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>>> Blackstone to take Apartment Income REIT private in $10 billion deal
Reuters
Apr 8, 2024
https://finance.yahoo.com/news/blackstone-apartment-income-reit-private-122428050.html
(Reuters) -Asset manager Blackstone said on Monday it would take private rental housing firm Apartment Income REIT, known as AIR Communities, for $10 billion in cash, including debt, in what analysts see as a bet on easing pressure within the commercial real estate market.
Under the deal, Blackstone will pay $39.12 for each share of the real estate investment trust, representing a premium of about 25% to its closing price on Friday. Shares of the REIT jumped about 23%.
Elevated interest rates have put pressure on landlords with loans on rental housing and other commercial real estate properties. Monday's deal was seen by some analysts as a vote of confidence that this pressure has begun easing.
"With this transaction, we believe Blackstone is messaging they view interest rates as stabilizing and access to capital as improved, acting as a positive read-through for the sub-sector," Jefferies analysts wrote.
A top real estate investor, Blackstone has been sharpening its focus on rental housing, betting on its revival as the supply of apartments in the U.S. is expected to decline due to a slowdown in construction.
This was likely to lift rental growth, which has over the past few months remained flat or declined modestly due to fresh supply in many U.S. markets.
AIR Communities, which has a relatively diversified portfolio with apartments in both Eastern and Western coastal markets, has been largely insulated from such pressures.
"(It) represents the highest quality, large scale apartment portfolio we have ever acquired, and is located in markets where multifamily fundamentals are strong," said Nadeem Meghji, global co-head of Blackstone Real Estate.
The rental housing provider reported a 6.2% rise in same-store rental revenue in the fourth quarter, higher than the 2%-4% growth by other publicly listed REITs such as Mid-America Apartments and Equity Residential.
Blackstone plans to invest another $400 million to improve the firm's 76 rental housing communities. Its flagship Blackstone Real Estate Income Trust, which stabilized after some turbulence in late 2022, has outperformed non-listed peers by 600 basis points in 2023.
The company, whose real estate portfolio is valued at $586 billion, had in January agreed to take private Canadian single-family rental housing firm Tricon Residential.
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>>> Novartis AG (NYSE:NVS) - 14-day RSI: 37.75
https://finance.yahoo.com/news/11-oversold-blue-chip-stocks-195219274.html
Number of Hedge Fund Holders: 28
Basel, Florida-based Novartis AG (NYSE:NVS) focuses on the discovery, development, manufacture and marketing of prescription and generic pharmaceutical products and eye care products.
On February 6, Novartis AG (NYSE:NVS) announced that it has entered into an agreement to acquire MorphoSys AG (NASDAQ:MOR) in a transaction implying a total value of €2.7 billion. The transaction expands and complements the company’s pipeline in oncology and enhances its global footprint in hematology.
On February 23, BMO Capital analyst Etzer Darout initiated coverage of Novartis AG (NYSE:NVS) shares with a price target of $114 with a ‘Market Perform’ rating for the shares. The target price represents a potential upside of 15.15% based on the latest share price.
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>>> Amgen, Inc. (NASDAQ:AMGN) - 14-day RSI: 37.92
https://finance.yahoo.com/news/11-oversold-blue-chip-stocks-195219274.html
Number of Hedge Fund Holders: 69
Thousand Oaks, California-based Amgen, Inc. (NASDAQ:AMGN) is a leading biotechnology company discovering, developing, manufacturing, and delivering innovative human therapeutics with a focus on areas of high unmet medical need.
On February 6, Amgen, Inc. (NASDAQ:AMGN) released its financial results for the Q4 2023. Its revenues increased by 20% y-o-y to $8.2 billion, while it generated a net income of $767 million. The normalized EPS for the quarter was recorded at $4.71, which surpassed the consensus by $0.12.
Earlier on October 6, 2023, Amgen, Inc. (NASDAQ:AMGN) completed the acquisition of Horizon Therapeutics plc in an all-cash transaction implying an equity value of nearly $27.8 billion. The acquisition strengthened the company’s inflammation portfolio by adding first-in-class, early-in-lifecycle medicines which treat rare inflammatory diseases.
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>>> Home Depot bulks up Pro-business with $18.25 billion deal for building products supplier SRS
Reuters
by Deborah Mary Sophia, Savyata Mishra and Abigail Summerville
Mar 28, 2024
https://finance.yahoo.com/news/home-depot-buy-srs-distribution-101427534.html?.tsrc=fin-notif
(Reuters) -Home Depot will buy building materials supplier SRS Distribution in an $18.25 billion deal, in the top U.S. home improvement chain's largest acquisition, as it looks to broaden its professional customer base to better tackle tepid demand.
The company and rival Lowe's Cos have projected a slower recovery this year as U.S. consumers pause big home remodeling and renovation projects due to sticky inflation.
This has put pressure on the Do-It-Yourself (DIY) segment, which makes up about half of Home Depot's business, and the company has sharpened its focus on "Pro-customers" such as professional builders and contractors to drive sales.
Thursday's deal will help Home Depot leverage SRS' warehouse network and delivery fleet to better serve existing customers.
SRS, a portfolio company of private equity firms Leonard Green & Partners and Berkshire Partners, primarily serves Pro-customers including roofers, landscapers and pool contractors. The firm, which raked in $10 billion in revenue in 2023, will operate as an independent unit within Home Depot.
Leonard Green had bought a majority stake in SRS in a $3.55 billion deal in 2018, a person familiar with the matter told Reuters on Thursday.
Last December, Leonard Green allowed some of its fund investors to cash out of SRS at a valuation of about $16 billion, including debt, the source said, adding Home Depot agreed to the deal following a sale process for the company.
"This is a great deal at a great time," said Thomas Hayes, chairman at Great Hill Capital.
"You need (to) only look to the housing shortage - and young demographics of our millennials - to understand that as rates moderate construction will boom," he said.
Shares of Home Depot, which has a market value of $382.42 billion according to LSEG data, slipped 1%. Home Depot will assume SRS' debt and will fund the deal with cash on hand and debt.
'DRIVING CUSTOMER EXPERIENCE'
The deal is all about "driving the customer experience" along with sales and profitability, Home Depot CFO Richard McPhail said on a call with analysts.
The company has often faced criticism from customers, particularly larger contractors, over order, delivery and logistics hiccups that could hinder timely completion of projects.
"The problem with (ordering on Home Depot's website) is when it comes to delivery, it's very sporadic ... the problem was always logistics" said Eddie Prchal, CEO of Gunner, a roofing solutions firm.
Through the deal, expected to close by the end of fiscal 2024, Home Depot will add SRS' network of more than 2,500 professional sales force in 760 plus locations to its footprint of over 2,000 U.S. stores and distribution centers.
It would also allow Home Depot to take advantage of SRS' more than 4,000 truck fleet and jobsite delivery capabilities.
"SRS is very good at delivering those things. (They have) good customer service, deliveries on time... So Home Depot will be able to start servicing and have a whole new focus on contractors," Prchal said.
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>>> Biden Says US Steel Should Stay American Owned and Operated
Bloomberg
by Jordan Fabian, Josh Wingrove and Joe Deaux
March 14, 2024
https://finance.yahoo.com/news/biden-says-us-steel-remain-111003311.html
(Bloomberg) -- President Joe Biden said United States Steel Corp. should retain American ownership, coming out against a takeover by Japan’s Nippon Steel Corp. despite the risk of upsetting a key ally.
US Steel shares retreated in early trading, after plunging 13% on Wednesday when news first broke that Biden would express concern about the deal. The shares are now trading at levels last seen before the Nippon deal was announced in December, suggesting investors are increasingly skeptical about its chances of success amid an ongoing federal review.
“US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated,” Biden said in a statement. “It is important that we maintain strong American steel companies powered by American steel workers. I told our steel workers I have their backs, and I meant it.”
Biden’s statement marks a rare presidential intervention in a transaction that outside an election year would have drawn less public scrutiny. Despite its storied history, US Steel’s role in the economy has diminished over several decades, a period during which producers in Asia have risen to dominate the global steel market. And while Nippon Steel’s proposed $14.1 billion acquisition targets an iconic business name, a takeover in the US commodities industry by a company based in a friendly country is hardly unusual.
Biden was silent on the pending review of the deal by the Committee on Foreign Investment in the United States, or CFIUS, and stopped short of an outright pledge to block it. CFIUS is led by the Treasury Department, and has the power to approve, block or amend the deal on national security grounds, or send it to Biden for a decision.
Timna Tanners, an analyst at Wolfe Research LLC, said the deal suffered from the “unfortunate timing” of being brokered in the midst of an election in which both candidates have vowed to bolster domestic manufacturing and use their power to stop jobs from going overseas.
“The deal is facing a much more difficult chance of going through now that Biden has come out against it,” she said. “It’s an alarming precedent that the US government is setting.”
US Steel fell 2.5% by 10:16 a.m. on Thursday, trading more than 25% below the $55 a share being offered by Nippon Steel. US Steel and Nippon Steel did not immediately respond to request for comment.
Even though its share of the market has shrank, US Steel carries heavy symbolic value. It is based in Pennsylvania, Biden’s birth state and a battleground in the presidential election, and embodied the nation’s economic might in the 20th century.
The announcement of Japanese company’s acquisition triggered opposition from Republican and Democratic lawmakers as well as the influential United Steelworkers union. Biden’s allies have urged the administration to kill the deal over national security concerns and the threat to unionized steel jobs.
The White House issued Biden’s statement as he campaigns in Michigan and Wisconsin, two Midwestern industrial strongholds that are crucial for him to win in November. Presumptive Republican nominee Donald Trump is vying for the same blue-collar workers in those states as Biden and has pledged to block the deal outright.
Biden moved against the deal as he prepares to host Japanese Prime Minister Fumio Kishida for a White House state dinner on April 10. The US president has looked to Japan as a bulwark against China in the Asia-Pacific region, but his opposition to the deal deal could strain the two countries’ relationship.
Bloomberg has reported previously that the Biden administration is examining Nippon Steel’s connections to China in its review of the US Steel deal, as it looks to ratchet up pressure on Beijing.
Biden’s comments on Thursday also drive home the influential position of the steelworkers’ union and its president David McCall. Talks between Nippon Steel and the USW have been rocky so far: the union is seeking written guarantees about honoring all labor contracts, while the company is offering at least $1.4 billion in additional capital spending as a sweetener.
It’s not clear what impact, if any, Biden’s statement will have on the CFIUS review. The Treasury Department did not immediately respond to a request for comment.
Pennsylvania Democratic Senator Bob Casey, who faces reelection in November, praised Biden for his “commitment to maintaining an American steel industry” but did not explicitly oppose the Nippon Steel sale, only saying he would “work like hell against any deal that leaves our Steelworkers behind.” Some stakeholders have concerns that US Steel might shutter facilities and cut jobs without a capital infusion.
John Fetterman, Pennsylvania’s other Democratic senator, cheered on Biden’s statement, posting “jam this up” on X, formerly Twitter.
Biden’s statement also raises the question of whether there’s an American alternative. The combative chief executive officer of Ohio-based Cleveland-Cliffs Inc. has said his offer is off the table. “It’s no longer a backstop for their failure,” he said in an interview last month.
Late Wednesday, US Steel and Nippon Steel said they welcomed scrutiny of the deal, claiming it would strengthen economic and national security.
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$SRCGF: Spruce Ridge Completes Oregon Nickel Assets Acquisition with RAB Capital
Toronto, Ontario –TheNewswire -March 1, 2024 – Spruce Ridge Resources Ltd.(“Spruce Ridge” or the “Company”) (TSXV:SHL),(OTC:SRCGF) is pleased to announce that further to its press release dated November 16, 2023, the Company has completed its acquisition (the “Transaction”) with RAB Capital Holdings Limited (“RAB Capital”) of all the issued and outstanding securities of RFN Holdings Limited (“RFN”), which is the holder of an 80% interest in Homeland Nickel Corporation (“Homeland Nickel”). Spruce Ridge now owns 80% of Homeland Nickel, which owns the Cleopatra and Red Flat nickel laterite deposits in southwest Oregon (the “Properties”), both of which host historical resources (further described in the Company’s news release of November 16, 2023), as well as an interest in some secondary nickel laterite deposits in the vicinity of the Properties (the “Deposits”). The Company’s website is being updated to include the Properties and a new slide presentation will be uploaded soon.
Commenting on the completion of the acquisition, President and CEO Steve Balch stated that, “With the acquisition now behind us, it's time to apply for permits so that we can start exploring. We believe there is substantial resource upside on both properties that we can realize by drilling deeper. Cleopatra contains an area of 949 acres with an average nickel grade of 1.12%. Cleopatra overall has only been explored to an average depth of 8-12 feet. Nickel grades appear to increase with depth, and laterite thickness could exceed 50 feet in some areas. The basement rocks have yet to be intersected on the property. Our proposed exploration program would focus first on Cleopatra with a series of up to 70 drillholes completed to a depth of 50 feet located with a drill spacing of 600 feet by 1200 feet and focused on the northeast one-third of the property”.
Pursuant to the terms of the Transaction, the Company acquired a 100% interest in RFN by:
making a $50,000 cash payment to RAB Capital, which was previously completed;
transferring to RAB Capital 2,000,000 common shares in the capital of Canada Nickel Company Inc. held by Spruce;
paying $450,000, which was settled against RAB Capital’s subscription for an aggregate $450,000 in the non-brokered financing closed on December 21, 2023 (further described in the Company’s news release of December 21, 2023);
issuing to RAB Capital an aggregate of 10,000,000 common shares in the capital of Spruce, such shares beingsubject to a four month and one day statutory hold period
granting to RAB Capital a 2.0% net smelter returns (NSR”) on the Properties and the Deposits, with an option to repurchase 50% of each NSR for $2,000,000;
reimbursing RAB Capital a total of US$37,957 for the cost of tenement renewals on the Properties paid for the year 2023/24 and a total of US$22,500 for the cost of preparation of audited financial statements;
assuming a pre-existing intercorporate loan between RAB Capital and HLN totaling approximately US$36.74 million, which is now owed to Spruce and the Company has the option to cancel it entirely or to use it in the future for tax purposes;
agreeing to pay funds to RAB Capital upon reaching certain milestones, as follows: $1,000,000 cash payment upon filing a technical report on one or both of the Propertieswhere a nickel resource is re-evaluated (or restated) to a standardin accordance with the requirements ofNational Instrument 43-101 – Standards of Disclosure for Mineral Properties(NI 43-101”); $2,000,000 cash payment upon completion of a NI 43-101 preliminary economic assessment on one or both of the Properties; $2,000,000 cash payment upon completion of a NI 43-101 feasibility study on one or both of the Properties; and $10,000,000 cash payment upon announcement of a decision to commence construction on one or both of the Properties.
In connection with the Transaction, the Company conducted a title review of the Properties and although there were certain limitations in the review resulting from a data breach in the Curry County Recorder’s Office in Oregon, the Company is satisfied with the results of the title review.
Qualified Person
Stephen J. Balch, P.Geo. (ON), the Company’s President and CEO and a “Qualified Person” under National Instrument 43-101, has reviewed and approved the technical content of this press release.
About Spruce Ridge
Spruce Ridge is a Canadian-based mineral exploration company focused on critical metal resources with nickel projects in Oregon, United States and copper projects in Newfoundland, Canada. The Company also holds a significant portfolio of mining securities including 3.6 million shares of Canada Nickel Company Inc. (TSX-V:CNC), 10.0 million shares of Noble Mineral Exploration Inc. (TSX-V:NOB), 15.0 million shares of Benton Resources Inc. (TSX-V:BEX) and 2.5 million shares of Magna Terra Minerals Inc. (TSX-V:MTT). Spruce’s common shares trade on the TSX Venture Exchange under the symbol “SHL”. More detailed information can be found on the Company’s website at:
http://www.spruceridgeresources.com
Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains statements that constitute “forward-looking statements”. Forward-looking statements are statements that are not historical facts and include, but are not limited to, disclosure regarding possible events, that are based on assumptions and courses of action, and in certain cases, can be identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur, or the negative forms of any of these words and other similar expressions. Forward-looking statements include statements related to future plans for the Company, and other forward-looking information. Forward-looking statements are based on various assumptions including with respect to the anticipated actions of securities regulators, stock exchanges, and government entities, management plans and timelines, as well as results of operations, performance, business prospects and opportunities. Although the forward-looking statements contained in this news release are based upon what the management of the Company believes are reasonable assumptions on the date of this news release, such assumptions may prove to be incorrect. Forward-looking statements involve known and unknown risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results, performance or achievements to differ materially from the results discussed in the forward-looking statements, including, but not limited to: an inability to develop and successfully implement exploration strategies; general business, economic, competitive, political and social uncertainties; the lack of available capital; impact of the evolving situation in Ukraine on the business of the Company; and other risks detailed from time-to-time in the Company’s ongoing filings with securities regulatory authorities, which filings can be found at www.sedarplus.ca. The Company cannot assure readers that actual results will be consistent with theseforward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements in this press release. These forward-looking statements are made as of the date of this news release and the Company disclaims any intent or obligation to update any forward-looking statement, whether because of new information, future events or otherwise, unless otherwise required by law.
Contact
Stephen Balch, President & CEO
Phone: 905.407.9586
Email: steve@beci.ca
Copyright (c) 2024 TheNewswire - All rights reserved.
>>> S&P Global to buy Visible Alpha in latest push for data dominance
Reuters
2-20-24
https://www.msn.com/en-us/money/companies/s-p-global-to-buy-visible-alpha-in-latest-push-for-data-dominance/ar-BB1iA9t6?OCID=ansmsnnews11
(Reuters) -S&P Global said on Tuesday it had agreed to buy consensus provider Visible Alpha for an undisclosed sum, the business intelligence company's latest deal to expand into a data powerhouse.
New York-based S&P Global declined to comment on the deal value. The Financial Times was the first to report that the firms were nearing a deal for more than $500 million on Monday.
The company also said it was exploring options for its digital solutions unit Fincentric, formerly known as Markit Digital, in line with its attempts to streamline focus to its core businesses.
S&P Global has struck a slew of deals over the last few years to attract big clients at a time when rivals are competing to create one-stop shops and invest in artificial intelligence and machine learning.
In 2021, it won antitrust approval to buy market intelligence provider IHS Markit in a $44 billion deal after both firms offloaded several units to satisfy regulatory requirements.
It acquired environmental, social, and governance (ESG) data provider Climate Service in 2022, while its commodity insights unit bought UK-based technology firm Tradenet and its live vessel-tracking platform Market Intelligence Network (MINT) in 2023.
Founded in 2015, Visible Alpha operates a platform that collates investment research and financial models from brokerages. It provides consensus estimates and analytics, and competes with Bloomberg and LSEG.
It is backed by 12 global investment banks, including Citigroup, Bank of America and Goldman Sachs.
S&P Global is prominently known for its credit ratings business and equity indices.
The deal for Visible Alpha, expected to close this year, and the consideration of options for Fincentric are part of measures to accelerate focus in key areas of strategic growth, S&P said.
It sold its engineering solutions business to KKR in 2023 for $975 million to focus on its growth-driving businesses.
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Last question, let's see, company's futures, what would Mr. Hakim say is the likelihood that Elite will uplift to NASDAQ within the next five years? What would Mr. Hakim say is the likelihood that Elite will get bought out by a large arrival within the next five years?
Two things I'll say to that. One, cut that prediction in half or more than half. Five years is a very long time to do either.
ELTP
CEO OF Elite Pharma ELTP said the co. would be sold or mergered within 2 1/2 years
If you need transcript just ask
GLTA
Amphenol, Carlisle - >>> Electronics equipment maker Amphenol to buy Carlisle's unit for about $2 bln
Reuters
January 30, 2024
https://finance.yahoo.com/news/1-electronics-equipment-maker-amphenol-134720806.html
Jan 30 (Reuters) - Electronics equipment maker Amphenol said on Tuesday it plans to buy a unit of Carlisle Companies for about $2 billion in cash.
Carlisle Interconnect Technologies (CIT), the unit that supplies cables and connectors to defense and industrial end markets, is expected to broaden Amphenol's existing portfolio.
The deal comes at a time when Amphenol is seeing growing demand for its products as countries across the world expand their investments in defense technology amid the conflict in the Middle East and the Russia-Ukraine war.
The acquisition of CIT is expected to be accretive to Amphenol's earnings per share in the first year post-closing of the deal, the company said.
The deal is expected to close by the end of the second quarter of 2024 and will be financed through a combination of Amphenol's cash on hand and its existing credit and commercial paper facilities.
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>>> Merck Animal Health to Acquire Elanco’s Aqua Business
Business Wire
Feb 5, 2024
https://finance.yahoo.com/news/merck-animal-health-acquire-elanco-113300093.html
Bolsters Merck Animal Health’s position in the aqua industry with comprehensive approach to ensure fish health, welfare and sustainability in aquaculture, conservation and fisheries
Complements Merck Animal Health’s broad portfolio of veterinary pharmaceuticals, vaccines and technology solutions
RAHWAY, N.J., February 05, 2024--(BUSINESS WIRE)--Merck Animal Health, known as MSD Animal Health outside of the United States and Canada, a division of Merck & Co., Inc., Rahway, N.J., USA (NYSE:MRK), today announced that it has signed a definitive agreement to acquire the aqua business of Elanco Animal Health Incorporated (NYSE: ELAN) for $1.3 billion in cash, consisting of an innovative portfolio of medicines and vaccines, nutritionals and supplements for aquatic species; two related aqua manufacturing facilities in Canada and Vietnam; as well as a research facility in Chile. The acquisition is expected to be completed by mid-year 2024, subject to approvals from regulatory authorities and other customary closing conditions.
Upon closing, the acquisition will broaden Merck Animal Health’s aqua portfolio with products, such as CLYNAV®, a new generation DNA-based vaccine that protects Atlantic salmon against pancreas disease, and IMVIXA®, an anti-parasitic sea lice treatment. This acquisition also brings a portfolio of water treatment products for warm water production, complementing Merck Animal Health’s warm water vaccine portfolio. In addition to these products, the DNA-based vaccine technology that is a part of the business has the potential to accelerate the development of novel vaccines to address the unmet needs of the aqua industry.
"We are excited for the acquisition of Elanco’s aqua products, solutions as well as the capabilities and expertise the team brings to our business," said Rick DeLuca, president, Merck Animal Health. "We believe this acquisition, coupled with our commercial and scientific prowess, will deliver enhanced benefits for our aqua customers. The addition of this innovative portfolio of cold water and warm water aqua products across vaccines, anti-parasitic treatments, water supplements and nutrition, will establish Merck Animal Health as a leader in aqua."
Elanco Animal Health President and CEO Jeff Simmons said, "Following a robust process over the last year, Merck Animal Health emerged as the right strategic buyer for the aquaculture business. I am confident they will continue to deliver value to the aqua customers that rely on these products and create opportunities for our team to continue to grow. We are deeply grateful to our aqua organization’s dedication to delivering for our customers and to our bigger purpose of enriching lives with animal protein."
This acquisition will represent the latest in a series of acquisitions which have augmented Merck Animal Health’s aqua business. In March 2019, Merck Animal Health acquired Scan Aqua AS, a fish health and fish welfare company based in Norway, focused on key aqua products. In April 2019, Merck Animal Health announced the completion of its acquisition of Antelliq Corporation, which included BIOMARK, a passive integrated transponder (PIT) tagging and tracking technology for monitoring fish and wildlife. In December 2019, Merck Animal Health acquired Vaki, a leader in aquaculture and wild fish conservation monitoring equipment and real-time video monitoring technology for fish counting and size estimation from freshwater to saltwater rearing, while collecting and analytics for each stage of fish production.
Advisors
Goldman Sachs & Co., LLP acted as financial advisor to Merck Animal Health in this transaction and Covington & Burling LLP acted as its legal advisor.
About Merck Animal Health
At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than a century, we’ve been at the forefront of research, bringing forward medicines, vaccines and innovative health solutions for the world’s most challenging diseases. Merck Animal Health, a division of Merck & Co., Inc., Rahway, N.J., USA, is the global animal health business of Merck. Through its commitment to The Science of Healthier Animals®, Merck Animal Health offers veterinarians, farmers, producers, pet owners and governments one of the widest ranges of veterinary pharmaceuticals, vaccines and health management solutions and services as well as an extensive suite of connected technology that includes identification, traceability and monitoring products. Merck Animal Health is dedicated to preserving and improving the health, well-being and performance of animals and the people who care for them. It invests extensively in dynamic and comprehensive R&D resources and a modern, global supply chain. Merck Animal Health is present in more than 50 countries, while its products are available in some 150 markets.
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>>> The Hershey Company (HSY), together with its subsidiaries, engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally. The company operates through three segments: North America Confectionery, North America Salty Snacks, and International. It offers chocolate and non-chocolate confectionery products; gum and mint refreshment products, including mints, chewing gums, and bubble gums; pantry items, such as baking ingredients, toppings, beverages, and sundae syrups; and snack items comprising spreads, bars, snack bites, mixes, popcorn, and pretzels. The company provides its products primarily under the Hershey's, Reese's, Kisses, Jolly Rancher, Almond Joy, Brookside, barkTHINS, Cadbury, Good & Plenty, Heath, Kit Kat, Payday, Rolo, Twizzlers, Whoppers, York, Ice Breakers, Breath Savers, Bubble Yum, Lily's, SkinnyPop, Pirates Booty, Paqui, Dot's Homestyle Pretzels, and ONE Bar brands, as well as under the Pelon Pelo Rico, IO-IO, and Sofit brands. It markets and sells its products to wholesale distributors, chain grocery stores, mass merchandisers, chain drug stores, vending companies, wholesale clubs, convenience stores, dollar stores, concessionaires, and department stores. The company was founded in 1894 and is headquartered in Hershey, Pennsylvania.
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https://finance.yahoo.com/quote/HSY/profile?p=HSY
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>>> Danaher completes $5.7 billion acquisition of Abcam
Reuters
Dec 6, 2023
https://finance.yahoo.com/news/1-danaher-completes-5-7-130903787.html
Dec 6 (Reuters) - Medical tools supplier Danaher said on Wednesday it has completed the $5.7 billion acquisition of Abcam, overcoming the initial opposition from the founder of the protein consumables maker.
Danaher agreed to buy Abcam in September for $24 per share to expand its portfolio of products and services, but founder Jonathan Milner opposed it saying the offer undervalued the company.
Milner, who owns a 6.14% stake, had said he would vote against the acquisition. But he later suspended his campaign after talks with shareholders, who said the company was fairly valued.
Abcam's shareholder voted in favour of the deal in November. Milner served as Abcam's CEO from 1999 to 2014 and later as deputy chairman from 2015 to 2020.
Cambridge, England-based Abcam manufactures and supplies so-called protein consumables such as antibodies and reagents used for medical research.
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>>> Why one giant regional bank no longer wants to be a regional bank
The boss of PNC is making it clear that his Pittsburgh bank needs to get bigger in the wake of a 2023 industry crisis
Yahoo Finance
by David Hollerith
January 25, 2024
https://finance.yahoo.com/news/why-one-giant-regional-bank-no-longer-wants-to-be-a-regional-bank-090015924.html
The boss of the sixth-largest lender in the US is making it clear that he no longer wants it to be viewed as a regional bank.
On a conference call with analysts last week, PNC Financial Services Group (PNC) CEO Bill Demchak made a case for why it’s "critical" that his company gets bigger in the wake of a crisis last spring that roiled regional banks across the country.
Corporate depositors, he said, no longer trust US regulators can keep all banks safe, and these customers will likely migrate to national giants with implied government backing. So Demchak wants his Pittsburgh-based bank to "move into that next level" and be known "coast to coast as a ubiquitous standard brand."
"Scale matters," he added. "We’re going to have to play that game."
Demchak’s comments are stoking a new debate about the path forward for the nation’s biggest regional banks following the turmoil of 2023. Can they still thrive in that pocket between a colossus like JPMorgan Chase (JPM) and thousands of tiny community banks, or do they need to consolidate and get much bigger to ensure their long-term survival?
Many of these banks are generally on more stable ground than they were during the first half of last year when the failures of Silicon Valley Bank, Signature Bank, and First Republic triggered panic about the strength of many other mid-sized financial institutions across the US.
Their stocks even surged late in 2023 as investors became more convinced the Federal Reserve was ready to start cutting sky-high interest rates as early as March. Such a move would help mid-sized banks that watched their profits plunge as deposits became more expensive.
But it is not yet clear when or if those cuts will happen, and bank stocks have fallen back at the start of 2024 as policymakers push back on market expectations for a loosening in the first quarter.
This uncertainty means regional banks will continue to struggle with a key profitability measure known as net interest income — which measures the difference between what banks earn on their loans and pay out on their deposits.
Income fell at many regional banks during the fourth quarter, and some said they expect it to fall during 2024 as well. That includes PNC, which said it expects net interest income to drop 5% this year.
'Wow'
But Demchak’s bigger concern is existential: He said last week that his bank needs to get bigger so it can exist in a category that would give PNC the "quasi support that the giant banks have" during times of crisis.
This was not the first time Demchak has made this point. He also did so in December while speaking at the Goldman Sachs Financial Services Conference in New York. When asked then if he would consider acquiring another bank, he said, "Scale matters today more than it ever has."
Wells Fargo banking analyst Mike Mayo decided to ask Demchak about this topic again last week during PNC’s fourth quarter earnings conference call, and Mayo summed up his reaction to the CEO’s survival-of-the-fittest guidance with one word: "Wow."
Demchak’s comments served as "a very clear advertisement" that PNC is looking to buy other banks over time, Mayo told Yahoo Finance.
"I see this advertisement to buy targets as more of an announcement for the next three years, not the next three quarters," he added.
Not all of Demchak’s regional rivals agree with his view. "I do not think scale is the answer for a bank like Key," KeyCorp (KEY) CEO Chris Gorman told analysts last week. Key is a regional bank based in Cleveland.
"It's not something you have to have," added M&T Bank (MTB) CFO Daryl Bible. M&T is a Buffalo, N.Y.-based regional lender.
PNC has in the past used acquisitions to get bigger during times of industry-wide stress. During the 2008 financial crisis, it was encouraged by the US government to buy Cleveland rival National City for $5.2 billion, which basically doubled its size.
Demchak has since used more acquisitions over the last decade to establish a foothold in nearly every top metro area in the country. His last was a $11.6 billion deal for the US operations of Spanish banking giant BBVA that closed in 2021. PNC now has roughly $561 billion in assets.
The CEO tried last year to get even bigger. PNC was asked by the FDIC to submit a bid to acquire the operations of San Francisco lender First Republic, which would have given it a much larger foothold on the West Coast.
But it lost that auction in the early hours of May 1 to JPMorgan, the nation’s biggest and most profitable lender.
From Wall Street to Main Street
Demchak, 61 years old, was a late arrival to the world of regional banking. He got his start on Wall Street, working for JPMorgan in the 1990s. While there, he became head of structured finance and was well known for helping develop credit default swaps and selling them to investors.
Demchak arrived at PNC, a bank based in the area where he grew up, when he was 40. He served as CFO and head of corporate and institutional banking before becoming CEO in 2013.
He has periodically been mentioned or considered as a potential candidate to run much bigger banks before Bank of America (BAC) chose Brian Moynihan as its CEO and Wells Fargo (WFC) appointed its current boss Charlie Scharf. But he has chosen to stay in Pittsburgh.
Not all industry observers agree with Demchak’s latest argument that regional banks will drag unless they merge.
"It's a great soundbite," said Gerard Cassidy, bank analyst for RBC, but "that's not reality. The reality is that banks have relationships."
Market share — or "density" in specific businesses — trumps national scale, Bank of America analyst Ebrahim Poonawala told Yahoo Finance.
Scott Siefers, an analyst with Piper Sandler, agreed that "the whole game seemed to change in 2023," and that "what most people have concluded is that banks are just simply going to have to get bigger to compete."
But there are a lot of hurdles to that consolidation, he said, from high interest rates to the Biden administration’s skeptical view of big mergers.
"Longer term, I don’t think there’s much dispute that PNC will be active in the consolidation of the industry," he added. "In the immediate term, however, I think a lot of investors have time to figure that out."
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$AFFU news Announces Intent to Acquire Contrivian
$AFFU working with partners Dell and Nvidia and other larger corporations.
Affluence is looking to merger 3-4 companies this year to be able to keep up with growth OneMindNg is getting working with Dell and Nvidia.
Affluence Corporation (OTC PINK:AFFU), a leader in Smart City Software and Internet of Things (IoT) technology, today announced it has partnered with strategic advisory firm Durham Black to execute a two-pronged growth strategy that will unlock new markets for its wholly owned subsidiary, OneMind Technologies, while adding increased value through new acquisitions thereby establishing Affluence as a global leader in solutions that power both smart industries and next generation Internet.
"In order to maximize the potential of Affluence, we need to grow both organically and through acquisitions, and the Durham Black team has a proven track record achieving both," said James E Honan, Jr., CEO of Affluence Corporation. "Our board of directors has tasked us to develop a plan to significantly grow the company in 2024, and Durham Black is the ideal partner for Affluence as we enter our next growth stage."
"This is an exciting time for Affluence, and we are confident that Durham Black's proven track record of business building, will help Affluence achieve its growth objectives," said Patrick Shutt, Managing Director of Durham Black. "The success that Affluence has achieved with OneMind to date is foundational for its successful move into new markets. We see other potential avenues for growth and look forward to working with the Affluence management team to deliver results from both organic and acquisition initiatives."
The initial diligence with Durham Black has solidified a strategy to expand OneMind Technologies into other synergistic markets. OneMind's Smart System Orchestrator has achieved success in enabling Smart Cities. The same platform that brings intelligence by sharing information across systems to improve decision making and operational performance for Smart Cities has tremendous potential in Big Data, Telecom, Autonomous Things, and other markets where users need to unify and interpret data from multiple sources and disparate systems.
"I'm extremely impressed with the Durham Black work product and the team advising us," continued Honan. "With decades of driving value in deals, the Durham Black team is already playing a vital role in mapping out an acquisition plan for Affluence to add three to four high quality companies over the next twelve months that they believe are positioned to grow meaningfully and deliver lasting value. We look forward to this partnership and the many benefits it will yield for our subsidiaries, global partners, and shareholders."
# # #
About Affluence Corporation
Affluence Corporation (AFFU.PK) is a diversified technology company focused on smart city and industry software and innovative solutions that capitalize on IoT, AI and 5G technologies. We are investing in mid-market businesses to create a cohesive unit which brings together technology for the next generation of internet. For more information go to https://affucorp.com.
About Durham Black LLC
Durham Black is a strategic advisory firm focused on empowering technology business leaders to reach their full value potential by providing customized advisory services that fill the gaps in value creation. Durham Black offers advisory services focused on three fundamental areas: Corporate Structure, Growth Execution and Operational Excellence, catering to both startups and mature Network, SaaS, and Managed Service Providers. For more information go to https://www.durham-black.com.
About OneMind Technologies SL
OneMind Technologies SL based in Barcelona Spain is a wholly owned subsidiary of Affluence Corporation. The OneMindNG intelligent IoT solution builder is used to create applications for smart city and smart industries operations. Functioning as systems of systems, OneMindNG platform connects data sources to one single point of insight to provide real-time information on operational processes. It is a key component in the Smart City and enterprise solutions currently being offered by several Fortune 50 companies that resell, distribute, and integrate smart city enterprise solutions. For more information go to https://www.onemindng.com.
# # #
For further information contact Affluence Corporation Investor Relations at 720-295-6409.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, competitive and technological factors, markets, services, products and prices, availability and the cost of capital, success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Affluence Corporation.
SOURCE: Affluence Corporation
>>> Arcadium Lithium Announces Completion of Merger of Equals between Allkem and Livent
Arcadium Lithium PLC
04 Jan, 2024
https://www.prnewswire.com/news-releases/arcadium-lithium-announces-completion-of-merger-of-equals-between-allkem-and-livent-302026354.html
Combination Creates a Leading Global Integrated Lithium Chemicals Producer
Key Strengths
Leading global lithium chemicals producer with the resources, scale and expertise to meet growing customer and industry needs - reliably, safely and responsibly.
Premier lithium resources and manufacturing sites in key locations globally across the lithium value chain.
Highly complementary assets and vertically integrated business model focused on enhancing operational flexibility and predictability while lowering costs.
Ability to de-risk and accelerate growth with a world-class pipeline of development projects, proven execution capabilities and technical, capital and projects expertise.
Leading sustainability profile, with an unwavering commitment to continuous improvement, decarbonization and delivering greater value to customers, employees, communities and shareholders.
PHILADELPHIA and BRISBANE, Australia, Jan. 4, 2024 /PRNewswire/ -- Arcadium Lithium plc (NYSE: ALTM, ASX: LTM, "Arcadium Lithium") today announced the completion of the all-stock merger of equals between Allkem and Livent. The new, combined company is a leading global lithium chemicals producer committed to safely and responsibly harnessing the power of lithium to improve people's lives and accelerate the transition to a clean energy future. With roughly U.S. $1.9 billion of combined total revenue in 2022 and a global team of more than 2,600 employees, Arcadium Lithium is one of the largest integrated producers of lithium chemicals in the world.
Paul Graves, Chief Executive Officer of Arcadium Lithium, said: "As one of the leading global producers of lithium chemicals, Arcadium Lithium has the resources, scale and expertise to meet the growing needs of our rapidly changing industry. We are a leader in every major lithium extraction process – from hard rock mining to conventional pond and DLE-based brine processing – and vertically integrated, from resource to chemical manufacturing, in strategic locations around the world. This will open doors to new opportunities and strengthen our ability to deliver value to our customers, investors, employees and communities."
Mr. Graves continued: "It is a privilege for me to lead this great company forward with such an incredible team. This transformational merger would not have been possible without the hard work and commitment of our integration planning teams over the past months. I want to thank them and all of our employees around the world for getting us to this position. Together, we are launching an exciting new company that combines the strengths and storied legacies of two incredible organizations, both with an wavering commitment to safe, responsible and sustainable operations. We look forward to building on this strong foundation and leading our industry forward."
Arcadium Lithium ordinary shares will begin trading today on the NYSE under the ticker "ALTM." Arcadium Lithium also maintains a foreign exempt listing on the ASX (via the issue of CHESS Depositary Instruments (CDIs) to Allkem shareholders) and will commence trading on a normal settlement basis on the ASX under the ticker "LTM" at 10:00am (AEDT) on January 5, 2024. Allkem shareholders received either: (a) one Arcadium Lithium ASX listed CDI; or (b) one Arcadium Lithium NYSE listed share depending where they resided and what election (if any) they had made for each Allkem ordinary share held, except for shareholders in certain ineligible jurisdictions, who will receive cash proceeds from the sale of the Arcadium Lithium CDIs in lieu of such CDIs after closing. Livent shareholders received 2.406 Arcadium Lithium NYSE listed ordinary shares for each Livent share held.
Arcadium Lithium will have approximately 1,074 million ordinary shares outstanding upon closing.
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>>> Chevron to Acquire Hess for $53 Billion in Latest Major Oil Deal
The acquisition marks further consolidation of the oil industry and highlights the confidence that energy companies have in the future of fossil fuels.
New York Times
Oct. 23, 2023
https://www.nytimes.com/2023/10/23/business/chevron-hess-acquisition.html
In the second energy megadeal this month, Chevron, the second-largest U.S. oil giant, said Monday that it had agreed to acquire Hess, a medium-size rival, in an all-stock deal valued at $53 billion.
The deal marks a further consolidation of the energy industry, especially in the United States, where smaller companies appear to be taking advantage of relatively high oil prices to join forces with bigger players. The transaction follows Exxon Mobil’s $60 billion purchase of the shale driller Pioneer Natural Resources this month, another sign of confidence among large industry players in the future of fossil fuels even as policymakers promote cleaner energy sources.
Like Exxon’s acquisition of Pioneer, Chevron’s move shows that big oil companies want to invest closer to home amid rising political risks in Asia, the Middle East and Africa. In recent years, Chevron has increased its holdings in the Rocky Mountains and the Permian Basin straddling Texas and New Mexico.
“Besides the United States, South America is the region where Chevron is making its bet,” said Peter McNally, an energy analyst at Third Bridge, a research firm. He said the recent flurry of acquisitions reminded him of a wave of takeovers a quarter-century ago that produced Exxon Mobil and Chevron-Texaco. At that time, he said, the companies were looking to lower costs; today, the acquired companies offer large assets and specialized expertise to develop unconventional resources like shale.
The jewel of the deal is the acquisition of Hess’s investment in offshore Guyana, which, in partnership with Exxon Mobil, is producing 400,000 barrels a day, up from nothing four years ago. Output is expected to triple by 2027, with Guyana representing more than 1 percent of total global output.
Exxon, Hess and CNOOC, a smaller Chinese partner, have made more than 30 discoveries in Guyana, with more than 11 billion barrels in the largest Stabroek block alone.
Natural gas bubbles up with the oil, providing an opportunity in the local electricity market and the potential to export to Trinidad and Tobago to produce liquefied natural gas for European markets.
Exxon Mobil is the Guyana project’s operator and major investor, with Hess piggybacking on what has developed into one of the biggest cash machines in the oil business. Along with West Texas, Guyana is Exxon’s biggest investment to increase future production.
Chevron has a longstanding investment in Venezuela, which borders Guyana, producing potential synergies should the U.S. government further loosen the sanctions it has imposed on that country.
Chevron will also acquire Hess’s shale fields in North Dakota; offshore production in the Gulf of Mexico, where it made a major oil discovery this year; and a natural gas business in Southeast Asia.
In a news release, Chevron said the acquisition would diversify its portfolio. Hess would add about 10 percent to Chevron’s overall oil and gas production of about three million barrels a day.
Mike Wirth, Chevron’s chairman and chief executive, said in a statement that the deal enhanced the company’s operations “by adding world-class assets.”
Pierre Breber, Chevron’s chief financial officer, said, “The addition of Hess is expected to extend further Chevron’s free cash flow growth.”
“With greater confidence in projected long-term cash generation,” he added, “Chevron intends to return more cash to shareholders” in the form of dividends and higher share repurchases.
John Hess, the chief executive of Hess, is expected to join Chevron’s board. He and his family will be big winners from the transaction.
On a conference call with Mr. Wirth, Mr. Hess recalled what he said was his company’s “long, proud history,” which began about 90 years ago with his father’s delivering fuel oil during the Depression.
Mr. Hess portrayed the merger as combining his company’s growth prospects, especially in Guyana, with Chevron’s broader reach, financial strength and ability to pay much bigger dividends.
In a note to clients on Monday, Biraj Borkhataria, an analyst at RBC Capital Markets, said it was surprising that Chevron had struck a big-ticket deal when Exxon, the company’s main rival, appeared out of the hunt because of its multibillion-dollar Pioneer purchase. He figured that Chevron “could bide its time.”
Mr. Borkhataria said Hess would give Chevron “a stronger, more diversified portfolio, which should bode well for shareholders over the long term; but in the near term, the news could weigh on the shares.”
Chevron shares were down about 2 percent on Monday morning.
A Bernstein Research note on Monday morning said the firm saw “little risk” in regulatory challenges, although “an activist contesting the deal is possible.” The research note added, “A counter deal is possible.”
Environmentalists were critical of the deal, as they had been of Exxon’s acquisition of Pioneer. “Chevron’s acquisition of Hess this week is yet another concerning sign that the fossil fuel industry has no intention of slowing down,” said Cassidy DiPaola, campaign manager for Fossil Free Media. “Deals like this lock us into greater fossil fuel dependency and greenhouse gas emissions for decades to come.”
Chevron, like Exxon, says it is building new abilities to capture carbon dioxide and bury greenhouse gases in the ground or recycle them. (lol)
The Chevron-Hess deal is the latest in a series of mergers and acquisitions that are changing the industry. Occidental Petroleum acquired Anadarko Petroleum four years ago for $40 billion. Pioneer spent more than $10 billion in recent years to buy Parsley Energy and DoublePoint Energy in 2021.
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>>> CBIZ ACQUIRES AMERICAN PENSION ADVISORS
PR Newswire
July 5, 2023
https://finance.yahoo.com/news/cbiz-acquires-american-pension-advisors-200100069.html
CLEVELAND, July 5, 2023 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) ("the Company"), a leading provider of financial, insurance and advisory services, announced today that it has acquired American Pension Advisors, Ltd. ("APA") of Indianapolis, IN, effective July 1, 2023.
Founded in 1997, APA provides full-service retirement plan consulting and administration assisting more than 1,200 clients in the design, implementation, and administration of all types of retirement plans including 401(k), 403(b), 457(b), defined benefit and cash balance. APA has 14 employees and approximately $2.9 million in revenue.
Jerry Grisko, President and CEO of CBIZ, said, "The acquisition of American Pension Advisors brings valuable talent, expertise, and capacity to bolster our growing Retirement Investment Services business. At the same time, this acquisition also strengthens our presence and visibility in the Indianapolis metro market and complements another acquisition in the same market we completed earlier this year. Working together, we will be able to offer our collective clients a broader array of services. I am pleased to welcome the APA team to CBIZ."
David Behrmann, of APA, stated, "We are so excited to join forces with a nationally recognized company like CBIZ. We look forward to offering the additional services and expertise of CBIZ to help our clients grow and succeed. I'm pleased that our team members will now have access to additional technical support, resources and tools that will make them more successful and better serve our clients."
About CBIZ
CBIZ, Inc. is a leading provider of financial, insurance, and advisory services to businesses throughout the United States. Financial services include accounting, tax, government health care consulting, transaction advisory, risk advisory, and valuation services. Insurance services include employee benefits consulting, retirement plan consulting, property and casualty insurance, payroll, and human capital consulting. With more than 120 Company offices in 33 states, CBIZ is one of the largest accounting and insurance brokerage providers in the U.S. For more information, visit www.cbiz.com.
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>>> Arthur J. Gallagher & Co. Acquires Ace Commercial Insurance Center
PR Newswire
September 21, 2023
https://finance.yahoo.com/news/arthur-j-gallagher-co-acquires-130000585.html
Arthur J. Gallagher & Co. Acquires Hartley Cylke Pacific Insurance Services, Inc.
ROLLING MEADOWS, Ill., Sept. 21, 2023 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Corona, California-based Ace Commercial Insurance Center (Ace). Terms of the transaction were not disclosed.
Ace is a specialist insurance broker serving the trucking industry primarily in Southern California. Jackie Hoang, Anhdy Nguyen and their team will remain in their current location under the direction of Scott Firestone, head of Gallagher's Southwest region retail property/casualty brokerage operations.
"Ace is a well-regarded agency that expands our transportation market expertise in the Southwest," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I am very pleased to welcome Jackie, Anhdy and their associates to Gallagher."
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
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>>> Cadence to Acquire Intrinsix Corporation from CEVA
Business Wire
September 20, 2023
https://finance.yahoo.com/news/cadence-acquire-intrinsix-corporation-ceva-110000968.html
Transaction will bring Cadence a highly skilled team of engineers to expand company’s reach in the aerospace and defense industry, and strengthen CEVA’s focus on IP for high-growth technologies addressing wireless communications, sensing and edge AI
SAN JOSE, Calif. & ROCKVILLE, Md., September 20, 2023--(BUSINESS WIRE)--Cadence Design Systems, Inc. (Nasdaq: CDNS) and CEVA, Inc. (Nasdaq: CEVA), a leading licensor of wireless connectivity and smart sensing technologies, today announced that they have entered into a definitive agreement for Cadence to acquire Intrinsix Corporation, a wholly owned subsidiary of CEVA and a provider of design engineering solutions focused on the U.S. aerospace and defense industry. The purchase will bring Cadence a highly skilled engineering team that has expertise in advanced nodes, radio frequency, mixed-signal and security algorithms.
"CEVA’s strength over the years has been in developing and licensing semiconductor IP and software, which has powered more than 16 billion devices to date," said Amir Panush, CEO of CEVA. "With the sale of Intrinsix, we are focusing our efforts on this core expertise, which will allow us to reinforce our leadership position in wireless communications, sensing and edge AI technologies and support our long-term growth strategy."
"Cadence and Intrinsix are well-aligned in their missions to enable customers to achieve design excellence," said Neil Zaman, Senior Vice President and Chief Revenue Officer at Cadence. "Through the acquisition of Intrinsix, we will scale our system and IC design services team to support customers in key high-growth verticals like the aerospace and defense industry who are faced with meeting tight time-to-market deadlines and ever-increasing chip and system-level complexity."
The acquisition is expected to be immaterial to revenue and earnings this year for Cadence and is subject to certain closing conditions.
About Cadence
Cadence is a pivotal leader in electronic systems design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design™ strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence® customers are the world’s most innovative companies, delivering extraordinary products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare. For nine years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at www.cadence.com.
About CEVA
CEVA is the leading licensor of wireless connectivity and smart sensing technologies for a smarter, safer, connected world. We provide Digital Signal Processors, AI engines, wireless platforms, cryptography cores and complementary embedded software for sensor fusion, image enhancement, computer vision, spatial audio, voice input and artificial intelligence. Leveraging our technologies, many of the world’s leading semiconductors, system companies and OEMs create power-efficient, intelligent, secure and connected devices for a range of end markets, including mobile, consumer, automotive, robotics, industrial and IoT.
Our DSP and edge AI based solutions include platforms for 5G baseband processing in mobile, IoT and infrastructure, advanced imaging and computer vision for any camera-enabled device, audio/voice/speech and ultra-low-power always-on/sensing applications for multiple IoT markets. For motion sensing solutions, our Hillcrest Labs sensor processing technologies provide a broad range of sensor fusion software and inertial measurement unit ("IMU") solutions for markets including hearables, wearables, AR/VR, PC, robotics, remote controls and IoT. For wireless IoT, our platforms for Bluetooth connectivity (low energy and dual mode), Wi-Fi 4/5/6 (802.11n/ac/ax), Ultra-wideband (UWB), NB-IoT and GNSS are the most broadly licensed connectivity platforms in the industry.
CEVA is a sustainable and environmentally conscious company, adhering to our Code of Business Conduct and Ethics. As such, we emphasize and focus on environmental preservation, recycling, the welfare of our employees and privacy – which we promote on a corporate level. At CEVA, we are committed to social responsibility, values of preservation and consciousness towards these purposes.
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YCRM SFLM really good R/Ms right now
$YCRM and $SFLM are the best R/Ms I can find right now in the OTC and the best I’ve seen in years
— Stock Picks NYC (@StockPicksNYC) September 27, 2023
•YCRM/PickeJar already raised 4M in a round led by Anton Rabie, Canadian billionaire businessman and largest shareholder and executive at $TOY.to $TOY
•SFLM/Deep Power is VC… pic.twitter.com/o605HpG5VF
$EVVL Acquisition News: Evil Empire Designs Inc (EVVL) Finalizes Agreement to Purchase Trendmark Industries
LAS VEGAS, NV / ACCESSWIRE / June 26, 2023 / Evil Empire Designs, Inc. (OTC PINK:EVVL) ("Evil Empire Designs" or the "Company") today announced that it has entered into a definitive Share Exchange Agreement with Trendmark Industries, Inc. ("Trendmark"), and the sole stockholder of Trendmark, under which Evil Empire Designs will acquire 100% of the outstanding shares of Trendmark. The purchase will give Evil Empire Designs its own manufacturing capabilities and includes proprietary molds, inventory and equipment, as well as certain intellectual property that compliments the Company's current product offering. The Company anticipates the new product line being available for sale on its website (http://www.evilempiredesigns.com) shortly after closing.
As part of the purchase, Evil Empire Designs has loaned Trendmark $50,000 and will issue the current Trendmark shareholder an aggregate of 10,000,000 shares of the Company's common stock. Trendmark management will also be required to operate Trendmark and participate in Evil Empire's sales, marketing and business planning for a term of three years.
"This acquisition not only allows us to bring the manufacturing of our designs in-house, saving us time and money, but also brings with it a host of complimentary products. Additionally, we won't be subject to supply chain interruptions because most of our products will be manufactured with parts made in the United States," commented Sheila Cunningham, CEO of Evil Empire Designs. "A huge bonus was being able to retain current management. They have years of experience in the motorcycle business, have been quite successful, and we anticipate they will facilitate opening new sales avenues for our designs. We believe this is an extremely accretive transaction for not only Evil Empire Designs but for our shareholders as we execute on our business strategy and seek to maximize value for our shareholders."
Closing of the Share Exchange Agreement is subject to customary closing conditions, and Evil Empire Designs anticipates closing of the transactions under the Share Exchange Agreement before June 30, 2023.
Evil Empire Designs also announced that it has decided to not pursue a prospective merger or acquisition of TOL Designs.
About Evil Empire Designs
At Evil Empire our mission is to design and produce the highest quality aftermarket parts that appeal to middle and upper class motorcycle enthusiasts to enhance the look of their American, V-Twin, Metric or Harley motorcycles, allowing them to express their individuality.
Evil Empire designs is committed to providing our customers with products and services that meet, conform to, and exceed their individual motorcycle needs, ensuring their design, values and investment expectations are being met.
Cautionary Note Regarding Forward-Looking Statements
This release by Evil Empire Designs Inc. ("Evil Empire") may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "expects," "plan," "believes," "will," "achieve," "anticipate," "would," "should," "subject to," or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Although Evil Empire management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve several risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. These risks, uncertainties and other factors include, among others: risks related to Evil Empire's plans for its intellectual property, including its strategies for monetizing, licensing, expanding, and defending its patent portfolio; risks associated with Evil Empire's product sales, including the market and demand for products sold by Evil Empire and its ability to successfully develop and launch new products that are attractive to the market; the success of product, joint development and licensing partnerships; the competitive landscape of Evil Empire's industry; and general economic, political and market conditions, including quarantines, factory slowdowns or shutdowns, and travel restrictions resulting from the COVID-19 pandemic. The military conflict between Russia and Ukraine may increase the likelihood of supply interruptions. All forward-looking statements reflect management's present assumptions, expectations and beliefs regarding future events and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by any forward-looking statements. These and other risks and uncertainties are described in Evil Empire's annual and quarterly reports and the other filings it makes with the U.S. Securities and Exchange Commission from time to time, including any subsequently filed quarterly and current reports. In light of these risks, uncertainties and other factors, these forward-looking statements should not be relied on as predictions of future events. These forward-looking statements represent Evil Empire's assumptions, expectations and beliefs only as of the date they are made, and except as required by law, Evil Empire undertakes no obligation to revise or update any forward-looking statements for any reason.
Contact Information:
sheila@evilempiredesigns.com
SOURCE: Evil Empire Designs
View source version on accesswire.com:
https://www.accesswire.com/763622/Evil-Empire-Designs-Inc-EVVL-Finalizes-Agreement-to-Purchase-Trendmark-Industries
>>> Thomson Reuters to buy digital content management company Imagen
Reuters
June 28, 2023
https://www.msn.com/en-us/money/other/thomson-reuters-to-buy-digital-content-management-company-imagen/ar-AA1daiXy?OCID=ansmsnnews11
(Reuters) - Thomson Reuters will buy Imagen, a digital content asset management company, for an undisclosed price, to expand its agency business to new customers, the news and information company said on Wednesday.
Britain-based Imagen, which owns the Screenocean video distribution platform, operates digital content libraries for sports, media and business companies including Premier League soccer and Major League Baseball.
Imagen will become a part of the Reuters News division.
The acquisition is part of a plan to serve more clients as they expand their streaming video businesses. "Our belief is that our agency business needs to evolve to be a tech-enabled content delivery (business)," Reuters President Paul Bascobert said in an interview.
"With the addition of Imagen, clients will have the ability to seamlessly add media asset management services to store, manipulate, permission, distribute and monetize all their visual content," Bascobert added in a prepared statement.
Reuters currently serves agency clients through Reuters Connect, which is a business-to-business content marketplace that licenses Reuters text, images and videos as well as news and content from more than 70 other providers that include the BBC, USA Today and China's CCTV.
The deal is the second announced this week. On Monday, Thomson Reuters said it agreed to buy Casetext, a California-based AI company that helps legal professionals conduct research, analysis and prepare documents using generative AI, for $650 million.
Thomson Reuters has said it has earmarked $10 billion for acquisitions and about $100 million per year in investments in AI capabilities.
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>>> IBM’s $4.6B Apptio deal marks another new era for Seattle-area cloud and IT management company
Geek Wire
by Todd Bishop
June 26, 2023
https://www.msn.com/en-us/money/companies/ibm-s-46b-apptio-deal-marks-another-new-era-for-seattle-area-cloud-and-it-management-company/ar-AA1d3FXH
IBM announced a deal Monday to buy Apptio for $4.6 billion from Vista Equity Partners, less than five years after the private equity firm acquired the Bellevue, Wash.-based cloud and IT management company for $1.9 billion, and seven years after Apptio went public at a valuation of $525 million.
“It’s the third exit in one company,” said Sunny Gupta, the Apptio founder and CEO, in an interview with GeekWire Monday morning. “It doesn’t happen that often — all the way from venture to public, to private equity, to now being part of one of the most iconic companies of all time in IBM.”
IBM says it expects the deal to close in the second half of this year.
Apptio has more than 1,400 employees, about a quarter of them in the Seattle area, and the company’s employee base is expected to “increase significantly” after the IBM deal closes, in locations including Bellevue, Gupta said.
The all-cash acquisition reflects Apptio’s growth via acquisitions and organic business expansion, its focus on corporate tech spending, and related trends in the economy and technology.
Apptio’s software-as-a-service technology helps corporate and IT leaders understand and manage their cloud and tech spending. That’s a key motivation, especially now, for many companies seeking to rein in expenses.
Its annual revenue has grown to more than $400 million through a combination of acquisitions and organic customer growth, roughly double its projected revenue at the time of the Vista Equity deal in 2018.
Apptio has grown to more than 1,500 corporate customers, including more than half of the Fortune 100. IBM said Apptio brings “$450 billion of anonymized IT spend data, unlocking new insights for clients and partners.”
“Technology is changing business at a rate and pace we’ve never seen before. To capitalize on these changes, it is essential to optimize investments which drive better business value, and Apptio does just that,” said IBM CEO Arvind Krishna in a news release announcing the deal. “Apptio’s offerings combined with IBM’s IT automation software and watsonx AI platform, gives clients the most comprehensive approach to optimize and manage all of their technology investments.”
Longer term, the deal also positions IBM well for the emerging dynamics of AI in the enterprise, said Matt McIlwain, managing director of Madrona Venture Group, which was a founding investor in Apptio in 2007.
The boom in generative AI, applied AI, machine learning, and intelligent applications promises to only increase the need for big companies to get a handle on their technology usage and spending, McIlwain said.
“This is about cost transparency for enterprises,” he said. “But I think there’s a more strategic thing that IBM is likely up to, which is around applied AI and intelligent applications and how enterprises are going to need to navigate that.”
The acquisition brings Gupta full circle. He started his career at IBM in 1992 as an engineer working on OS2, and will now rejoin the company more than three decades later as an executive leader.
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>>> UnitedHealth Buys Amedisys for $3.3 Billion
Investopedia
by Vaidik Trivedi
June 26, 2023
https://www.msn.com/en-us/money/other/unitedhealth-buys-amedisys-for-3-3-billion/ar-AA1d4kiM
Health insurance behemoth UnitedHealth Group (UNH) agreed to buy home health and hospice caregiver Amedisys (AMED) for $3.3 billion in an all-cash deal that will expand UnitedHealth's home healthcare business.
KEY TAKEAWAYS
UnitedHealth Group has agreed to buy Amedisys, a home healthcare provider, for $101 per share.
Amedisys will pay a $106 million fee to terminate its merger with Option Care, which offered to buy
Amedisys for $97.38 per share in an all-stock agreement in May.
Amedisys will merge with UnitedHealth's subsidiary Optum after the deal gains shareholder and regulatory approval.
UnitedHealth will pay $101 per outstanding share of Amedisys in an all-cash transaction subject to shareholder and regulatory approval. Amedisys will merge with UnitedHealth subsidiary Optum.
The two companies had been negotiating the terms of the sale for weeks. UnitedHealth originally offered to buy Amedisys for $100 per share on June 5.
Amedisys had previously entered a merger deal with Option Care Health Inc. (OPCH), which offered in May to buy Amedisys for $97.38 per share in an all-stock transaction that valued the company at $3.6 billion. Amedysis will pay Option Care a $106 million termination fee to forfeit the agreement.
Amedisys is UnitedHealth's second home healthcare acquisition this year, as the company seeks to bolster its presence in the industry. It acquired LHC Group, a rival of Amedisys, for $5.4 billion in February.
Amedisys' stock was down 0.7% midday Monday, trading at around $90. UnitedHealth’s stock was up about 0.7%.
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Re-posts - >>> Great merger...Allkem and Livent to Create a Leading Global Integrated Lithium Chemicals Producer
https://finance.yahoo.com/news/allkem-livent-create-leading-global-091600195.html
The companies complement each others strengths to create a well positioned company ready to exploit growing Lithium demand. <<<
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171876811
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>>> Allkem/Livent Merger Presentation
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02664721-2A1448769?access_token=83ff96335c2d45a094df02a206a39ff4
They will be a force in the industry. For me, worth considering additional shares to current position on any price weakness.
Will M&A activity accelerate? This merger ups the bar. Personally, I'd be amenable to Pilbara merging with an integrated miner/chemical processor, that would create another powerful entity.
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https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171877534
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>>> Canadian group led by Pierre Lassonde plans to buy Teck's coal mines <<<
https://www.mining.com/subscribe-login/?id=1117410
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171875530
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>>> US Antitrust Enforcers Are Chilling Big Mergers
Bloomberg
By Leah Nylen and Michelle F Davis
May 10, 2023
https://www.bloomberg.com/news/articles/2023-05-10/m-a-deal-pace-slows-as-biden-administration-cracks-down-on-antitrust?srnd=premium&sref=XLA0GJqR
The US government’s aggressive stance on antitrust is chilling merger activity among the country’s biggest companies, with some deals never making it past the boardroom as executives fear lengthy and expensive approval processes.
US enforcers have roughly doubled their efforts to block mergers under the Biden administration: in the 12 months through September, the antitrust agencies filed complaints against a record 13 transactions compared to an average of six per year over the previous five years, according to data compiled by Bloomberg.
Though deals involving US companies have steadily increased, the recent pace of interventions by the Justice Department or the Federal Trade Commission has stunted that growth: The agencies are also claiming credit for another 26 mergers that they say were abandoned in the face of antitrust investigations, some of which were pulled before they were even made public.
The approach has discouraged some companies from pursuing unions they would’ve leapt at in the past, according to dozens of conversations with M&A advisers, corporate executives, former regulators and antitrust practitioners. Many of them described an environment that’s generally hostile to dealmaking, even for transactions that they wouldn’t have expected to raise antitrust concerns. While antitrust laws haven’t changed, the stepped-up enforcement means dealmaking has gotten costlier, as well as more uncertain and time-consuming, they said.
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https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171877772
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>>> Liontown Bids Signal Strong Outlook for Lithium, Rival Says
Bloomberg
by Sybilla Gross and Haidi Lun
May 3, 2023
https://finance.yahoo.com/news/liontown-bids-signal-strong-outlook-234802584.html
Liontown Bids Signal Strong Outlook for Lithium, Rival Says
(Bloomberg) -- The recent flurry of bidding activity for Australian lithium producer Liontown Resources Ltd. reflects broader optimism in the sector, according to one of the country’s top miners of the key electric-vehicle battery metal.
The intense interest in Liontown, which has become an acquisition target after it spurned three bids in five months from the world’s top lithium producer Albemarle Corp., is “a really strong point of evidence” about the outlook, Pilbara Minerals Ltd. Chief Executive Officer Dale Henderson said.
“Full credit to Albemarle who are walking the talk — their CEO has spoke to the necessity for all lithium projects to come online, and here they are voting with their money,” Henderson said in a Bloomberg Television interview broadcast Wednesday. “It just underscores the support for the long-term proposition for lithium.”
The lithium sector is set for further consolidation around longer-term assets, Liontown Chief Executive Officer Tony Ottaviano said in a separate interview, while defending the company’s recent rejection of a multi-billion dollar bid for the business.
“There is a lot of demand for spodumene coming out of China, and then more broadly around the world,” Ottaviano told Bloomberg Television interview Wednesday. With global demand for lithium set to boom, bigger companies that buy longer-term assets will stand to benefit as consolidation starts to emerge, he added.
Liontown in March rejected a A$5.5 billion ($3.7 billion) offer from Albemarle, which is expected to be a key topic of interest at the US miner’s earnings call to shareholders on Thursday in New York. Ottaviano denied local media reports of an ongoing bidding war for his company.
“At the end of the day, there’s a difference of opinion around value and that’s where it sits at the moment,” he said about Albemarle’s offer. “We’ve had no further formal approaches.”
Meanwhile, Pilbara Minerals, one of Australia’s top lithium miners, said earlier this year it will nearly double production by late 2025 to meet soaring demand for the key electric-vehicle battery metal.
READ: Lithium’s Next Big Risk Is Grand Supply Plans Falling Short
The Perth-based miner plans to push ahead with the expansion, despite a recent steep pullback in lithium prices as more supply comes online, Henderson said. The resulting slide in company valuations has helped open the door to potential acquisitions in a sector still dominated by junior and mid-sized players.
“It’s an incredible market and Pilbara looks always to capitalize on that,” he said. “We’re not holding back on our investment.”
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>>> Liontown Resources Limited (LINRF) engages in the exploration, evaluation, and development of mineral properties in Australia. The company explores for lithium, gold, vanadium, copper, and nickel deposits, as well as platinum group elements. Its flagship property is the Kathleen Valley lithium project located in Perth, Western Australia. The company was incorporated in 2006 and is based in West Perth, Australia.
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https://finance.yahoo.com/quote/LINRF/profile?p=LINRF
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>>> Quest Diagnostics and New York-Presbyterian Complete Laboratory Services Acquisition
PR Newswire
April 17, 2023
https://finance.yahoo.com/news/quest-diagnostics-newyork-presbyterian-complete-123300802.html
SECAUCUS, N.J., April 17, 2023 /PRNewswire/ -- Quest Diagnostics (NYSE:DGX), the nation's leading provider of diagnostic information services, and NewYork-Presbyterian, one of the nation's largest and most comprehensive academic medical centers, today announced that Quest has completed its previously announced acquisition of select assets of the laboratory services business of NewYork-Presbyterian. Financial details of the transaction were not disclosed.
The goal of the collaboration is to enable providers and patients to access high quality, affordable testing from a service menu that combines the complementary strengths of both organizations. In addition, patients will benefit from access to Quest's network of nearly 100 patient service centers in the five boroughs.
Quest provides a complete portfolio of services to empower health systems and hospitals to improve the quality, innovation and insights of their diagnostic laboratory services, elevate the patient experience and lower costs for more accessible—and affordable—care. For more information, visit Hospitals & Health Systems | Quest Diagnostics.
About Quest Diagnostics
Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our approximately 50,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com.
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>>> Merck to buy Prometheus Biosciences for about $11 billion
Reuters
4-16-23
https://www.msn.com/en-us/money/companies/merck-to-buy-prometheus-biosciences-for-about-11-billion/ar-AA19VksJ?OCID=ansmsnnews11
(Reuters) - Merck & Co has agreed to acquire Prometheus Biosciences Inc for about $10.8 billion to bolster the company's presence in immunology, the companies said on Sunday.
The joint statement said that Merck, through one of its subsidiaries, will pay $200 per share for the biotechnology company that specializes in products for treatment of immunological diseases. That represents a 75% premium to the $114.01 closing price for Prometheus shares on Friday.
Prometheus had a market capitalization of $5.42 billion at Friday's close.
Merck has been looking for deals to protect itself from eventual revenue loss as patents on its cancer immunotherapy Keytruda begin to expire towards the end of the decade.
"The agreement with Prometheus will accelerate our growing presence in immunology where there remains substantial unmet patient need. This transaction adds diversity to our overall portfolio," said Merck Chairman and Chief Executive Robert Davis.
The deal, which was first reported by the Wall Street Journal, is expected to close in the third quarter of the year, the companies said.
Merck in February forecast 2023 earnings below Wall Street estimates and an expected steep decline in sales of its COVID-19 antiviral treatment.
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>>> Extra Space (EXR) to Acquire Life Storage in an All-Stock Deal
Zacks Equity Research
April 4, 2023
https://finance.yahoo.com/news/extra-space-exr-acquire-life-150503229.html
Extra Space Storage Inc. EXR has struck a deal to acquire Life Storage, Inc. LSI in an all-stock transaction. The move will result in the combined company becoming the largest storage operator in the country with more than 3,500 locations, more than 264 million square feet and serving more than two million customers. Life Storage earlier rejected a bid from the industry behemoth Public Storage PSA.
The move seems a strategic fit as within the first year of closing, the transaction is expected to be accretive to core funds from operations (FFO) per share and is also expected to be leverage neutral. The transaction is currently expected to close in the second half of 2023 and is subject to Extra Space and Life Storage shareholders’ nod and the satisfaction of other customary closing norms.
Shares of Life Storage were up 3.54% during Monday’s regular trading session, while shares of Extra Space were down 5.17%.
Per the agreement terms, shareholders of Life Storage will get 0.8950 of an Extra Space share for each share they own. Based on Extra Space's share price close on Mar 31, 2023, this represents a total consideration of roughly $145.82 per share. Public Storage earlier offered $129 per share for Life Storage, which was rejected by the latter, noting that the offer “significantly” undervalued the business.
The combined company is expected to have a pro forma equity market capitalization of around $36 billion and a total enterprise value of roughly $47 billion. When the transaction closes, shareholders of EXR are expected to own around 65% of the combined company, while shareholders of LSI are to own the rest 35%. Also, there will be an expansion of Extra Space’s board from 10 to 12 directors, comprising nine directors from Extra Space's board and three directors from Life Storage.
The transaction will increase the size of Extra Space's portfolio by more than 50% by store count. Particularly, it will add Life Storage's 1,198 properties — including 758 wholly owned, 141 joint ventures and 299 third-party managed stores — thereby adding more than 88 million square feet to the portfolio.
In addition to offering a “transformative scale” and enhanced diversification, the transaction is expected to generate at least $100 million in annual run-rate operating synergies from general and administrative and property operating expense savings, together with improved property operating revenues and tenant insurance income.
Based in Salt Lake City, Utah, Extra Space is a notable name in the self-storage industry and offers a vast array of well-located storage units to its customers, including boat storage, recreational vehicle storage and business storage. EXR is currently the second-largest owner and/or operator of self-storage properties and is the largest self-storage management company in the United States.
Here’s how the shares of Public Storage, Extra Space and Life Storage have performed over the past three months against the industry’s decline of 1.4%.
Currently, PSA, EXR and LSI have a Zacks Rank #3 (Hold).
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>>> Maxar moves to close deal with Advent after receiving no competing offers
The acquisition by the private equity firm remains on track to close in mid-2023
Space News
Sandra Erwin
February 15, 2023
https://spacenews.com/maxar-moves-to-close-deal-with-advent-after-receiving-no-competing-offers/
WASHINGTON — The $6.4 billion acquisition of Maxar Technologies by the private equity firm Advent International remains on track to close in mid-2023 following completion of a 60-day “go shop” period when other offers could have been considered.
The agreement with Advent International was announced Dec. 16, 2022. During the 60-day “go shop” period that expired Feb. 14, Maxar and its financial advisor J.P. Morgan Securities held discussions with 36 potential buyers “but did not receive any competing acquisition proposals,” Maxar announced Feb. 15.
The acquisition still has to be officially approved by Maxar stockholders. Maxar said the deal cleared a U.S. antitrust review at the end of January.
Headquartered in Westminster, Colorado, Maxar operates four high-resolution imaging satellites and is the primary supplier of commercial satellite imagery to the U.S. government. The company also manufactures satellites in Palo Alto, California.
The completion of Advent’s acquisition in a timely manner is key to Maxar as it looks to accelerate the deployment of new satellites.
Amid growing demand for satellite imagery, Maxar has been eager to launch its new WorldView Legion high-resolution optical imaging satellites that have been in production for years and delayed by supply chain problems, the pandemic and other issues. The first two are expected to launch this year.
When the deal with Advent was announced, Maxar’s president and CEO Daniel Jablonsky said that going private would help Maxar move faster and get WorldView Legion on orbit.
The company on Feb. 14 announced an agreement to secure access to radar imaging satellites from startup Umbra.
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>>> Paramount stock jumps on Bank of America upgrade citing 'significant buyer interest'
Yahoo Finance
by Alexandra Canal
March 28, 2023
https://finance.yahoo.com/news/paramount-stock-jumps-on-bank-of-america-upgrade-citing-significant-buyer-interest-204916094.html
Paramount Global's (PARA) stock closed up more than 3% on Tuesday following an upgrade from Bank of America based on a potential sale of all or part of the company.
Bank of America analyst Jessica Reif Ehrlich upgraded shares to Buy from Neutral, in addition to raising her price target to $32 a share — up from the prior $24.
The analyst cited potential upside if Paramount were to sell all or parts of its business, writing in a new note on Tuesday: "It is our view that PARA has a unique collection of assets that would generate significant buyer interest if ever put up for sale-either in pieces or whole."
Paramount shares had gained as much as 8% earlier in Tuesday's session.
Ehrlich called out recent reports around a potential sale of the company's BET Media Group, which includes cable channels BET and VH1, after producer Tyler Perry and media mogul Byron Allen reportedly expressed interest in purchasing a majority stake.
Paramount also turned down a $3 billion-plus offer for Showtime from former executive David Nevins, according to The Wall Street Journal.
"We believe these press reports validate our thesis," she said. "We think other assets such as Nickelodeon, Paramount Studios and CBS Networks could also be in high demand given their strategic value, and it is not difficult for us to contemplate a scenario where the sum of the various assets is worth more than PARA's consolidated [enterprise value]." She was referring to a common measure of the company's total value.
Paramount CFO Naveen Chopra weighed in on the sales rumors in an interview with Yahoo Finance Live earlier this month: "There's been speculation around BET. We don't comment on M&A speculation. ...But I will say that, in general, we are always looking at different ways to create value for our shareholders."
"To the extent that there are ways to do that — by buying assets, by selling assets, by restructuring assets — we look at all of those very carefully," he said.
Paramount has long been rumored as a potential acquisition target due to its small size relative to competitors. The media giant boasts a current market cap of just about $14 billion, which pales in comparison to Disney's (DIS) $173 billion and Netflix's (NFLX) $144 billion.
"Consolidation has been the rule in business for a long time, certainly been the rule in media," Paramount CEO Bob Bakish revealed during a UBS media conference late last year. "So, it's hard for me to bet on anything other than consolidation [happening] in the future."
Paramount, which recently announced it will be merging its Paramount+ and Showtime streaming services into one offering dubbed "Paramount+ with Showtime," has eyed greater integration between its cable television and streaming offerings amid escalating cord-cutting trends and direct-to-consumer losses.
In its most recent quarter, the company reported a direct-to-consumer loss of roughly $1.82 billion in 2022 — slightly above previous guidance of $1.8 billion.
Paramount's stock is up about 25% year-to-date after falling 44% in 2022.
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>>> Microsoft set to win EU nod on Activision with licensing offer, sources say
by Foo Yun Chee
March 2, 2023
https://finance.yahoo.com/news/exclusive-eu-unlikely-demand-asset-135710610.html
BRUSSELS (Reuters) -Microsoft Corp is expected to secure EU antitrust approval for its $69 billion acquisition of Activision with its offer of licensing deals to rivals, three people familiar with the matter said, helping it to clear a major hurdle.
Microsoft announced the Activision bid in January last year, its biggest ever, to take on leaders Tencent and Sony, in the booming videogaming market and to venture in the metaverse which is virtual online worlds where people can work, play and socialise.
The European Commission, which is scheduled to decide on the deal by April 25, is not expected to demand that Microsoft sell assets to win its approval, the people said.
In addition to the licensing deals for rivals, Microsoft may also have to offer other behavioural remedies to allay concerns of other parties than Sony, one of the people said. Such remedies typically refer to the future conduct of the merged company.
Activision shares, which jumped 1.8% in pre-market trading after the Reuters' story was published, were up 2.6% in late trade.
Microsoft President Brad Smith last month said the U.S. software group was ready to offer rivals licensing deals to address antitrust concerns but it would not sell Activision's lucrative "Call of Duty" franchise.
Smith said it was not feasible or realistic to think that one game or one slice of Activision can be carved out and separated from the rest.
The EU competition enforcer declined to comment.
Microsoft said it was "committed to offering effective and easily enforceable solutions that address the European Commission's concerns."
"Our commitment to grant long term 100% equal access to Call of Duty to Sony, Steam, NVIDIA and others preserves the deal's benefits to gamers and developers and increases competition in the market," a Microsoft spokesperson said.
Last month, Microsoft said it had signed 10-year licensing deals with Nintendo and Nvidia that will bring Call of Duty to their gaming platforms, with the agreements conditional on a green light for the Activision deal.
The deal faces regulatory headwinds in Britain, where the UK competition agency has suggested that Microsoft divests Call of Duty to address its concerns while the U.S. Federal Trade Commission (FTC) has asked a judge to block the deal.
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>>> Auto parts firm LKQ to buy Uni-Select in $2.1 billion deal
Reuters
2-272-23
https://www.msn.com/en-us/money/topstories/auto-parts-firm-lkq-to-buy-uni-select-in-2-1-billion-deal/ar-AA180048?OCID=ansmsnnews11
(Reuters) -LKQ Corp said on Monday it would buy Uni-Select Inc in an all-cash deal valued at about C$2.8 billion ($2.06 billion), looking to tap into the Canadian company's strong presence in the aftermarket auto parts business.
The deal comes as rising interest rates force customers to hold on to their vehicles for longer, spurring demand for repairs and other services.
In Canada, Uni-Select deals with over 1,000 customers and supports over 16,000 automotive repair and collision repair shops.
Uni-Select's shareholders will receive C$48 per share, a premium of 19.2% to the stock's close on Friday.
The equity value of the transaction is C$2.11 billion, based on calculations by Reuters.
Boucherville, Quebec-based Uni-Select distributes automotive refinish and industrial coatings and related products in North America, while LKQ sells OEM recycled and aftermarket parts, replacement systems among others.
"While it has been years since LKQ completed platform M&A, we do think this deal makes strategic sense," Stephens analyst Daniel Imbro said.
LKQ intends to fund the transaction through a combination of cash on hand and new debt and has secured bridge financing commitments from Bank of America and Wells Fargo.
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>>> Lithium miner Sigma jumps on report Tesla considering buyout
Reuters
February 17, 2023
https://finance.yahoo.com/news/tesla-considering-bid-sigma-lithium-221747925.html
(Reuters) -U.S.-listed shares of Sigma Lithium Corp rose 21% in extended trading on Friday after Bloomberg News reported that Tesla Inc was weighing a takeover of the Canada-based battery metals miner.
Tesla has been speaking with potential advisers about a bid, the report said, citing people with knowledge of the matter, and added that Sigma Lithium is one of the many mining options the electric-vehicle maker is exploring as it mulls its own refining.
Tesla and Sigma Lithium did not immediately respond to Reuters requests for comment.
Sigma is finishing construction of a hard rock lithium mine in Brazil that it expects to open by April. The mine will produce spodumene concentrate, which can be used to make lithium hydroxide, a type of the metal preferred by some automakers including Tesla and BMW.
The project would use hydroelectric power, thus helping to greatly reduce its carbon footprint.
U.S. stock of Sigma Lithium, which has a market capitalization of $3.21 billion, nearly trebled in value last year.
Chief executive Elon Musk said last year Tesla was open to buying a mining company if producing its own supply of electric vehicle metals would speed up worldwide adoption of clean energy technologies.
Tesla and other automakers routinely talk to mining companies of all sizes about potential supplies of lithium and other EV metals without necessarily signing contracts.
Last month, Tesla signed an agreement with Piedmont Lithium Inc for supply of spodumene concentrate from Quebec, starting later this year.
Tesla also has supply contracts for nickel, lithium and a range of other EV metals from suppliers across the globe.
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>>> Warren Buffett’s Berkshire Hathaway Increases Stake in Paramount Global as Streaming Wars Stay Hot
The billionaire investor's company now owns about 15 percent of Paramount's Class B shares after first disclosing its stake in May.
The Hollywood Reporter
BY ALEX WEPRIN
NOVEMBER 14, 2022
https://www.hollywoodreporter.com/business/business-news/warren-buffett-berkshire-hathaway-increases-paramount-global-stake-1235261648/
Warren Buffett is still betting on Paramount.
The famed investor’s company, Berkshire Hathaway, has increased its stake in Paramount Global in recent months, according to a filing Berkshire made with the Securities and Exchange Commission on Monday.
Berkshire now owns more than 91 million Class B shares in Paramount, making it the largest outside investor, holding about 15 percent of the company’s Class B stock, worth about $1.7 billion as of market close.
Paramount, of course, is controlled via its Class A shares by National Amusements, the holding company run by Shari Redstone.
Still, the significant investment by Buffett is sure to attract further attention. Buffett first revealed that he had bought in to Paramount in May, when he disclosed a stake of about 75 million shares, which was valued at $2.6 billion at the time. Since then, most media and entertainment stocks have fallen in value. Paramount, for example, was trading at $28 per share when Berkshire first bought in, and was at $18.80 as of market close Monday.
Paramount is but one of a handful of media and entertainment-related stocks held by Buffett, who also holds significant stakes in Apple, Amazon, Activision Blizzard, Charter Communications and Liberty Media.
However, Paramount is the only pure-play entertainment company on Berkshire’s list of holdings, suggesting that Buffett thinks it has a chance to compete in the streaming wars … or could be at the top of the list for potential acquirers.
Paramount Plus is facing tough competition from competitors like Netflix and Disney+, which are just now entering the ad-supported streaming space, as well as from Warner Bros. Discovery’s HBO Max.
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>>> Paramount needs 'even greater scale' after messy history
Yahoo Finance
by Alexandra Canal
February 20, 2023
https://finance.yahoo.com/news/paramount-needs-even-greater-scale-after-messy-history-author-134135833.html
Paramount Global (PARA) has been in the spotlight over the last week. Not only for a dismal quarterly earnings report, but also for a new book documenting the various power struggles to control the embattled media company. In "Unscripted: The Epic Battle for a Media Empire," New York Times reporters James B. Stewart and Rachel Abrams break down the drama, dysfunction, and misconduct surrounding the late Sumner Redstone.
In an interview on Yahoo Finance Live last week, Stewart noted the challenges that faced Redstone's daughter Shari as his health declined during the 2010s.
"I think Shari deserves a lot of credit," Stewart said, highlighting the many obstacles the 68-year-old had to overcome in order to not only control Viacom and CBS, but eventually merge the two companies in 2019.
"I think almost everyone agrees that made sense —Viacom and CBS needed greater scale. They probably need even greater scale than they have, but they needed it. They probably needed it sooner," he said.
Sumner Redstone died in August 2020 at the age of 97.
Shari Redstone currently serves as the non-executive chairwoman of Paramount Global, in addition to president of her family's holding company, National Amusements.
The author credited Shari Redstone with the hiring of Bob Bakish as Paramount's CEO, in addition to the company's successful franchises with spinoffs for popular series like "Yellowstone," "Dexter," and "Billions" currently in the works amid the Showtime/Paramount+ rebrand.
Still, Stewart warned streaming "is a scale business" and Paramount might not have enough resources to adequately compete.
"Companies are spending billions on content. You've got to amortize that over large subscriber base — the bigger the better. They're running up against Amazon, Netflix, Disney+ and they're in a second or third tier compared to that," Stewart said.
As a result of Paramount's small size relative to competitors, the company has long been rumored as a potential acquisition target.
The media giant boasts a current market cap of just about $15.5 billion, which pales in comparison to Disney's (DIS) $192 billion and Netflix's (NFLX) $155 billion.
"Consolidation has been the rule in business for a long time, certainly been the rule in media," Paramount CEO Bob Bakish revealed during a UBS media conference late last year. "So, it's hard for me to bet on anything other than consolidation will happen in the future."
Stewart surmised Paramount Pictures could be an attractive asset for a streamer like Netflix, which does not own its own studio.
"Amazon bought MGM, Disney obviously has the Disney studio. That would seem to be an obvious pairing if they could get by the regulators — which is a big if," Stewart said.
He added: "[Another] big obstacle is that the stock price was so depressed. It got down to $15 and Shari, effectively the controlling shareholder, is not going to sell [to] anyone at that price."
Paramount closed at just $24 a share on Friday, up nearly 40% year-to-date but still down about 16% compared to this time last year.
Nevertheless, Stewart said Shari has repeatedly said she would sell at the right price: "She's not determined to cling to mogul status, no matter what."
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>>> Danaher Takes Interest in Life Sciences Firm Catalent
Danaher’s overtures in recent months may not lead to a deal
New Jersey-based Catalent has market value of $10 billion
Bloomberg
By Liana Baker, Michelle F Davis and Ed Hammond
February 4, 2023
https://www.bloomberg.com/news/articles/2023-02-04/danaher-is-said-to-be-interested-in-life-sciences-firm-catalent
Life sciences company Danaher Corp. has expressed takeover interest in contract manufacturer Catalent Inc., according to people familiar with the matter.
The overtures by Danaher in recent months valued Catalent at a significant premium, the people said, asking not to be identified because the matter is private. It’s unclear how Catalent will proceed or whether it’s receptive to a takeover offer, the people said. A deal isn’t imminent, they added.
“As a matter of company policy, Catalent does not comment on market rumors or speculation,” a representative said in an emailed statement.
A representative for Danaher didn’t immediately respond to a request for comment.
Catalent, based in Somerset, New Jersey provides delivery technologies and development solutions for drugs, biologics and consumer health products. The manufacturer has gained prominence during the coronavirus pandemic, helping to produce more than a billion Covid-19 vaccines and treatments in partnership with companies including Moderna Inc., Johnson & Johnson and AstraZeneca Plc.
The company’s shares more than tripled in the first year of the pandemic but have fallen about 60% since their peak in September 2021. They closed at $56.05 on Friday, giving the company a market value of about $10 billion.
Danaher has become a life sciences focused company since spinning out its industrial business arm Fortive Corp. in 2016.
Shares of the Washington-based company closed at $269.85 Friday, giving it a market value of more than $196 billion.
While Danaher is known in the industry as a serial acquirer, it hasn’t announced any major deals since 2021, when it bought Aldevron, a maker of proteins used in vaccines and research, for $9.6 billion.
A deal uniting Danaher and Catalent would be one of the largest transactions this year, in what’s been a sleepy market for dealmaking.
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>>> Amgen Delves Further Into Immune Therapies With Horizon Deal
Bloomberg
Dec 2022
by Dinesh Nair, Katie Roof and Angelica Peebles
https://www.msn.com/en-us/money/companies/amgen-to-buy-horizon-therapeutics-in-27-8-billion-deal/ar-AA15boCe?cvid=783ceba35ad741849a60e74acb7763f0
(Bloomberg) -- Amgen Inc. agreed to buy Horizon Therapeutics Plc for about $27.8 billion in its biggest-ever acquisition, deepening its commitment to treatments for autoimmune, inflammatory and rare diseases.
Amgen will pay $116.50 a share in cash, the companies said in a statement Monday, for a premium of about 48% since Horizon Therapeutics disclosed on Nov. 29 that it was in early talks with three suitors. The announcement confirms an earlier report by Bloomberg News.
Horizon shares gained as much as 15% to $112 as of 1 p.m., their highest intraday level since April. Amgen’s fell 1.5%.
Horizon’s therapeutic focus overlaps with that of Amgen, the maker of the Enbrel treatment for autoimmune ailments like psoriasis and ankylosing spondylitis. Such therapies are often tested and used in a wide variety of indications after inititally reaching the market, which can add to sales. Horizon gets almost half its $3.6 billion in annual sales from Tepezza, a treatment for a painful autoimmune condition called thyroid eye disease. In October, Amgen acquired another drug company with a similar immune focus, ChemoCentryx Inc.
Emerging from the exhausting focus on Covid-19, big drugmakers are resuming their search for innovative therapies, especially for those that treat rare diseases and cancer. The deal for Horizon is the biggest in pharma since AstraZeneca Plc bought Alexion Pharmaceuticals for $39 billion in 2020. Horizon is developing drugs for conditions including lupus, alopecia, arthritis and kidney transplant rejection.
Amgen in particular is contending with the threat of diminished revenue as some of its biggest products face the loss of patent protection in the coming years.
“That Amgen is looking for larger deals is not surprising,” given expected erosion of its base business, Wolfe Research analyst Tim Anderson said in a note. “Most often it is companies with future holes to fill that do bigger deals.”
Horizon Therapeutics' acquisition makes a "good strategic and financial sense" for Amgen, says Mizuho's Salim Syed
The deal has the potential to provide a sales boost to Amgen, executives said on a call with investors.
“We’ve admired Horizon’s success for some time and we’ve studied their business closely through time as well,” Amgen Chief Executive Officer Robert Bradway said. “And when presented with this opportunity, we were prepared to move quickly.”
Murdo Gordon, Amgen’s executive vice president for global commercial operations, declined to project potential revenue, citing securities rules in Ireland, where Horizon is based. He said that rapid growth of several of Horizon’s drugs in the US may foreshadow similarly trends in other countries.
“As we secure reimbursement and launch the products in other countries, you can imagine that there’s a lot more growth to generate,” he said.
Sanofi SA dropped out of the running for Horizon Sunday, saying the price had gotten too high, following in the footsteps of a Johnson & Johnson unit earlier this month. The French drugmaker said the “transaction price expectations do not meet our value creation criteria.”
Outperformed Rivals
Thousand Oaks, California-based Amgen has far outperformed those rivals this year, with its stock rising 24% through Friday to a market value of about $149 billion. Amgen last month reported revenue and profit that beat analyst estimates as 11 drugs had record quarterly sales and the company kept operating expenses in check.
Amgen said the purchase of Horizon is expected to increase earnings per share, on a non-GAAP basis, starting in 2024. It anticipates $500 million in annual pre-tax cost savings by the end of the third fiscal year after completion.
Amgen will fund the purchase with a $28.5 billion bridge credit facility from Citigroup Inc. and Bank of America Corp. This is the second time this year the banks have teamed up to advise and fund a large deal, following their work on Philip Morris International Inc.’s purchase of Swedish Match. Amgen had almost $11.5 billion in cash and equivalents at the end of the third quarter.
Horizon, which is traded on the Nasdaq exchange and headquartered in Dublin, has US operations in Deerfield, Illinois, and Rockville, Maryland.
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>>> A $40 billion Merger Monday shows M&A appetite increasing after brutal 2022
Yahoo Finance
by Alexandra Semenova
December 12, 2022
https://finance.yahoo.com/news/a-40-billion-merger-monday-shows-ma-appetite-increasing-after-brutal-2022-180716456.html
As investors wrap up one of the most challenging years on record, signs of life in the M&A market suggest risk appetite might be increasing as we approach the new year.
U.S. investors were met with at least $40 billion worth of deals ahead of the open Monday, led by Amgen’s acquisition of Horizon Therapeutics, Microsoft’s new stake in the London Stock Exchange Group, Coupa Software’s sale to Thoma Bravo, and a move by Weber to go private.
This deluge of deals in one of the year's final weeks comes during a challenging time for M&A as volatile markets, tighter financial conditions, and other macroeconomic headwinds choke off deal financing and cause dealmakers to postpone transactions.
In Q3, global M&A activity saw its worst quarter since the start of the COVID pandemic in 2020.
Third-quarter deal value stood at $443 B, half of the sum of transactions in the second quarter, and a decline of 58% from the same period last year, according to data from S&P Global Market Intelligence.
Amgen (AMGN) on Monday announced plans to buy biopharmaceutical company Horizon Therapeutics in a transaction totaling $27.8 billion. The purchase is part of a bid by Amgen to expand its portfolio of drugs for rare diseases.
Elsewhere in a rush of activity that kicked off the week, Coupa Software (COUP) entered an agreement to sell itself to private equity giant Thoma Bravo in an all-cash transaction valued around $6.2 billion. Coupa will become a privately-held company after closure of the deal.
Gillmaker Weber (WEBR) also locked in a take-private deal with BDT Capital Partners, which is expected to shell out $3.7 billion for the purchase.
Meanwhile, Microsoft (MSFT) is set to spend $2 billion for a 4% stake in the London Stock Exchange Group. The tech giant said Monday the 10-year strategic partnership is expected to generate $5 billion in revenue for Microsoft as it marks its largest foray into the financial services industry, while LSEG’s revenue stands to grow over time from a migration to Microsoft’s products.
While bankers navigated a sizable drop-off in dealmaking this year following a boom in 2021, the M&A landscape is poised to improve next year.
A washout in public markets — particularly in the technology sector — has sent valuations tumbling, offering vast potential for consolidation in the space. Private equity firms, despite more cautions transactions this year, are also strapped with capital to deploy.
Just days before Monday's purchase of Coupa, Thoma Bravo touted the completion of fundraising for its largest technology buyout fund ever, with $32.4 billion in capital commitments.
"While the higher cost of taking on debt does make acquisitions more challenging, remember that private equity firms have an unprecedented amount of dry powder in their reserves," Louis Lehot, Brandee L. Diamond, and Eric Chow of corporate law firm Foley & Lardner said in a recent blog.
The authors noted firms may use different capital structures to work around higher rates. "The combination of these factors has the potential to bolster activity next year."
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Apple / Disney - >>> Why Bob Iger’s Ultimate Power Move May Be Selling Disney to Apple
The Wrap
Joe Bel Bruno
November 22, 2022
https://www.yahoo.com/entertainment/why-bob-iger-ultimate-power-193000597.html
Now that Disney CEO Bob Iger has regained the keys to the Magic Kingdom — less than three years after his chosen successor, Bob Chapek, took over — insiders suspect they know how the beloved executive will find a new way to go out on top during his final two-year stint.
“He’s going to sell the company,” one Disney insider who has worked for Iger predicted. “This is the pinnacle deal for the ultimate dealmaker.”
Landing a deal with Apple (or some other megabuyer) would also cement Iger’s legacy. “I think he’d welcome it — he’d be the last CEO of Disney,” a former top Disney executive told TheWrap, noting that the two companies have “similar brand identities” and could benefit from a merger.
Acquisitions are in Iger’s DNA. Under Iger’s leadership, Disney went on a nearly $100 billion shopping spree to buy animation giant Pixar in 2006, superhero juggernaut Marvel in 2009, “Star Wars”-powered Lucasfilm in 2012 and Rupert Murdoch’s 21st Century Fox in 2019. But there was one acquisition he’s publicly lamented as a transformational deal that got away — a combination with the tech powerhouse Apple.
In Iger’s 2019 autobiography “The Ride of a Lifetime,” the executive wrote chapters about his friendship with Steve Jobs. He and his wife, Willow Bay, were close friends with Steve and Laurene Powell Jobs, even spending holidays together and vacationing in Hawaii. He even writes about standing in front of Steve Jobs’ grave when the tech visionary’s wife uttered: “I asked him if we could trust you. And Steve said, ‘I love that guy.’ ”
Iger responds: “The feeling was mutual.”
Yes, there are caveats — chief among them that Jobs died in 2011. And Disney is a big pill to swallow, with a $180 billion market valuation that would easily soar to a $200 billion premium if the studio were to be acquired.
A deal of that size is likely to draw stiff antitrust resistance at a moment when regulators have stepped up efforts to block other recently proposed media megadeals. Paramount Global this week scrapped the $2 billion sale of its Simon & Schuster division to book publishing giant Penguin Random House after a federal judge blocked the deal, while European regulators have launched a probe of Microsoft’s $69 billion offer to purchase gaming giant Activision Blizzard.
Apple CEO Tim Cook, known to be a safe player with relatively few acquisitions under his leadership, might have given Wall Street a big hint in April. During a call with investors, Cook said he would not rule out acquiring a large company, and that the main drive was to secure strong intellectual property and big names.
Hello, Disney?
Disney CEO Bob Iger Lines Up Potential $27 Million Annual Payday
“We are always looking at companies to buy, we acquire a lot of smaller companies and we’ll continue to do that for IP and to incorporate talent,” Cook said. “We don’t discount something larger if the opportunity presents itself. I’m not going to go through my list with you on this call, but we’re always looking.”
Apple, which has been tinkering with a grab in the streaming space with hits like “Ted Lasso,” certainly has the financial firepower to pull off an acquisition of this size. Even as borrowing costs get more expensive with rising interest rates, the Cupertino-based company is sitting on top of a $48.3 billion cash stockpile. Fleshing that out to both cash and investments, the total surges to about $200 billion. That’s 7.4% of all the mad money held by every member of the broad Standard & Poor’s 500 index.
Not to mention that Apple shares have skyrocketed since Iger and Jobs first did business together. Disney bought the Jobs-run Pixar in 2006 for $7.4 billion, which put the animation studio’s CEO on the entertainment company’s 10-member board. On the day the deal was announced, Apple was trading at about $3 a share and Disney at $25.
Apple is now trading at $150, up 238% in the past five years. Disney, at $96, is down 6% during that same period.
A rep for Disney had no comment; an Apple rep did not respond to requests for comment.
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>>> AgroFresh Solutions rallies on buyout deal with Paine Schwartz Partners
MarketWatch
Nov. 22, 2022
By Steve Gelsi
https://www.marketwatch.com/story/agrofresh-solutions-rallies-on-buyout-deal-with-paine-schwartz-partners-2022-11-22?siteid=yhoof2
AgroFresh Solutions Inc. AGFS, +5.56% rose 4.7% in premarket trades Tuesday after the company confirmed a go-private buyout deal with sustainable food chain investing firm Paine Schwartz Partners. Philadelphia-based AgroFresh said it agreed to be acquired for $3.00 per share. The stock closed at $2.79 a share on Monday, with a market capitalization of $150 million. AgroFresh CEO Clint Lewis said the deal will "provide enhanced flexibility for AgroFresh to build on its strong foundation and advance its mission of preventing food waste and conserving the planet's resources for years to come."
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>>> Dumping Trump Is Just the Start of Rupert Murdoch’s Ugly New Era
Daily Beast
by Clive Irving
November 16, 2022
https://news.yahoo.com/dumping-trump-just-start-rupert-095408268.html
Rupert Murdoch is not just dumping Donald Trump. He wants back his role as the world’s most feared media mogul.
At the age of 91, Murdoch has cast off what he felt were the shackles of a constraining marriage and is in the process of regaining total control of his global media empire, as well as reasserting his political influence in America.
This won’t be easy. He has to persuade the stockholders in the two halves of his empire, Fox Corp and News Corp, that they should be merged into one, with him at the top—nearly a decade after they were forced to split up when his British tabloids, part of News Corp, were exposed to the huge legal costs of a phone-hacking scandal.
His decision to merge the companies has angered stockholders in both—for different reasons. Many investors in News Corp, which houses Murdoch’s legacy newspaper businesses, don’t want to be associated with Fox News—as one told the Financial Times, “Fox News is kind of toxic and should be ringfenced.” On the other side, Fox investors fear that their company, which gushes profits, would lose value by being in the same stable as the newspapers, in a struggling sector with far larger costs and that generates far less money.
In short, it is hard to find anyone who thinks the merger makes any sense in business terms. Nor, as some have suggested, is it a necessary step to simplify the Murdoch dynastic succession when the mogul does decide to retire—or after his death.
“This is a move to centralize things around him in the U.S.,” explains Claire Enders of Enders Analysis, one of the best-informed trackers of the Murdoch empire. “He wants to be back in the thick of things, it’s much more attractive to him than any option elsewhere. He is entitled to exercise leading shareholder status, keeping a grip on his media assets.” Nonetheless, in a guidance for investors by Enders Analysis, they warned that the terms of the merger were weighted against the interests of Fox shareholders and cautioned that a similar merger of Viacom and CBS left the resulting Paramount Global worth $13 billion less than if the two had remained separate.
The first and most intimate casualty of Operation Rupert Redux is his fourth wife, Jerry Hall. When they married in 2016 (apparently a coupling encouraged by Murdoch’s top News Corp executive in the U.K., Rebekah Brooks) it seemed like a shot of late-life Viagra with Murdoch declaring that he was “the luckiest AND happiest man in the world.” Nobody outside the family really knows what Hall meant when, announcing the split early this summer, she cited the tired legal sophistry “irreconcilable differences.”
There were claims that, in the eyes of the Murdoch family, she became an over-protective gatekeeper during the COVID pandemic while they were living in England. (As Fox News was touting quack remedies, debunking vaccination, and demonizing Anthony Fauci, Murdoch was at the head of the queue at Henley, near London, for his first shot from the National Health Service.) A more likely annoyance is that Murdoch felt his wife was designing around them an opulent version of assisted living involving English country mansions and the tweedy Cotswold crowd while, all the time, he was yearning, yearning, to get back to an entirely different life, the only one that he ever really loved, at the helm of his empire in New York, rolling up his sleeves and making political mischief—being the old Rupert Murdoch who founded his business on his salty London tabloid, The Sun.
So, come the middle of August, the lawyers for each side settled the terms of the divorce (she got the English country estate among other treasure) and Murdoch was heading west. Last week, showing his shark-like instinct for blood in the water, he was in New York when the Trump train crashed in the midterms and his Manhattan tabloid, the New York Post, produced a classic Sun-style front page headlined “Trumpty Dumpty…Don (who couldn’t build a wall)—can all the GOP’s men put the party together again?” Another front page, alerting us to his new favorite, hailed Florida governor Ron DeSantis as “DeFuture.” At the same time, Murdoch’s far more dignified organ, the Wall Street Journal, editorialized: “Trump has led the Republicans into one political fiasco after another.”
Of course, that’s just the fun bit, part of the day job. The serious business is getting the merger done. Enders says, “The shareholders know they will get a better offer. This is a six-month problem, but they will be enticed.”
That involves setting a price at which the stigma of accepting coin from the pungent profits of Fox News becomes acceptable. After all, talking about “ringfencing” is, in ethical terms, merely a fig leaf that cannot shield the grotesque instrument beneath.
In any event, the News Corp problem, that it will undermine the market value of the merger, is more of an issue for Wall Street. Peter Kreisky, an authority on the digitization of the media and long-time follower of the Murdoch businesses, says, “Investors know that the print news business is in long-term decline, dependent on successful adaptation to digital. News Corp is struggling with that. In comparison, Fox Corp is a thriving $14 billion a year money machine, and Fox News is the beating heart of Fox’s programming appeal. The expectation must now be that Fox News will be reinvigorated by internecine warfare within the Republican Party following the disastrous performance of Trump’s candidates.”
The Trump presidency took Fox News to the heights of its fortunes. The White House and Fox News were joined at the hip. Murdoch had weekly talks with Trump and Fox News anchors, notably Sean Hannity, served as Trump whisperers. That’s why Murdoch’s dumping on Trump now seems so ruthless. “The impression was,” says Enders, “that they were working together against political trends that they didn’t like.”
With Murdoch now looking at 2024 and seeing no future for Trump it will be interesting to see how long it takes Fox News to complete the same pivot. Ten days before the midterms, Tucker Carlson called Biden “a mentally defective president who can barely speak.” Who is the dumb one now?
Murdoch also has a direct commercial interest in stoking up the noise of extreme partisan politics: Fox News, as the single most watched news channel in the country, is the greatest beneficiary of the ever-increasing torrent of political attack ads on television.
All of this puts the spotlight on Murdoch’s eldest son, Lachlan, who has been nominally in charge of Fox News while his father was in his English limbo. Of the older Murdoch children, Lachlan, says Enders, is the one with political views most similar to his father. But the merger is a reminder of how different the internal family dynamics were when Murdoch was last the ruling power over all the businesses, and particularly of the role of his second son, James.
James was, points out Enders, for many years in charge of the corporate deal making, and was instrumental in putting together the deal that eventually made the Murdoch family fortune, the sale in 2018 of the Fox Hollywood and TV entertainment assets to Disney for a staggering $71.3 billion.
“Before the sale to Disney” says Enders, “the children had no money of their own. They relied on Rupert for their lifestyle.” (Elisabeth, Murdoch’s second daughter, became independently wealthy in 2016 when she sold her TV production company, Shine, to her father for $214 million). James had expected to become chief executive of Disney when the sale was concluded but, says Enders, “Rupert pulled the rug out from under him.”
That goes to the heart of the bad blood in the dynasty. At the beginning of his career in the empire, it was James, not Lachlan, who seemed the golden boy. As well as his business acumen he parroted his father’s prejudices, against the BBC in particular and public broadcasting in general. To Rupert Murdoch, the BBC assembled many demons: liberal bias, publicly subsidized editorial profligacy, the worst of British elitism.
The Last Act of Rupert Murdoch’s Dynasty May Be Its Ugliest
But that blind loyalty began to unravel after James was appointed to clear up the mess left by the tabloid hacking scandal, when his father reluctantly stepped down from running the papers. This involved closing the News of the World, where the hacking was deeply embedded in the newsroom as a generator of endless scoops. It was a tough move to make: the News of the World was the first paper that Murdoch bought in London in 1969 as the basis of his new global ambitions. But the legal consequences of the hacking—years of litigation over compensation payments to the victims—made it imperative to split News Corp from Fox to contain the damage. Even then, says Enders, “Rupert resisted the split and it was only when he was out the door and James was in charge that it happened at all.”
Until then, James had never glimpsed the brutal competitive culture of a tabloid newsroom as nurtured by his father. “He was personally and professionally suddenly in the frame of a journalistic culture that he found abhorrent,” says Enders. And that was what led to a change of view about the integrity of television news when James was put in charge of a tough fight with British regulators to get approval for the Murdochs to take full control of Sky News, a satellite broadcaster. Regulators and politicians feared that Sky News would become a clone of Fox News and a bullhorn for Murdoch. James clinched the deal by pledging full financial and editorial independence for the network for 10 years. It was, says Enders, “a brilliant suggestion that strengthened the plurality of British television news. Sky News has won myriad industry awards.” In 2018, Sky News was sold to the U.S. media conglomerate Comcast for $39 billion, and the pledge of its editorial independence was renewed.
Enders says that during his time in the company James “stewarded a tenfold increase in the family’s wealth.” How different it is now. Enders believes that the succession is settled, with Lachlan secure as the heir. “I doubt James has any contact at all with his father, except remotely, because they’ve had some well known falling-outs. The motivation for a coup isn’t there. The elder children are all extremely wealthy and Elisabeth and James are value creators in their own right.”
Fox News Is Fully Tucker TV Now That Chris Wallace Is Gone
In London, there is a significant change in editorial priorities—and culture. The tabloids no longer decide the fortunes of News Corp. For a long while their profits helped to support the upmarket papers, The Times and Sunday Times. In 2010 the two broadsheets made a loss of 42 million pounds; in 2021 they made a profit of 45 million pounds, largely due to their digital editions, while The Sun made a loss of 44 million pounds. It is likely that the broadsheets will become even more profitable when, as is rumored to be imminent, the two are combined into a seven-day brand in print and digital.
Both Enders and Kreisky see The Sun as a significant drag on News Corp profits. Although British tabloids have long provided the template for successful international websites—Mail Online is one of the top rated sites in the U.S. and the world—The Sun has only recently gone digital in the U.S., where, says Kreisky, its growth has stalled “for lack of constantly compelling content. It needs a ‘content doctor’ to inject a riveting must-read tabloid sensibility. There is also an opportunity for cross-promotion of The Sun and Fox News. But when it comes to digital, Murdoch himself has never made the transition editorially or as a strategist from print.”
The jewel of News Corp, says Kreisky, is not in London but New York—Dow Jones, publisher of the Wall Street Journal. “In the most recent quarter it posted a 26 percent rise in revenue to $565 million and had 3.1 million digital-only subscribers, making it one of a handful of traditional print publications to have successfully become a top digital property.”
As a media gold mine, Fox Corp is a lot more more than Fox News. It has enormous reach in the U.S., delivering news, sports and entertainment to 208 local stations, including 18 that it owns and operates itself. It also feeds news and sports to 75 million subscribers through cable and broadband operators like Comcast, Verizon, and AT&T. Were it not for the odium of Fox News the corporation would be seen as a model of nimble and far-sighted media management. But Rupert Murdoch’s return to the heart of his business and his complicity, through Fox News, in the debasement of American politics by Donald Trump can’t be wiped from the record simply by dumping Trump now.
President Biden called Murdoch “the most dangerous man in the world.” This was absurd hyperbole—there are several more obviously qualified candidates for that title. But Murdoch’s baleful influence on American politics and democracy through Fox News will be his most lasting legacy, and it’s obvious that he’s not done yet—as Enders put it, “Rupert Murdoch does not believe that his time is up.”
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>>> Primo Water (PRMW) Unit Acquires Crystal Spring Water Company
Zacks Equity Research
October 14, 2022
https://finance.yahoo.com/news/primo-water-prmw-unit-acquires-151803695.html
Primo Water Corporation PRMW has announced that its subsidiary, Primo Water North America ("PWNA"), has acquired substantially all assets of Crystal Spring Water Company, a bottled water company based in Rhode Island. This acquisition will add 2,500 customers to PWNA’s existing customer base and further expand its operations in the Northeast region.
Crystal Spring Water Company provides high-quality spring water solutions and delivers superior customer service, which is in sync with Primo Water’s objective to provide high-quality water services and solutions to its customers.
Primo Water has been expanding internationally through strategic acquisitions. Recently, its subsidiary Primo Water Europe acquired Eureau Sources and Defeaus, two France-based companies specializing in the marketing and packaging of spring water.
Acquisition Essential for Fragmented Industry
Per the Environmental Protection Agency, at present, more than 51,000 community water systems and 16,000 community wastewater systems in the United States are providing water solutions to customers. Due to a large number of small operators in the industry and a lack of adequate funds, at times, essential upgrades and repairs of infrastructure get delayed.
The acquisition of small units by larger utilities ensures necessary investments for the upgrade of infrastructure and the continuation of high-quality services for customers.
Water utilities like American Water Works AWK, SJW Group SJW and Essential Utilities WTRG, among others in the water utility space, are expanding operations through systematic acquisitions.
American Water Works continues to focus on the acquisition of utilities that provide services to 5,000-50,000 customers. Through nine buyouts, the company added 51,000 customers to its existing customer base. Its pending acquisitions (as of Jun 30, 2022), when completed, will add another 29,200 customers to its base. Its long-term (three to five year) earnings growth is currently pegged at 8.08%.
The Zacks Consensus Estimate for American Water Works 's 2022 and 2023 earnings implies year-over-year growth of 4.5% and 8.8%, respectively. It currently has a Zacks Rank #3 (Hold).
SJW Group completed more than 25 acquisitions in the 2010-2021 time frame and expanded operations. In January 2022, it closed the acquisition of Texas Country Water in Comal, TX. The deal added more than 1,900 water and wastewater customers to the existing customer base. This has been the fourth Texas acquisition by SJW Group in the past 12 months. In the next five years, the company plans to invest $1.5 billion to further strengthen its infrastructure.
The Zacks Consensus Estimate for SJW Group's 2022 and 2023 earnings implies year-over-year growth of 15.3% and 9%, respectively. It currently has a Zacks Rank #3.
In the six years ended Dec 31, 2021, Essential Utilities expanded utility operations by completing many water and wastewater acquisitions, which, in turn, added 94,000 customers. In the first quarter of 2022, the company completed one buyout, which added 11,000 customers. It plans to invest $3 billion from 2022 through 2024 to fortify operations and efficiently serve its expanding customer base.
Essential Utilities’ long-term earnings growth is currently pegged at 6.2%. The Zacks Consensus Estimate for WTRG's 2022 and 2023 earnings implies year-over-year growth of 6.6% and 6.7%, respectively. It currently has a Zacks Rank #2 (Buy).
Price Performance
Shares of PRMW have gained 5.5% in the past three months against the industry’s 6.7% decline.
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>>> Westinghouse to be sold in $7.9-bln deal as interest in nuclear power grows
Reuters
Oct 12, 2022
By Kannaki Deka and Arunima Kumar
https://www.reuters.com/markets/deals/cameco-corp-brookfield-renewable-partners-buy-westinghouse-79-bln-deal-2022-10-11/
Oct 11 (Reuters) - Cameco Corp (CCO.TO) and Brookfield Renewable Partners said on Tuesday they would acquire nuclear power plant equipment maker Westinghouse Electric in a $7.9-billion deal including debt, amid renewed interest in nuclear energy.
The deal for one of the most storied names in the American power industry at an equity value of $4.5 billion comes at a time when nuclear power is seeing an uptick in interest amid an energy crisis in Europe and soaring crude oil and natural gas prices.
Nuclear power is also key for countries to meet global net-zero carbon emission goals and could be on the cusp of a boom seen after the 1970s oil crisis.
"We’re witnessing some of the best market fundamentals we’ve ever seen in the nuclear energy sector," Uranium fuel supplier Cameco's chief executive, Tim Gitzel, said.
Cameco will own 49% of Westinghouse, while Brookfield Renewable and its institutional partners will own the rest.
Westinghouse was acquired from Toshiba Corp (6502.T) by Brookfield Business Partners , an affiliate of Canadian asset manager Brookfield (BAMa.TO), out of bankruptcy in 2018, for $4.6 billion, including debt.
Brookfield Business said in a separate statement it expects to generate about $1.8 billion in proceeds from the sale of its 44% stake in Westinghouse, with the balance distributed among institutional partners. The deal is expected to close in the second half of 2023.
Last year, Reuters reported that Brookfield Business was exploring options including the sale of a minority stake in Westinghouse.
Brookfield Renewable and its partners will pay about $2.3 billion for the deal, whereas Cameco will incur equity costs of about $2.2 billion. Westinghouse's existing debt structure will remain in place.
Cameco, one of the largest suppliers of uranium fuel, said it would fund the purchase through a mix of cash, debt and equity.
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