDAQ:NMHI) and Agrify Corporation (NASDAQ:AGFY) have mutually terminated their merger agreement due to unfavorable market conditions. The termination comes without any fees and includes the cessation of Nature’s Miracle’s acquisition of Agrify’s outstanding debt. Both companies' stock prices have dropped significantly following the announcement.

Portfolio Pulse from Patricio Liddle

May 20, 2024 | 8:23 pm

DWAC

Trump Media & Technology Group (TMTG) reported a balance of cash and cash equivalents of $273.7 million as of March 31, 2024, and a Q1 operating loss of $12.1 million. The company has completed its merger with Digital World Acquisition Corp. (DWAC) and is now focusing on expanding its Truth Social platform, including potential mergers and acquisitions and developing a live TV streaming service.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 8:21 pm

PSX

Phillips 66 (PSX) is set to acquire Pinnacle Midstream from Energy Spectrum Capital for $550 million in cash. This strategic move aims to expand Phillips 66's natural gas gathering and processing operations in the Midland Basin. The transaction is expected to close around mid-2024, pending customary closing conditions and regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 8:16 pm

MTUS

PRU

Metallus has entered into an agreement to purchase a group annuity contract from The Prudential Insurance Company of America in connection with the termination of TimkenSteel Corporation's retirement plan. This move settles approximately $121 million in pension obligations.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 8:12 pm

IP

Brazil's Suzano is reportedly in talks to raise its offer for International Paper, according to sources. This development could impact International Paper's stock price in the short term.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 7:59 pm

JCI

Soroban Capital has reportedly acquired a significant stake in Johnson Controls (JCI), valued at over $500 million, joining Elliott Management as a major investor.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 7:26 pm

SPT

Sprout Social shares are trading higher following a report suggesting the company's founders are in talks to take it private.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 7:13 pm

SPT

Sprout Social's founders are reportedly in discussions to take the company private, according to sources. This move could significantly impact the company's stock price and market perception.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 7:12 pm

AMZN

APO

PARA

SONY

Paramount Global's stock has been declining, exacerbated by Warren Buffett's Berkshire Hathaway selling its stake. The stock is trading below key moving averages, indicating bearish sentiment. Despite some short-term bullish indicators, the overall trend remains negative. Paramount has also faced leadership changes and failed merger talks.

Portfolio Pulse from Surbhi Jain

May 20, 2024 | 6:35 pm

INST

JPM

Instructure Holdings Inc (NYSE:INST) shares surged following reports that Thoma Bravo is exploring a sale of the company. Thoma Bravo, which owns 83% of Instructure, has engaged JP Morgan Chase & Co (NYSE:JPM) to gauge interest from potential buyers. Instructure's stock has underperformed since its IPO, despite recent revenue growth.

Portfolio Pulse from Adam Eckert

May 20, 2024 | 5:21 pm