Streetbeat News

Acquisitions Mergers

GIL

Browning West, holding 5% of Gildan Activewear's shares, criticizes CEO Vince Tyra's strategy and governance, highlighting his track record of value destruction and underwhelming plans for the company. They propose electing eight new directors at the 2024 shareholder meeting to implement a value creation strategy, contrasting Tyra's approach with speculative spending and poor capital allocation. Browning West's plan aims to increase operating margins and shareholder returns, setting specific targets for share price growth.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 12:12 pm

NSANY

TSLA

Nissan Motor Co plans to adopt gigacasting, a technique popularized by Tesla Inc, to produce components for its electric vehicles, aiming to reduce manufacturing costs by 10% and achieve cost parity between electric and traditional vehicles by 2030. This move is part of Nissan's strategy to enhance competitiveness in the EV market. Toyota Motor Corp has also committed to adopting gigacasting, indicating its industry-wide appeal.

Portfolio Pulse from Shivani Kumaresan

April 16, 2024 | 12:06 pm

BNZI

ENOV

LDI

Banzai International, Inc. (NASDAQ:BNZI) reported a 46% increase in customer growth in Q1 2024, adding over 580 customers, driven by its Demio and Reach platforms. New clients include Cisco, LoanDepot (NYSE:LDI), and Enovis (NYSE:ENOV). The company is also exploring acquisitions of Boast, IGLeads, and Cliently, and launched Demio AI Moderator, enhancing its marketing technology offerings.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 12:05 pm

INSE

Inspired Entertainment, Inc. (NASDAQ:INSE) has been awarded an additional 720 Valor video lottery terminal (VLT) placements in Saskatchewan by the Western Canada Lottery Corporation (WCLC), representing the third such award in four years. This expansion brings the total number of Inspired's Valor VLTs in the region to over 1,500, with delivery expected by the end of 2024 and new games launching in early 2025. The deal underscores Inspired's growing footprint in the Canadian gaming market and its commitment to providing high-quality gaming experiences.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 12:01 pm

AADR

IDGT

Eni S.p.A. (NYSE:E) shares are trading lower today due to plans to sell minority stakes in its biofuel and bio-plastic units by year-end, aiming to raise EUR1.3 billion. Preliminary discussions are underway with potential partners for up to 10% of the biofuel unit, Enilive, which could be valued at over EUR10 billion, including debt. Options for Enilive include an IPO or a spin-off. Eni is also negotiating the sale of up to 30% of its bio-plastic business, Novamont, potentially valued at around EUR1 billion. These moves are part of Eni's strategy to fund greener businesses without impacting its oil and gas operations.

Portfolio Pulse from Lekha Gupta

April 16, 2024 | 11:36 am

VZLA

Vizsla Silver has agreed to acquire a large property package of 10,667 Ha south of Panuco, which is almost 50% larger than Panuco. The area, covered with a LiDAR survey and about 60% with high-resolution air magnetic and radiometric surveys, includes dome complexes and the SE extensions of the Copala fault and Cordon del Oro - Animas veins. Preliminary mapping has identified favorable andesite lithologies, quartz veining, and breccias in the NE. The area has not been systematically mapped or prospected before. Vizsla Silver will issue US$650,000 in common shares to the seller for the acquisition.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 11:18 am

HPH

Highest Performances Holdings Inc. (NASDAQ:HPH) has entered into a share purchase agreement with GEM Global Yield LLC, allowing HPH to issue shares worth up to $500M, potentially increasing to $1B, to fund its AI development and global expansion.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 11:06 am

BTU

Peabody has successfully completed the acquisition of Wards Well, marking a significant expansion of its operations.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:58 am

CLNE

GRPN

INO

LII

LYEL

LYV

TVGN

Live Nation Entertainment, Inc. (LYV) shares fell 7.8% in pre-market trading due to a report of an impending antitrust lawsuit by the Justice Department. Other stocks such as Inovio Pharmaceuticals (INO), Groupon (GRPN), Lyell Immunopharma (LYEL), ArcelorMittal (MT), Tevogen Bio Holdings (TVGN), Lennox International (LII), and Clean Energy Fuels Corp (CLNE) also saw declines in pre-market trading due to various reasons including underwritten offerings, tax authority actions, downgrades, and upcoming financial results.

Portfolio Pulse from Avi Kapoor

April 16, 2024 | 10:53 am

DITHF

International Paper Company (NYSE:IP) has announced the acquisition of DS Smith Plc (OTC:DITHF) for approximately $9.9 billion, planning a secondary listing on the London Stock Exchange. The deal, expected to close by Q4 2024, values DS Smith shares at 415 pence each, with IP issuing 0.1285 shares for each DS Smith share. This transaction will result in IP shareholders owning 66.3% and DS Smith shareholders 33.7% of the combined entity. The merger aims to create a leading sustainable fiber-based packaging company, expecting to achieve $514 million in annual pre-tax cash synergies by the fourth year post-completion. The combined company will be headquartered in Memphis, Tennessee, with an EMEA headquarters in London.

Portfolio Pulse from Shivani Kumaresan

April 16, 2024 | 10:31 am