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Acquisitions Mergers

NSC

Preliminary voting results from the 2024 Annual Meeting indicate that Ancora has successfully secured board seats for its nominees, signaling a significant shift in leadership and strategy for the company. Shareholders showed a lack of support for current board members including Amy Miles, Jennifer Scanlon, and John Thompson, and CEO Alan Shaw received a vote of no confidence with barely 50% support. This development underscores Ancora's ongoing campaign for changes at the company, especially in light of the upcoming government report on the East Palestine derailment and toxic burn.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:55 pm

ALAB

BX

CGNX

ECL

KKR

NET

Jim Cramer recommended buying Cloudflare (NET) citing upbeat earnings and Cognex (CGNX) for its niche market. He praised KKR (KKR) and Blackstone (BX) for their performance, despite typically avoiding such recommendations. Cramer advised waiting on Astera Labs (ALAB) due to high prices but endorsed Ecolab (ECL) after its earnings report. Cloudflare, Cognex, KKR, Blackstone, and Ecolab shares saw varied movements, while Astera Labs shares dipped significantly.

Portfolio Pulse from Avi Kapoor

May 09, 2024 | 12:50 pm

AGS

PlayAGS, a gaming company, anticipates its proposed merger transaction valued at $1.1 billion to be finalized in the second half of 2025. This strategic move is expected to significantly impact the company's market position and financial health.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:35 pm

AGS

PlayAGS has entered into a definitive agreement to be acquired by affiliates of Brightstar Capital Partners for $12.50 per share in cash. This purchase price is a 41% premium over the last 90 days' volume-weighted average share price and a 40% premium over AGS' closing price on May 8, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:33 pm

ALOT

AstroNova acquired Portugal-based MTEX NS, S.A. for a total enterprise value of €24.3M, with an additional earnout of up to €4M based on revenue growth. The acquisition is expected to add $8M to $10M in revenue for AstroNova this fiscal year. MTEX NS has a significant presence in Europe, the Middle East, and the Americas.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:14 pm

CXXIF

C21 Investments Inc. reported a slight year-over-year increase in Q4 same-store sales, despite a 12% decline in Nevada sales. The company's FY 2023 financials show a revenue decrease of 2% to $28.3 million, with a net loss of $2.5 million, contrasting with a net income in 2023. Gross profit and margin also declined. The company announced the closing of a CA$4 million convertible debenture offering to fund the acquisition of Deep Roots Harvest, Inc.'s assets, including a dispensary in Southern Reno. This move is part of C21's strategy to expand its retail footprint in Nevada. Additionally, Viridian Capital Advisors anticipates increased M&A activity in the cannabis sector due to regulatory changes.

Portfolio Pulse from Jelena Martinovic

May 09, 2024 | 12:01 pm

ARKB

BITB

FBTC

GBTC

IBIT

Spot Bitcoin ETFs experienced $11M in net inflows on May 8, led by the Bitwise ETF (BITB) with Grayscale shifting focus towards a Spot Ether ETF. Other notable ETFs like GBTC, IBIT, FBTC, and ARKB reported no changes. Grayscale's strategic pivot to enhance its Ethereum trust reflects a broader industry trend favoring spot over futures products.

Portfolio Pulse from Murtuza Merchant

May 09, 2024 | 12:00 pm

X

Nippon Steel remains committed to its $14.9 billion acquisition of US Steel (NYSE:X) despite political and union challenges. The deal, facing bipartisan opposition and antitrust scrutiny in the US, is expected to close by late 2024. Nippon Steel has assured no job losses or plant shutdowns, with a $1.4 billion capital spending commitment and no layoffs through at least 2026.

Portfolio Pulse from Benzinga Neuro

May 09, 2024 | 11:57 am

SPSC

SPS Commerce has acquired Traverse Systems for around $29.3M, combining cash and stock. The acquisition is expected to add $600,000 in revenue in Q2 2024 but will negatively impact Adjusted EBITDA by $200,000. For the fiscal year 2024, an additional $2.9M in revenue and a breakeven in Adjusted EBITDA are anticipated. By 2025, the acquisition is projected to contribute $5M in revenue and $1.5M in Adjusted EBITDA.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 11:56 am

SLND

Southland has been awarded a $202M project to construct the Bull Run Filtration Facility, aimed at providing safe drinking water to nearly one million residents in Multnomah, Clackamas, and Washington counties. The project includes extensive construction work and will be added to the Q2 2024 backlog.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 11:45 am