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Acquisitions Mergers

M

Macy's, Inc. (NYSE:M) has received director nominations from Arkhouse Management Co. LP for its 2024 Annual Meeting. This follows an unsolicited proposal from Arkhouse and Brigade to buy Macy's at $21.00 per share, which the Board deemed not actionable due to financing concerns. Macy's emphasizes its commitment to value creation and plans to share its strategy in the upcoming earnings report. The company's financial advisors, Bank of America Securities and Wells Fargo, along with legal advisor Wachtell, Lipton, Rosen & Katz, are engaging with Arkhouse and Brigade to potentially advance discussions.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 3:23 pm

AGRI

AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI) shares surged over 170% after announcing a new patent grant from the United States Patent and Trademark Office for its FORCEGH+ facilities, a proprietary cultivation facility design. This design aims to provide a sustainable environment for growing high-quality crops in extreme macroclimates, meeting GMP standards. The patent, number 11,895,958, enhances the company's IP portfolio, focusing on maximizing crop yields without the need for pesticides, fungicides, and herbicides. Despite the recent surge, AGRI shares have experienced a significant decline over the past year, attributed to a 'massive erosion' of the macro business environment as noted by CFO and interim CEO Richard Wong. The company is actively seeking new investors and plans to participate in investor conferences in 2024.

Portfolio Pulse from Nabaparna Bhattacharya

February 20, 2024 | 3:13 pm

TDY

Teledyne FLIR, a subsidiary of Teledyne Technologies Incorporated, has secured a contract to supply the Canadian government with over 800 drones, valued at CAD$95 million, for use by Ukraine. This donation complements the unmanned systems and counter-drone technology that Ukraine forces are currently utilizing.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 3:11 pm

BOX

Traders are closely monitoring Box Inc. due to unconfirmed comments from an M&A blog suggesting that recent bylaw amendments may indicate the presence of a significant activist investor in the company.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 3:08 pm

COF

DFS

Discover Financial Services (DFS) shares surged after announcing a merger with Capital One Financial Corp (COF), where DFS shareholders will receive a 26.6% premium. The deal, expected to close by early 2025, will see COF and DFS shareholders owning 60% and 40% of the new entity, respectively. This merger aims to enhance COF's credit card portfolio and deposit base, with expected synergies generating significant financial benefits by 2027.

Portfolio Pulse from Lekha Gupta

February 20, 2024 | 2:57 pm

COF

DFS

The Nasdaq Composite fell by 1% as Capital One Financial Corp announced plans to acquire Discover Financial Services in a $35.3 billion all-stock deal. Other notable movements included Monopar Therapeutics surging 258% after receiving trial clearance, AgriFORCE Growing Systems jumping 181% on a patent grant, and TRxADE HEALTH gaining 134% after selling assets. Conversely, RAPT Therapeutics dropped 65%, MicroCloud Hologram fell 42%, and Nano-X Imaging declined 28%.

Portfolio Pulse from Avi Kapoor

February 20, 2024 | 2:54 pm

VZIO

WMT

VIZIO Holding Corp (VZIO) shares surged in premarket trading after announcing its acquisition by Walmart Inc (WMT) for $11.50 per share, valuing the company at approximately $2.3 billion. The deal, approved by VIZIO's Board, allows VIZIO to seek a superior offer within 45 days. Walmart anticipates the acquisition to be slightly dilutive to EPS in the short term but aims to enhance its smart TV and advertising capabilities through VIZIO's SmartCast OS.

Portfolio Pulse from Lekha Gupta

February 20, 2024 | 2:29 pm

BWMN

Bowman has announced the acquisition of Speece Lewis Engineers, a Midwest-based firm specializing in transportation and bridge design. This strategic move aims to expand Bowman's footprint in the Midwest and enhance its engineering capabilities.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 2:23 pm

VZIO

WMT

Walmart Inc (NYSE:WMT) reported a Q4 FY24 net sales increase of 5.7% Y/Y to $173.39 billion, surpassing consensus estimates. Adjusted EPS was $1.80, also beating expectations. The company announced a dividend hike and an acquisition of VIZIO Holding Corp (NYSE:VZIO) for approximately $2.3 billion. Walmart's U.S. operations saw significant growth, with eCommerce sales up 17%. The company expects Q1 consolidated net sales growth of 4.0% to 5.0% and adjusted EPS of $1.48 - $1.56. FY25 projections include net sales growth of 3.0% to 4.0% and adjusted EPS of $6.70 - $7.12.

Portfolio Pulse from Anusuya Lahiri

February 20, 2024 | 2:21 pm

TWOA

TWOA has announced a private placement of 1.5 million shares at $10 each, totaling $15 million, in connection with its merger with LatAm Logistic Properties (LLP). This merger will result in the creation of a new holding company, Logistic Properties of the Americas (Pubco), which will become the publicly traded parent company of TWOA and LLP. The transaction, aimed at strengthening their position in the industrial and logistics real estate sector in Central and South America, is expected to close with Pubco's shares listed on the NYSE under the ticker 'LPA'.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 2:14 pm