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Acquisitions Mergers

ABAT

AMSYF

FQVLF

GOLD

GROY

American Battery Technology (ABAT) has initiated its lithium hydroxide pilot plant in Reno, Nevada, to produce battery-grade lithium hydroxide from unconventional sources, supported by a $4.5 million U.S. Department of Energy grant. ArcelorMittal Calvert (AMSYF) plans to construct a facility in Alabama for producing non-grain-oriented electrical steel, backed by $280.5 million in investment tax credits. Gold Royalty (GROY) reported a significant increase in revenue and gold equivalent ounces for Q1, projecting higher revenues for 2024. Saudi Arabia's Manara Minerals (FQVLF) is nearing a deal to acquire a minority stake in Pakistan's Reko Diq mine, a project 50% owned by Barrick Gold (GOLD).

Portfolio Pulse from austin@walkonholdings.com

April 22, 2024 | 9:01 pm

CPRI

TPR

Tapestry is responding to the FTC's attempt to block its acquisition of Capri Holdings, expressing confidence in the transaction's merits and its pro-competitive nature. The company aims to close the deal in 2024, highlighting the benefits for customers, employees, partners, and shareholders globally. Tapestry plans to defend the transaction in court.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 9:01 pm

EQBK

Equity Bancshares has entered into a definitive merger agreement to acquire KansasLand Bancshares Inc., expanding its network to 73 bank locations with $5.3 billion in total assets. This acquisition includes KansasLand Bank's locations in Quinter and Americus, Kansas, enhancing Equity Bancshares' presence in western and central Kansas.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 8:56 pm

BLD

TopBuild Corp. (NYSE:BLD) and Specialty Products and Insulation mutually terminated their acquisition agreement, initially announced on July 27, 2023. TopBuild, a leader in the insulation and building material distribution in the US and Canada, cited the inability to agree on terms that would likely receive regulatory approval as the reason for termination. The company paid a $23 million termination fee but remains committed to growth through acquisitions, leveraging its strong free cash flow in a market worth over $18 billion.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 8:29 pm

Crane Company is set to acquire CryoWorks for approximately $61 million. CryoWorks, with annual sales of around $28 million and an adjusted EBITDA of about $5 million, is expected to be fully acquired by Crane by April 30.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 8:17 pm

DCO

Albion River LLC, through its affiliate Ignium LP, has increased its equity holdings in Ducommun Incorporated (NYSE:DCO) to over 9.2%, owning more shares than all of Ducommun's management and Board of Directors combined. Following Albion's bid disclosure, Ducommun's stock reached a 52-week high but then dropped 11% after the company announced it is not for sale. Albion criticizes the board's refusal to sell and suggests stock-based compensation be aligned with a $60 strike price to maximize shareholder value. Albion plans to make its case to shareholders at the upcoming Annual General Meeting on April 24th.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 8:08 pm

AGBA

AGBA Group Holding Limited (NASDAQ:AGBA) shares are experiencing an upward trend following the announcement of a definitive merger agreement with Triller Corp., valuing the combined company at approximately $4 billion. Post-merger, Triller will become a wholly-owned subsidiary of Agba, with Agba stockholders owning 20% and Triller stockholders owning 80% of the combined entity. The merger has received majority shareholder support and approval from both companies' boards. Agba's stock is trading higher with significant volume, indicating strong investor interest.

Portfolio Pulse from Erica Kollmann

April 22, 2024 | 7:54 pm

AGBA

AGBA Group's shares are experiencing an increase in value due to sustained upward momentum following the announcement of a definitive merger agreement with Triller on Friday.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 7:54 pm

HEPA

MLEC

MTTR

NIVF

VAXX

WRNT

ZION

U.S. stocks saw gains with the S&P 500 rising over 1%. Zions Bancorporation (ZION) shares increased by 4% after reporting Q1 earnings that exceeded EPS estimates but missed revenue forecasts. Other notable movements included Moolec Science (MLEC), NewGenIvf Group (NIVF), and Matterport (MTTR) experiencing significant gains, while Vaxxinity (VAXX), Hepion Pharmaceuticals (HEPA), and Warrantee (WRNT) saw sharp declines.

Portfolio Pulse from Avi Kapoor

April 22, 2024 | 6:46 pm

LLY

Eli Lilly (NYSE:LLY) is acquiring a manufacturing facility from Nexus Pharmaceuticals to expand its parenteral product manufacturing and address the supply-demand gap for its GLP-1 drugs Zepbound and Mounjaro. The facility, located in Pleasant Prairie, Wisconsin, will support increased demand for Lilly's medicines, with production expected to begin by the end of 2025. This move comes as Lilly faces a supply crunch for Zepbound and Mounjaro, with limited supplies expected through the second quarter of this year. Lilly's investments aim to increase production throughout 2024 and beyond, with the drugs expected to be available from a new North Carolina facility in January 2025.

Portfolio Pulse from Vandana Singh

April 22, 2024 | 6:21 pm