Streetbeat News

Acquisitions Mergers

NGMS

NeoGames and Aristocrat have received the final regulatory approvals needed for their acquisition deal, clearing the last hurdle for the transaction to proceed.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 6:39 am

ARKB

ARKK

ARKZ

TSLA

Cathie Wood's Ark Investment Management increased its Tesla holdings by purchasing $13M worth of shares amid a price decline, and expanded its crypto exposure by investing in Bitcoin and Ethereum ETFs. Ark bought Tesla shares across three ETFs and added to its crypto ETF holdings, despite Tesla's stock pressure due to anticipated disappointing earnings and other concerns. Ark also reduced exposure to crypto-related stocks like Coinbase and Robinhood, focusing instead on crypto ETFs, with significant investments in ARKB and ARKZ, reflecting confidence in Bitcoin and Ethereum's growth.

Portfolio Pulse from Shanthi Rexaline

April 19, 2024 | 6:20 am

CHX

SLB

Schlumberger Limited (NYSE:SLB) is anticipated to report higher Q1 earnings with an expected EPS of 75 cents, up from 63 cents year-over-year, and revenue of $8.69 billion, up from $7.74 billion. The company also announced an all-stock acquisition of ChampionX (NYSE:CHX), with CHX shareholders receiving 0.735 shares of SLB for each CHX share. Analysts have maintained positive ratings on SLB, with price targets ranging from $70 to $77.

Portfolio Pulse from Avi Kapoor

April 19, 2024 | 6:02 am

LYTS

LSI Industries has acquired EMI Industries for $50M in cash, aiming to boost net sales by over 60% by 2028, with acquisitions like EMI contributing to half of this growth. The acquisition is expected to be immediately accretive to LSI's adjusted EPS.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 9:57 pm

AQN

Algonquin Power & Utilities Corp. (AQN) has reached a cooperation agreement with Starboard Value LP, leading to the addition of Brett Carter and Christopher Lopez to its Board. Masheed Saidi and Kenneth Moore are set to leave the Board. Starboard, owning about 9% of AQN's shares, has agreed to support AQN's board nominees and withdrawn its own nominations. The parties have also signed a non-disclosure agreement to discuss the potential sale of AQN's renewable energy business and the CEO search process.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 9:23 pm

CNS

KAMN

Cohen & Steers (CNS) will join the S&P SmallCap 600, replacing Kaman (KAMN), effective before trading opens on April 23. This change follows Arcline Investment Management LP's acquisition of Kaman, with the deal expected to close on April 19, pending final conditions.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 9:19 pm

FLFV

Feutune Light Acquisition, a blank check company, has announced an extension of its deadline to complete an initial business combination to May 21, 2024. This extension provides the company with additional time to find a suitable merger or acquisition target.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 9:17 pm

DOGZ

Dogness faces challenges from intense domestic competition and the US-China trade dispute, impacting sales. The company's revenue dropped in the half year ended December 31, 2023, due to lower average selling prices and sales volumes of intelligent pet products. Dogness is expanding its customer base, targeting younger consumers, and developing new products to counter weak sales. It's also implementing cost-saving measures and seeking merger and acquisition opportunities to improve margins and expand market presence.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:49 pm

GBCI

HTLF

Glacier Bancorp, Inc. (GBCI) has received regulatory approval to acquire six Montana branches from HTLF Bank, a subsidiary of Heartland Financial USA, Inc. (HTLF). The transaction, expected to close in July 2024, involves branches with $463 million in deposits and $296 million in loans. It is projected to be $0.03 per share accretive to GBCI's 2024 EPS and $0.07 per share accretive to 2025 EPS, excluding one-time expenses. This acquisition aims to strengthen Glacier's presence in Montana.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:41 pm

JWN

Erik B. Nordstrom has reported a 7.45% stake in Nordstrom (JWN) as of April 17, 2024, according to a 13D filing with the SEC. He intends to engage in discussions with Nordstrom's Special Committee and third parties regarding a potential going private transaction.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:36 pm