mergersacquisitions
Famed investor Jim Cramer is not all that excited about United Parcel Service Inc (NYSE: UPS) opting to sell its Coyote Logistics business to RXO Inc (NYSE: RXO). Shares of both companies are still up significantly on Monday. Here’s why Cramer is dovish on UPS stockUPS bought Coyote Logistics for about $1.8 billion in 2015. But it’s unloading it to RXO now for $1.03 billion only, as per a press release this morning. The price of the deal announced today did not sit well with the Mad Money host who said on CNBC’s “Squawk on the Street” today: It’s good to see them have some cash in, but you don...
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Bitfarms Ltd (NASDAQ: BITF) opened about 10% down on Monday after Riot Platforms Inc (NASDAQ: RIOT) withdrew its $2.30 per share offer to takeover the bitcoin miner. Shares of Riot Platforms are also in the red at writing. Why did Riot Platforms withdraw its offer for Bitfarms?Bitfarms recently rejected the aforementioned proposal that valued it at about $950 million. The decision to withdraw that offer, however, does not suggest that Riot Platforms is no longer interested in buying BITF. Instead, it stems from the acquirer’s assessment that it needs changes at the acquiree’s board to move for...
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Alimera Sciences Inc (NASDAQ: ALIM) rallied a whopping 75% in premarket today after ANI Pharmaceuticals Inc (NASDAQ: ANIP) said it will buy the Alpharetta, Georgia based company for about $381 million. ANI shares are roughly flat at writing. Alimera Sciences stock valued at a 75% premiumANI Pharmaceuticals is willing to pay $5.50 in cash for each share of Alimera Sciences. It has also agreed to 50 cents a share of additional payout provided that the acquiree hits certain revenue targets in 2026 and 2027. Nikhil Lalwani – the chief executive of $ANIP said in a press release on Monday: We believ...
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American Express Company (NYSE: AXP) is in focus this morning after announcing two new acquisitions. Shares of the credit card company have gained more than 25% since their year-to-date low in mid-January. American Express to acquire TockAMEX is buying Tock – a Chicago-based provider of reservation, table, and event management technology for about $400 million. The financial technology company is taking over Tock from Squarespace that acquired it in 2021. Matthew Tucker – the head of Tock said in a press release today: We believe that as part of American Express, Tock will deliver enhanced val...
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Penn Entertainment Inc (NASDAQ: PENN) is up nearly 10% on Thursday following a report that Boyd Gaming Corporation (NYSE: BYD) is interested in buying the sports content and gambling company. Penn stock is still down some 20% versus the start of 2024. Boyd has approached Penn EntertainmentAnonymous sources told Reuters this morning that Boyd has already approached Penn Entertainment over a possible takeover. It is, however, uncertain whether the entertainment firm will initiate formal discussions with Boyd Gaming. Note that Penn will need approval from Disney as well to move forward with such ...
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National Westminster Bank Group (NatWest) announced on Thursday its decision to acquire Sainsbury’s Bank’s retail banking assets, a deal valued at approximately £2.5 billion. This significant acquisition includes unsecured personal loans and liabilities, marking a strategic move for NatWest to bolster its retail banking presence in the UK. Expanding NatWest’s retail banking portfolioThe acquisition of Sainsbury’s Bank’s retail assets aligns with NatWest’s strategic objectives to enhance its retail banking business. By integrating Sainsbury’s Bank’s customer base and assets, NatWest aims to acc...
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CBRE Group (NYSE: CBRE) just announced plans of buying Direct Line Global from Guardian Capital Partners. Its shares have been in a downtrend over the past three months and are down another 1.0% on Wednesday morning. What we know about CBRE-Direct Line transactionThe commercial real estate services and investment firm did not disclose terms of its agreement with Direct Line Global including what it has agreed to pay for the acquisition. Direct Line currently employs more than 1,000 technicians for data centre services. Bill Nelligan – its chief executive said in a press release today: The Comp...
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Accenture Plc (NYSE: ACN) is in focus this morning after announcing plans of buying Fibermind – a network services company based out of Palermo, Italy. The Irish professional services giant completed its acquisition of Parsionate as well on June 6th. Details of Accenture-Fibermind agreementAccenture Plc did not disclose what it’s willing to pay for Fibermind on Wednesday. Accenture did confirm, however, that the proposed acquisition is subject to meeting customary closing conditions, including regulatory clearances. Mauro Macchi – its chief executive said in a press release today: As a result ...
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The British Competition and Markets Authority (CMA) announced on Wednesday that it has initiated an investigation into Hewlett Packard Enterprise Company’s (HPE) proposed$14 billion acquisition of Juniper Networks. This move comes as the regulatory body seeks to determine whether the deal complies with national regulations and whether it warrants a more extensive review. Initial investigation phase to conclude by AugustThe CMA has indicated that its initial examination of the acquisition will extend until August. During this period, the authority will assess whether the merger poses any potent...
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The Aaron’s Company (NYSE: AAN) is up a whopping 35% in premarket on Monday after announcing a $504 million agreement with IQVentures Holdings. IQVentures values Aaron stock at $10.10IQVentures has agreed to pay $10.10 for each share of Aaron’s in cash which represents about a 34% upside on their previous close. $AAN will remain headquartered in Atlanta and operate under its existing brand name albeit as a privately held company once the transaction is complete. John W. Robinson III – chairman of the board of The Aaron’s Company said in a press release today: The Board conducted a thorough rev...
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