Streetbeat News

Acquisitions Mergers

DCPH

Ono Pharmaceutical has agreed to acquire Deciphera Pharmaceuticals for $25.60 per share in cash, totaling an equity value of $2.4 billion. The acquisition is anticipated to close in the third quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 11:02 am

R

Ryder System, Inc. (NYSE:R) has opened a new multiclient logistics facility in El Paso, Texas, near the Ysleta Port of Entry, marking its second such facility at a major U.S.-Mexico port in recent months. This expansion aims to support the increasing nearshoring activity, following Mexico's emergence as the U.S.'s top trading partner last year.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 10:56 am

PARA

Paramount shares are trading higher following reports that the Redstone family and David Ellison are making concessions to investors. Ellison is said to be proposing to purchase a block of Paramount shares at a premium, which has positively impacted the stock's performance.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 10:54 am

TSLA

Elon Musk's recent visit to China for Tesla's FSD push coincides with China's increasing focus on hydrogen-powered vehicles as an alternative for green energy transition. The Chinese government is rolling out incentives for hydrogen vehicles, with Sichuan province leading initiatives like toll exemptions and subsidies for hydrogen refueling stations. Meanwhile, China's EV sector faces overcapacity, with production outpacing sales. Despite Musk's skepticism towards hydrogen energy, China is advancing its hydrogen infrastructure, positioning itself as a leader in clean energy. Tesla is also partnering with Baidu to introduce driver assistance features in China.

Portfolio Pulse from Pooja Rajkumari

April 29, 2024 | 10:32 am

FULT

Fulton Financial Corporation (FULT) has initiated an underwritten public offering of its common stock, with Piper Sandler and BofA Securities as joint book-running managers. The offering includes a 30-day option for underwriters to purchase additional shares. Proceeds will be used for general corporate purposes and to support business strategy following the acquisition of Republic First Bank assets and liabilities.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 10:28 am

APO

BX

Blackstone Inc (NYSE:BX) has won the bid to acquire Hipgnosis Songs Fund for $1.57 billion, outbidding Apollo Global Management (NYSE:APO) and expanding its music rights portfolio. The deal, facilitated through Lyra Bidco Limited, a company owned by Blackstone's advised funds, values Hipgnosis at $1.30 per share, higher than Concord's $1.25 offer. This acquisition adds over 65,000 songs from artists like Shakira and Neil Young to Blackstone's collection, further establishing its position in the music rights industry.

Portfolio Pulse from Shivani Kumaresan

April 29, 2024 | 10:27 am

PXD

XOM

Pioneer and ExxonMobil have reaffirmed their expectation that their merger will be finalized in the second quarter of 2024, as indicated in Pioneer's amended 10K filing.

Portfolio Pulse from Charles Gross

April 29, 2024 | 10:22 am

BMY

Bristol Myers Squibb (NYSE:BMY) and Repertoire Immune Medicines have announced a strategic collaboration worth up to $1.8 billion to develop tolerizing vaccines for autoimmune diseases. Repertoire will receive an upfront payment of $65 million, with potential for additional milestone payments and tiered royalties.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 10:03 am

BKKT

CLVR

PHG

TSLA

Koninklijke Philips N.V. (PHG) shares surged 37.1% in pre-market trading after announcing Q1 results and a $1.1 billion settlement in the US. Other stocks showed significant movement, with Inno Holdings, Ryde Group, and Akanda Corp among the top gainers. Conversely, Bakkt Holdings and Clever Leaves led the pre-market losers following a reverse stock split and delisting announcement, respectively. Tesla also gained attention with a 7.3% increase after announcing layoffs and a price hike for its Model 3 Performance.

Portfolio Pulse from Avi Kapoor

April 29, 2024 | 9:53 am

BTCUSD

ETHUSD

The Australian Securities Exchange (ASX) is reportedly on track to approve Australia's first spot-Bitcoin ETF before the end of 2024. DigitalX Ltd., VanEck, and BetaShares are among the entities that have submitted applications. This move follows the U.S. and Hong Kong's approval of Bitcoin ETFs, indicating a growing acceptance of cryptocurrency-based financial products in Asia. Morgan Stanley is also considering recommending Bitcoin ETFs to its clients, highlighting the increasing interest in these products.

Portfolio Pulse from Benzinga Neuro

April 29, 2024 | 9:38 am