Streetbeat News

Acquisitions Mergers

KKR

MECVF

KKR & Co (NYSE:KKR) has agreed to acquire mdf commerce inc. (OTC:MECVF) for C$255 million in cash, representing a significant premium over the current and 52-week high share prices. The deal, expected to close in Q2 2024, aims to accelerate the expansion of mdf commerce's North American eProcurement platform, serving over 6,500 government agencies and 650,000 suppliers. KKR's investment is part of its Ascendant Strategy focusing on middle market businesses in North America.

Portfolio Pulse from Lekha Gupta

March 11, 2024 | 2:25 pm

BITF

Bitfarms Ltd. (BITF) has announced the purchase of additional miners to reach a mining capacity of 21 EH/s in 2024. The company fully exercised a purchase option for 28,000 Bitmain T21 miners and bought an additional 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners, and 740 Bitmain S21 Hydro miners. These acquisitions are part of Bitfarms' expansion plan, aiming to operate one of the newest and most powerful mining fleets in anticipation of a bull market. The company plans to liquidate older miners to offset the cost of new ones and aims to improve hashrate, energy efficiency, and operating costs per terahash.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 2:11 pm

NLCP

NewLake Capital Partners, Inc. (NLCP) reported a 6.4% YoY increase in Q4 revenue and a 5.1% increase in full-year revenue for 2023, amidst a challenging cannabis industry environment. The company also announced a dividend increase and highlighted financial achievements including record revenue and AFFO. Additionally, NewLake invested in expanding a cultivation facility in Missouri and sold a facility in Massachusetts.

Portfolio Pulse from Jelena Martinovic

March 11, 2024 | 2:09 pm

WAVD

WaveDancer, Inc. (NASDAQ:WAVD) is urging its stockholders to vote FOR the proposals at the upcoming special meeting on March 14, 2024. The Board highlights the importance of these votes for the merger with Firefly Neuroscience, potential fundraising efforts, and avoiding negative outcomes like asset sales at low prices or Nasdaq delisting. CEO Jamie Benoit emphasizes voting FOR the proposals aligns with the long-term interest of stockholders, but encourages all to vote regardless of their stance.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 1:51 pm

BALY

On March 11, 2024, Standard General proposed to acquire all outstanding shares of Bally's (BALY) not already owned by them for $15/share. The proposal is subject to approval by a special committee and a majority of non-affiliated shareholders. No assurance of transaction completion.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 1:37 pm

CRPT

MSTR

MicroStrategy Inc (NASDAQ:MSTR) shares are rising as Bitcoin hits an all-time high, with the company's stock reaching its highest levels since March 2000. The surge is attributed to the approval of spot Bitcoin ETFs and anticipation of April's halving event. MicroStrategy recently announced a $700 million offering of convertible senior notes to buy more Bitcoin, acquiring an additional 12,000 bitcoins. The company now holds approximately 205,000 bitcoins. The First Trust SkyBridge Crypto Industry And Digital Economy ETF (NYSE:CRPT) has the largest allocation to MicroStrategy.

Portfolio Pulse from Adam Eckert

March 11, 2024 | 1:24 pm

SCX

L.S. Starrett Company (NYSE:SCX) shares surged premarket after announcing a definitive merger deal with MiddleGround Capital affiliate for $16.19 per share, a 63% premium over the closing price on March 8, 2024. The transaction, expected to close in mid-2024, will make Starrett a private company, enhancing its financial and operational flexibility. SCX shares rose 59.2% to $15.79 premarket.

Portfolio Pulse from Lekha Gupta

March 11, 2024 | 1:15 pm

HWKN

Hawkins, Inc. (NASDAQ:HWKN) has acquired Industrial Research Corporation, a distributor of water treatment chemicals and equipment in Louisiana, Texas, and Arkansas. This acquisition aims to fill a geographical void in Hawkins' water treatment business and accelerate growth in the region. Financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 1:09 pm

CHH

WH

Choice Hotels International, Inc. (NYSE:CHH) announced the expiration of its exchange offer to acquire Wyndham Hotels & Resorts, Inc. (NYSE:WH) and withdrew its nomination of independent director candidates for Wyndham's 2024 Annual Meeting. Despite attempts to negotiate, including multiple offer increases, Choice will focus on its standalone strategy. Wyndham urged shareholders to support its Director nominees, citing a clear path to deliver shareholder value beyond Choice's offer. Choice also announced a share repurchase program increase by five million shares, totaling approximately 6.8 million shares authorized for repurchase. WH stock dropped 3.13% to $73.70, while CHH shares rose 6.17% to $128.50 in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 11, 2024 | 1:09 pm

JRVR

James River Group Holdings, Ltd. (NASDAQ:JRVR) has initiated litigation against Fleming Intermediate Holdings to enforce the completion of the acquisition of JRG Reinsurance Company Ltd. as per the Stock Purchase Agreement dated November 8, 2023. Fleming, backed by Altamont Capital Partners, has refused to close the transaction, demanding material changes to the terms. James River seeks expedited relief to compel Fleming to fulfill its obligations under the agreement.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 1:08 pm