Streetbeat News

Acquisitions Mergers

SAVE

Spirit Airlines announced the termination of its merger agreement with JetBlue, leading to a decrease in Spirit Airlines' share price.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 2:14 pm

ALLE

Allegion plc (NYSE:ALLE), a security products provider, has acquired Spain-based electro-mechanical access control solutions manufacturer Dorcas to enhance its international access control solutions. Dorcas will be integrated into the Allegion International segment. The acquisition aims to strengthen Allegion's portfolio with Dorcas' electric strikes and locks. Allegion had $468.1 million in cash and equivalents as of the end of 2023, and its shares closed lower by 0.84% at $126.80 recently.

Portfolio Pulse from Shivani Kumaresan

March 04, 2024 | 2:13 pm

FUFU

BitFuFu's shares are experiencing increased trading activity and volatility after the company completed a business combination with Arisz Acquisition Corp, leading to its listing on the Nasdaq.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 2:11 pm

HURN

Huron (NASDAQ:HURN) has completed the acquisition of GG+A, a leading philanthropic management consulting firm. This move aims to enhance Huron's offerings in empowering educational, healthcare, arts, and nonprofit organizations through advanced philanthropic programs. The acquisition is expected to strengthen Huron's Education operating segment by integrating GG+A's consulting expertise with Huron's digital capabilities and client relationships.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 2:09 pm

LLAP

Terran Orbital Corporation (NYSE:LLAP) announced the adoption of a limited duration stockholder rights plan following a non-binding proposal from Lockheed Martin to acquire all outstanding shares. The plan aims to protect stockholder interests and ensure they realize full investment value. An independent committee will evaluate the Lockheed Proposal and other strategic alternatives. The Rights Plan discourages control through open market accumulation without a fair premium and encourages negotiation with the Board.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 2:08 pm

MP

MP Materials Corp (NYSE:MP) announced a proposed offering of $500 million in convertible senior notes due 2030 and increased its share repurchase authorization to $300 million. The proceeds will fund capped call transactions, repurchase common stock and a portion of its 0.25% green convertible senior notes due 2026, and for general corporate purposes. MP Materials shares were up 1.36% at $15.68 following the announcement.

Portfolio Pulse from Adam Eckert

March 04, 2024 | 2:08 pm

YGMZ

MingZhu Logistics (YGMZ) has signed a non-binding letter of intent to acquire driverless auto technologies and an intellectual property portfolio valued between $80M and $90M.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 2:05 pm

JBLU

JetBlue Airways shares are trading higher following the announcement of the termination of its agreement with Spirit Airlines. This move could indicate strategic shifts or financial considerations impacting JetBlue's future operations and market positioning.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 2:04 pm

BOIL

EQT

UNG

USO

Natural gas prices surged after EQT Corporation announced a production cut, leading to a 5.6% increase in U.S. natural gas futures. The United States Natural Gas Fund and the ProShares Ultra Bloomberg Natural Gas also saw significant increases. EQT's shares rose slightly in pre-market trading. Meanwhile, oil prices dipped as OPEC+ extended production curbs, affecting the United States Oil Fund. The decision came despite a recent increase in oil production by some OPEC+ members.

Portfolio Pulse from Neil Dennis

March 04, 2024 | 2:03 pm

JBLU

SAVE

JetBlue Airways Corp (JBLU) and Spirit Airlines Inc (SAVE) announced the termination of their July 2022 merger agreement, citing unlikely fulfillment of all conditions by the deadline. JetBlue's shares rose following the announcement, while Spirit's shares fell after trading was temporarily halted. JetBlue will pay Spirit $69 million as part of the termination agreement and has outlined revenue and cost-saving initiatives for 2024, including an Investor Day on May 30 to detail its long-term strategy.

Portfolio Pulse from Adam Eckert

March 04, 2024 | 2:00 pm