Streetbeat News

Acquisitions Mergers

APO

PARA

SONY

SPOT

Four directors from Paramount Global (NASDAQ:PARA) are set to leave amid ongoing merger discussions with Skydance Media. The departures include high-profile executives from Spotify (NYSE:SPOT) and Sony (NYSE:SONY), and are happening as Paramount negotiates a potential merger with Skydance, valued at around $5 billion. Meanwhile, Apollo Global Management (NYSE:APO) had made a competing $26 billion offer, which was not pursued due to financing uncertainties. PARA shares dropped slightly in premarket trading.

Portfolio Pulse from Shivani Kumaresan

April 11, 2024 | 1:28 pm

RVSN

Rail Vision Ltd (NASDAQ:RVSN) has received an initial $1 million purchase order from a U.S.-based rail and leasing services company, as part of a contract that could total up to $5 million. The order is for Rail Vision's AI-based ShuntingYard products, set to be installed in Q3 of this year. This marks a significant step in Rail Vision's expansion in the U.S. market, with potential for up to $4 million in additional orders under the contract.

Portfolio Pulse from Adam Eckert

April 11, 2024 | 1:26 pm

WISH

ContextLogic Inc. (WISH) is urging its stockholders to vote 'FOR' a proposed Asset Sale transaction with Qoo10 Pte. Ltd., emphasizing the critical nature of the vote for the company's future. The transaction aims to protect stockholder value, with ContextLogic continuing as a publicly traded entity post-transaction, holding approximately $2.7 billion in NOL carryforwards and $150-157 million in post-closing cash. The vote is set for April 12, 2024, with the transaction potentially closing on April 16, 2024.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:21 pm

SPRC

SciSparc's stock price has increased following the announcement of its acquisition of AutoMax.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:11 pm

MOR

MorphoSys AG's Management and Supervisory Boards recommend shareholders accept Novartis' takeover offer of €68.00 per share, totaling €2.7 billion. This offer represents a significant premium over recent average prices, with an acceptance period ending on May 13, 2024. The acquisition aims to enhance MorphoSys' oncology pipeline and provide substantial value to shareholders.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:09 pm

AMSWA

American Software, Inc. (NASDAQ:AMSWA) announced an agreement to eliminate its Class B Common Stock, exchanging each share for 1.2 shares of Class A Common Stock. This move, subject to shareholder approval, aims to simplify the company's equity capital structure and improve corporate governance. The reclassification is part of efforts to enhance shareholder value and align voting rights with economic interests. The transaction requires approval from a majority of both Class A and Class B shareholders, with the Class B shareholder already agreeing to vote in favor.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:08 pm

AZN

FUSN

AstraZeneca Plc (NASDAQ:AZN) announced a 7% increase in its annual dividend to $3.10 per share for 2024, signaling confidence in its financial health and future performance. This decision comes ahead of a shareholder vote on CEO Pascal Soriot's pay package, which could see an increase of £1.8 million. The company also highlighted its acquisition of Fusion Pharmaceuticals Inc (NASDAQ:FUSN) for $21.00 per share plus a contingent value right. AstraZeneca expects a low double-digit to low teens percentage increase in total revenues and core EPS for fiscal year 2024. Additionally, the FDA approved AstraZeneca's Fasenra for severe asthma in younger patients.

Portfolio Pulse from Vandana Singh

April 11, 2024 | 1:04 pm

ALPN

VRTX

Vertex Pharmaceuticals Incorporated (VRTX) is set to acquire Alpine Immune Sciences Inc (ALPN) for approximately $4.9 billion, or $65 per share, in cash. This acquisition aims to expand Vertex's portfolio beyond its cystic fibrosis franchise into kidney disease treatments, with Alpine's lead molecule, povetacicept (ALPN-303), showing promise in IgA nephropathy (IgAN). The deal, expected to close in Q2 2024, aligns with Vertex's strategy of targeting diseases with high unmet need. Alpine's recent Phase 1b/2a study of povetacicept reported significant reductions in proteinuria and hematuria in IgAN patients.

Portfolio Pulse from Vandana Singh

April 11, 2024 | 1:01 pm

HRMY

Harmony Biosciences' stock is trading higher following the announcement of an exclusive licensing agreement with Bioprojet for TPM-1116, aimed at treating narcolepsy.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 12:54 pm

ALL

AMAT

BHP

On CNBC's 'Halftime Report Final Trades,' experts highlighted their picks including U.S. 2 Year Treasury Note, Applied Materials (AMAT), BHP Group (BHP), and Allstate (ALL). Applied Materials faces uncertainty around its $4 billion R&D facility in Silicon Valley due to funding issues. BHP Group has cut contractor workforce amid considerations to freeze its nickel division. Allstate is set to discuss Q1 2024 earnings in an upcoming conference call. Shares of AMAT and BHP fell, while ALL shares gained.

Portfolio Pulse from Avi Kapoor

April 11, 2024 | 12:48 pm