Streetbeat News

Acquisitions Mergers

VNDA

Future Pak has increased its offer for Vanda Pharmaceuticals (VNDA) to include Contingent Value Rights (CVRs), raising the total potential value to $11.62-$12.12 per share. This revised proposal, which adds up to $260 million in potential CVR payments, represents a premium of 140% to 150% over Vanda's current share price and 187% to 199% over its unaffected share price. The offer includes specific payments based on the sales of Fanapt and the licensing or monetization of Tradipitant. Despite Vanda's resistance and actions to limit shareholder influence, Future Pak remains committed to the acquisition, emphasizing the added value for shareholders and the strategic benefits of taking Vanda private.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 1:12 pm

SELF

Etude Storage Partners LLC proposes to acquire Global Self Storage, Inc. (NASDAQ:SELF) for $6.15 per share in cash, a 47% premium over the previous day's closing price. This offer follows two prior rejected proposals. ESP, a joint venture with significant self-storage industry experience and financial backing, aims to optimize the company's performance through private ownership. The proposal is fully financed, not contingent on financing, and seeks a negotiated merger agreement.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 1:11 pm

VNDA

Vanda Pharmaceuticals' stock price increased following an announcement that Future Pak raised its acquisition offer for the company.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 1:07 pm

MYGN

Myriad Genetics, Inc. (NASDAQ:MYGN) announced the reorganization of its European operations and the sale of its EndoPredict business to Eurobio Scientific, aiming to align resources more closely with domestic opportunities while maintaining service to international partners and patients. The deal, expected to close in Q2 or Q3 of 2024, includes licensing Eurobio the right to sell Prolaris in vitro diagnostic kits outside the U.S., while Myriad retains the right to produce and sell EndoPredict in the U.S. as part of its Precise Oncology Solutions suite.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 1:07 pm

VNDA

Future Pak has raised its acquisition offer for Vanda Pharmaceuticals to include Contingent Value Rights (CVRs) along with a cash offer of $7.25-$7.75 per share. The total value of the offer now stands at $11.62-$12.12 per share.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 1:03 pm

RBT

Rubicon Technologies, Inc. (NYSE:RBT) has sold its fleet technology business and issued convertible preferred stock to Rodina Capital for $94.2 million. This strategic move aims to strengthen Rubicon's balance sheet, reduce debts, and provide liquidity to support its core business focused on waste and recycling solutions. The sale includes up-front cash and an earnout consideration, marking a significant step towards Rubicon's profitability and growth. The company emphasizes its commitment to sustainability and the RUBICONConnect™ product, aiming to enhance services for its vast network of vendor and hauler partners.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 12:53 pm

FBTC

GBTC

IBIT

$130B asset manager Hightower Advisors has invested $68M in spot Bitcoin ETFs, including Grayscale, Fidelity, BlackRock, ARK, Bitwise, and Franklin Templeton Bitcoin ETFs. This move highlights growing institutional interest in Bitcoin and its acceptance in mainstream financial markets following the SEC's approval of Spot Bitcoin ETFs in January 2024.

Portfolio Pulse from Murtuza Merchant

May 07, 2024 | 12:51 pm

GWRS

Global Water Resources, Inc. (GWRS) is set to acquire seven water systems from Tucson Water, adding 2,200 customer connections in Pima County. This acquisition, pending approval by the Arizona Corporation Commission, is expected to be completed early next year. It aligns with GWRS's growth strategy and will increase their total customer base in the area to 7,200. The company plans to integrate these systems with its existing utilities, modernize them with advanced metering infrastructure (AMI), and implement best practices for water management.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 12:51 pm

PTON

Peloton Interactive's stock price is on the rise after reports surfaced that private equity firms are considering a buyout of the company.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 12:49 pm

BTDR

Bitdeer Technologies Group (NASDAQ:BTDR) reported a 13.7% increase in Bitcoin mined in April 2024 compared to April 2023, despite a 9.9% decrease from March 2024 due to the Bitcoin halving event. The company's total hash rate and mining machines under management showed growth year-over-year. Bitdeer is advancing in the construction of datacenters in Norway, the United States, and Bhutan, with completion expected by mid-2025. Additionally, the company is progressing with its mining machine project, planning trial production in May and June 2024.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 12:48 pm