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Acquisitions Mergers

ACI

AMZN

COST

WMT

The FTC's challenge to the Kroger (KR) and Albertsons (ACI) $24.6 billion merger is set for an August trial in Oregon. The FTC, supported by eight states and Washington D.C., argues the merger could harm worker wages and consumer prices. Kroger and Albertsons defend the merger as necessary to compete with giants like Amazon (AMZN), Walmart (WMT), and Costco (COST), proposing investments to address concerns. However, the FTC finds their divestment plan insufficient. KR shares dropped 1.75% following the news.

Portfolio Pulse from Shivani Kumaresan

March 12, 2024 | 11:59 am

RGLS

Regulus Therapeutics announced positive topline results from the second cohort of its Phase 1b MAD study of RGLS8429 for treating ADPKD, alongside an oversubscribed $100 million private placement of equity. This news has led to an increase in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 11:55 am

NYCB

New York Community Bancorp, Inc. (NYSE:NYCB) shares are up in premarket trading after closing a $1.05 billion investment deal with Liberty Strategic Capital, Hudson Bay Capital Management, Reverence Capital Partners, and others. The deal, announced on March 6, led to a 6% drop in share prices initially. The equity raise is seen as a vote of confidence in the company's turnaround strategy, enhancing its balance sheet and liquidity. The board has been reduced to ten members, adding four new directors. The company will issue 525 million shares, with investors owning 39.6% on a fully diluted basis. Moody's downgraded NYCB's long-term issuer rating to B3 due to delayed financial reporting and internal control weaknesses.

Portfolio Pulse from Nabaparna Bhattacharya

March 12, 2024 | 11:44 am

AREC

American Resources Corporation (AREC), a supplier of rare earth and critical elements, has accepted a term sheet for an investment of up to $50M into its subsidiary, ReElement Technologies, from an investment fund. The investment values ReElement Technologies at a pre-money valuation of $300M.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 11:34 am

DWAC

PHUN

RUM

The Washington Post reported that Donald Trump inquired if Elon Musk was interested in purchasing Truth Social, but the proposal did not progress further.

Portfolio Pulse from Charles Gross

March 12, 2024 | 11:18 am

NOTE

FiscalNote has announced the divestiture of its Board.org business to Executive Platforms for a total consideration of up to $103M. Board.org accounts for about 10% of FiscalNote's FY 2023 GAAP revenue.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 11:01 am

AAP

AZO

ORLY

Advance Auto Parts Inc (NYSE:AAP) has appointed three new independent directors to its board in a move to revitalize its performance, following a 40% share price decline over the past year. The appointments are part of a cooperation agreement with Third Point LLC and Saddle Point Management, L.P. This strategic realignment includes the sale processes for Worldpac and its Canadian business, aiming to enhance competitiveness against AutoZone Inc (NYSE:AZO) and O'Reilly Automotive Inc (NASDAQ:ORLY). The board will expand to 12 directors until the 2024 annual meeting, where 11 nominees, including the new directors, will stand for election.

Portfolio Pulse from Shivani Kumaresan

March 12, 2024 | 10:55 am

AWCMF

Alcoa (NYSE:AA) has finalized a $2.2 billion all-stock deal to acquire Alumina Limited (OTC:AWCMF), its joint-venture partner in Alcoa World Alumina & Chemicals (AWAC). The transaction, expected to close in Q3 2024, will result in Alcoa shareholders owning 68.75% and Alumina shareholders 31.25% of the combined entity. Allan Gray Australia supports the deal. Alcoa also commits to providing short-term liquidity support to Alumina if needed. The deal aims to create a stronger, well-capitalized company with significant market presence.

Portfolio Pulse from Lekha Gupta

March 12, 2024 | 10:46 am

TSN

Tyson Foods Inc (NYSE:TSN) is permanently closing its pork facility in Perry, Iowa, as part of its strategy to streamline operations amid declining profits. The closure is part of a series of shutdowns affecting thousands of jobs. Despite market challenges, Tyson's pork division saw a profit turnaround in the last fiscal quarter. The Perry plant closure may impact around 1,200 employees, with Tyson encouraging affected workers to consider other positions within the company.

Portfolio Pulse from Shivani Kumaresan

March 12, 2024 | 9:58 am

EQT

ETRN

GNE

IGT

IHS

KSS

The CNN Money Fear and Greed index remained in the 'Greed' zone on Monday, with U.S. stocks closing mixed and the S&P 500 falling for the second session. The Dow Jones closed higher, while the Nasdaq Composite fell. EQT Corporation announced a merger with Equitrans Midstream Corporation, and Genie Energy Ltd.'s shares fell following Q4 results. Investors await earnings from International Game Technology PLC, IHS Holding Limited, and Kohl's Corporation.

Portfolio Pulse from Avi Kapoor

March 12, 2024 | 8:50 am