M&A

January 24, 2022

Kohl’s Surges on Potential Deal

Kohl’s is a brand known for serving deals, but one investment company wants to serve its own deal to the retail giant. Kohl’s shares ripped 36% today after the company confirmed that the private equity firm Sycamore Partners offered the chain a deal. 🔥 🔥

A couple of days ago, another firm called Acacia Research (which is backed by Starboard Value LP) offered to buy Kohl’s for $9 billion. Kohl’s has announced that the company is considering both of its offers.

So what’s with the M&A/Kohl’s news? About a week ago, the hedge fund Macellum Advisors warned Kohl’s to increase its stock price, improve its business, or consider a potential sale. Otherwise, the hedge fund — which is a Kohl’s stakeholder — said it would appoint its own board members to address the struggling chain.

$KSS, up 36% today, was down 0.02% in AH. 

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M&A

January 22, 2024

Just Another M&A Monday

Mondays have been full of mergers and acquisitions activity this year, and today was no different. So, let’s quickly recap some of the biggest deals. 📝

Sunoco is buying NuStar Energy in a deal valued at $7.3 billion, including debt. The equity portion of the deal comes up to $2.99 billion, with NuStar’s shareholders each receiving 0.40 shares of Sunoco for each share they held, representing a roughly 32% premium. The oil distribution giant is acquiring the fuels storage and pipeline operator to diversify its core business beyond motor fuel distribution. ⛽

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M&A

February 20, 2024

Walgreens Gets The Boot

It’s tough being part of the U.S. stock market’s largest indexes. With thousands of individual stocks to choose from, if any one component isn’t performing, it’s simply replaced by something else. 🔀

In other words, everyone is replaceable. That’s the harsh truth that Walgreens is facing today after discovering Amazon is replacing it in the Dow Jones Industrial Average. 🔀

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Earnings

January 4, 2024

Self-Driving Vehicle Problems Mount

It’s been a rough time for the self-driving vehicle industry, with issues around GM’s Cruise unit renewing the regulatory spotlight on the space in late 2023. Unfortunately for investors betting on a quick turnaround, self-driving technology company Mobileye Global warned that it may take longer than anticipated. ⚠️

The company said its results this year will be impacted by customers clearing excess inventory for their books before placing new orders. It provided a preliminary 2024 operating loss between $378 and $468 million, much more significant than its preliminary 2023 operating loss of $33 to $39 million. Its 2024 revenue forecast of $1.83 to $1.96 billion also fell short of the $2.58 billion consensus view. 📊

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M&A

February 5, 2024

Another Day Of M&A

As usual, it was another busy Monday of mergers and acquisitions. Let’s recap the biggest deals. 📝

First, Danish pharmaceutical giant Novo Nordisk’s parent company is buying drug manufacturer Catelent for $16.5 billion to help boost the supply of popular weight loss injection Wegovy and diabetes shot Ozempic. Novo Nordisk will then buy three of Catalent’s manufacturing sites from its parent company for $11 billion, giving it further access to the fill-finish part of its Wegovy product. 🏭

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M&A

October 6, 2023

Exxon Mobil Nears Megadeal

Exxon Mobil is closing in on a blockbuster takeover of Pioneer Natural Resources, with the $60 billion acquisition potentially reshaping the U.S. oil industry. 🛢️

After posting a record profit in 2022, the oil giant has been looking for ways to put that cash to work. It’s also been eyeing the oil-rich Permian Basin of West Texas and New Mexico, a region it says is critical to its growth plans.

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M&A

May 22, 2023

An M&A-Filled Monday

It was a busy day for dealmaking activity, so let’s quickly review.

Regional banks were buoyed after PacWest Bancorp said it would sell a portfolio of real estate construction loans to shore up its balance sheet. The company will sell 74 loans with an aggregate principal outstanding of $2.6 billion to a unit of Kennedy-Wilson Holdings. It’s also selling them six additional loans with an aggregate balance of around $363 million. While the deal comes at a discount, investors are celebrating PacWest’s steps toward improving its liquidity position. 💵

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