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6 big deal reports: Nordstrom stock soars on Ryan Cohen stake

Published 02/05/2023, 02:04 PM
Updated 02/05/2023, 02:06 PM
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By Davit Kirakosyan

Investing.com -- Wall Street applauded an activist investor's fresh stake in Nordstrom, and here’s the full list of the most recent head-turning dispatches you may have missed this past week on InvestingPro. Sign up for rapid-fire, comprehensive coverage of all the most important M&A news.

Ryan Cohen takes a big stake in Nordstrom

Nordstrom (NYSE:JWN) shares surged on news that Ryan Cohen, billionaire and activist investor, is building a “sizeable” investment in the company and pushing for board changes, according to the Wall Street Journal. The investor aims to address the 75% decline in shares from their all-time high in 2015 by talking to management about refreshing the board, which could lead to cost-cutting measures to offset falling sales.

The investor is particularly targeting former Bed Bath & Beyond (NASDAQ:BBBY) CEO Mark Tritton, who chairs the compensation committee, and views him as "conflicted and unqualified."

Nordstrom stated it is open to hearing Cohen's views but will make decisions in the best interests of the company and shareholders.

Shares closed more than 43% higher for the week.

Rapid7 in talks with potential buyers

Rapid7 (NASDAQ:RPD) shares jumped on news that the company is exploring options, including a potential sale following acquisition interest, as reported by Reuters on Wednesday. Sources familiar with the matter stated that Rapid7 is working with Goldman Sachs as private equity firms have approached the company for a potential acquisition. However, the discussions are still in the early stages and no deal is confirmed yet.

Shares closed more than 27% higher this week.

Atlas Technical Consultants to be acquired for $1.05 billion

Atlas Technical Consultants (NASDAQ:ATCX) shares jumped 121% on Tuesday following the acquisition announcement by private investment firm GI Partners for $12.25 per share in an all-cash transaction valued at approximately $1.05 billion, including outstanding debt.

Rounding out the week's biggest M&A news

Alerislife Inc (NASDAQ:ALR) shares climbed 60% on Friday after the announcement that ABP Acquisition LLC will acquire all outstanding shares for $1.31 each, totaling $43.8 million. ABP is majority owned and controlled by Adam Portnoy, a Managing Director and Chair of AlerisLife's Board of Directors.

Focus Financial Partners (NASDAQ:FOCS) shares gained more than 8% on Thursday after it was announced that Clayton, Dubilier & Rice, LLC, a private investment firm, proposed to acquire Focus for $53 per share in cash.

Shares of Mercury Systems (NASDAQ:MRCY) jumped following reports of a potential takeover by Advent International-backed UK defense company, Cobham. Cobham's Chairman, Shonnel Malani, confirmed that the company is considering acquiring Mercury Systems, in an interview with Bloomberg. Shares gained more than 9% this week.

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If you’re interested in real-time coverage of breaking M&A headlines, check out InvestingPro.

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