Streetbeat News

Acquisitions Mergers

EMKR

EMCORE Corporation (NASDAQ:EMKR) has sold its Chips business and indium phosphide wafer fabrication operations to HieFo Corporation for $2.92 million, including the assumption of certain liabilities. The sale, effective April 30, 2024, includes assets like equipment, contracts, IP, and inventory. HieFo, led by former EMCORE VP Dr. Genzao Zhang, will continue operations at EMCORE's Alhambra site, focusing on telecom, datacom, and AI connectivity industries.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 8:40 pm

AMSYF

CTGO

HCC

MTRN

Warrior Met Coal reported a production surge and strong Q1 results, while Materion updated its earnings forecast amidst a sales decline. Contango ORE is set to acquire HighGold Mining, offering a significant premium to HighGold shareholders. ArcelorMittal showcased a recovery in Q1 with increased steel shipments and EBITDA.

Portfolio Pulse from austin@walkonholdings.com

May 02, 2024 | 8:40 pm

AMGN

ARWR

RPRX

Arrowhead Pharmaceuticals, Inc. (ARWR) received a $50 million milestone payment from Royalty Pharma plc (RPRX) after completing enrollment for the Phase 3 trial of olpasiran, a drug developed in partnership with Amgen (AMGN). Arrowhead is eligible for up to an additional $485 million in milestone payments from Amgen and Royalty Pharma. Olpasiran, developed using Arrowhead's TRiMTM technology, aims to lower levels of lipoprotein(a), a risk factor for cardiovascular disease.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 8:39 pm

APO

PARA

SONY

Sony Group Corporation and Apollo Global Management have made a $26 billion all-cash offer for Paramount Global, causing shares of PARA, SONY, and APO to trade higher. The offer, led by Sony with a majority stake and operational control, is a starting point for discussions, despite previous concerns about Apollo's financing capabilities.

Portfolio Pulse from Erica Kollmann

May 02, 2024 | 8:28 pm

MRDB

PRGS

Progress Software has officially announced that it has no intention to make an offer for MariaDB, putting an end to speculations about a potential acquisition.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 8:27 pm

ACA

Arcosa has raised its FY24 revenue and Adjusted EBITDA guidance following the acquisition of Ameron Pole Products LLC, reflecting better than expected Q1 results and strategic expansion. The updated revenue guidance is now $2.58B-$2.78B, up from $2.46B-$2.72B, with Adjusted EBITDA guidance increased to $410M-$440M from $380M-$420M. This update follows a strong Q1 operating cash flow of $81M, a 195% increase from the previous year, and a series of acquisitions aimed at expanding Arcosa's presence in the Construction Products and Engineered Structures markets.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 8:25 pm

CHK

SWN

Southwestern Energy announced it has stopped providing guidance due to its pending merger with Chesapeake Energy Corporation. This decision reflects the companies' focus on completing the merger process.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 8:22 pm

JWN

Nordstrom shares are trading higher after a report indicated that Sycamore Partners is considering taking the company private.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:52 pm

JWN

Sycamore Partners is reportedly one of the private equity firms interested in acquiring Nordstrom, aiming to take the company private, according to sources cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:47 pm

TD Bank is under a Justice Department investigation for its role in laundering money from U.S. fentanyl sales, involving Chinese crime groups and drug traffickers. This probe, part of broader scrutiny into TD's anti-money laundering practices, has revealed instances of employee bribery and has already impacted TD's expansion plans, including a failed acquisition. TD has set aside $450 million for one inquiry and faces additional penalties, alongside a recent fine by a Canadian regulator for failing to report suspicious activities.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:25 pm