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Aowais Khan
Nov 12, 2022 11:03AM ET
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💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
Hot M&A catch-up this week: FTX, Peabody, IBEX
© Reuters.
By Sarina Isaacs, Davit Kirakosyan, Reuters
Investing.com - Here are the hottest pieces of M&A news from the past week, as covered first on InvestingPro+.
in a rapid reversal, Binance said Wednesday that it would not buy FTX after having announced a rescue offer for the second-largest cryptocurrency exchange a day earlier. Binance said its hope had been supporting customers of the collapsing exchange in order to provide liquidity, but said the issues were beyond its control or ability to help.
Sam Bankman-Fried, now-former FTX CEO, told investors Wednesday about the company’s need for emergency funding to cover a shortfall of up to $8 billion due to recent withdrawal requests, according to sources cited by WSJ. FTX has halted both crypto and fiat withdrawals from the exchange.
Radius Global Infrastructure Inc (NASDAQ:RADI) is being targeted in a potential takeover by New York-based private equity firm Stonepeak Partners, according to a source cited by StreetInsider. Both sides are said to be working with advisors although there is no guarantee a definitive agreement will be reached. Radius Global Infrastructure is one of the largest aggregators of rental streams underlying wireless and other essential communications infrastructure sites through the acquisition of telecom real property interests and contractual rights. Shares soared more than 23% for the week.
Chart Industries (NYSE:GTLS), Inc. has agreed to acquire Howden from affiliates of KPS Capital Partners, LP for $4.4 billion in cash and preferred stock. Chart shares plunged some 40% for the week.
Peabody Energy Corp (NYSE:BTU) and Coronado Global Resources Inc (ASX:CRN) ended merger talks, which Coronado had confirmed less than a month earlier. Peabody was off 4.5% for the week; Coronado lost more than 8%.
Superior Industries International (NYSE:SUP) received a $5.85-per-share buyout offer from M2 Capital. Superior stock was up 12% for the week.
IBEX Limited was said to be drawing initial interest from suitors including CVC, according to Bloomberg. Ibex shares climbed 12.8% for the week; CVC was down 1.9%
Oyster Point Pharma Inc (NASDAQ:OYST) agreed to be acquired by Viatris Inc (NASDAQ:VTRS) for $11 per share plus contingent value right (CVR) representing the right to receive a potential cash payment of up to $2.00 per share, depending on certain performance targets. Oyster stock slipped some 3% for the week; Viatris jumped 10.7%.
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