Streetbeat News

Acquisitions Mergers

TIGO

Atlas Luxco has increased its public cash offer for Millicom shares and SDRs to $25.75 per share. However, Millicom's independent committee believes the revised offer significantly undervalues the company and advises shareholders not to tender their shares.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2024 | 12:14 pm

AQN

Algonquin Power & Utilities has agreed to sell its renewable energy business (excluding hydro) to an LS Power subsidiary for up to $2.5 billion. The transaction is expected to close in late 2024 or early 2025, pending regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2024 | 11:44 am

PARA

PARAA

Paramount Global's shares surged nearly 7% in pre-market trading following the announcement of a $6 billion write-down and a 15% workforce reduction. The company aims to cut costs by $500 million ahead of its merger with Skydance Media. Despite a revenue miss in its second-quarter earnings report, the stock saw significant gains.

Portfolio Pulse from Benzinga Neuro

August 09, 2024 | 10:59 am

BA

LMT

NOC

Anduril Industries, a U.S. defense technology startup, has raised $1.5 billion in funding, led by Peter Thiel's venture capital firm, to accelerate the production of autonomous weapons. The funding round has increased Anduril's valuation to $14 billion. The company plans to use the funds to build new manufacturing facilities, including the first factory, Arsenal-1, in the U.S. Anduril has secured contracts with the U.S. and UK military and recently won a major U.S. Air Force contract over competitors Lockheed Martin, Northrop Grumman, and Boeing.

Portfolio Pulse from Benzinga Neuro

August 09, 2024 | 10:57 am

MRK

Merck has agreed to acquire CN201, an investigational bispecific antibody for B-cell associated diseases, from Curon Biopharmaceutical for $700M upfront and up to $600M in milestone payments. CN201 is in Phase 1 and Phase 1b/2 trials for non-Hodgkin's lymphoma and B-cell acute lymphocytic leukemia, showing promising preliminary data.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2024 | 10:48 am

ITI

Iteris, Inc. (NASDAQ:ITI) stock surged premarket Friday after Almaviva S.p.A. agreed to acquire the company in a $335 million all-cash deal. Iteris shareholders will receive $7.20 per share, a 68% premium over the closing price on August 8, 2024. The transaction, expected to close in 2024, will result in Iteris becoming privately held and delisted from Nasdaq. Iteris also reported better-than-expected Q1 FY25 earnings and reiterated its revenue guidance for FY25.

Portfolio Pulse from Lekha Gupta

August 09, 2024 | 10:40 am

HLN

K

As of August 9, 2024, two consumer staples stocks, Haleon PLC (HLN) and Kellanova (K), are showing signs of being overbought based on their RSI values. Haleon posted weak H1 sales results but saw a 12% gain over the past month, while Kellanova is reportedly a potential acquisition target for Mars Inc., with a 32% gain over the past month.

Portfolio Pulse from Avi Kapoor

August 09, 2024 | 9:40 am

AVD

DOCS

ITI

Doximity, Inc. (NYSE:DOCS) shares surged over 28% in pre-market trading after reporting better-than-expected Q1 financial results and issuing strong FY24 revenue guidance. Other notable pre-market movers include Iteris, Inc. (NASDAQ:ITI) up 61.7% due to an acquisition, and American Vanguard Corporation (NYSE:AVD) down 30.8% after disappointing Q2 results.

Portfolio Pulse from Avi Kapoor

August 09, 2024 | 9:04 am

ESGR

Enstar Group Limited (ESGR) will assume $376 million in loss reserves from QBE in a strategic loss portfolio transfer deal. The transaction is expected to complete in the fourth quarter of 2024, pending regulatory approvals and other conditions.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2024 | 7:06 am

PLMR

Palomar Holdings, Inc. (PLMR) has priced a $25 million public offering of 1.2 million common shares at $88 per share. The proceeds will be used for general corporate purposes, including the acquisition of First Indemnity of America Insurance Company and to fund future growth.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2024 | 6:52 am