Penn Entertainment (NASDAQ:PENN) is acquiring Wynn Interactive Holdings' mobile sports wagering licenses for $25M, providing access to the New York sports wagering market. Pending regulatory approval, Penn will launch its online betting product, ESPN BET, in New York this year. Despite the potential benefits, PENN shares fell by 4%, while WYNN shares dropped by 2.8% on Monday.
Flame Acquisition Corp. gains stockholder approval for its merger with Sable Offshore Holdings and Sable Offshore Corp., facilitating the creation of Sable Offshore Corp. slated to debut on the NYSE as "SOC" and "SOC.WS" on February 15, 2024, with Flame reporting approximately $62.2 million in its trust account pre-merger.
HighRadius, a leader in Autonomous Finance software, acquired Cforia Software, a prominent provider of Billing and Collections automation, expanding resources and support for over 100 global customers.
The Federal Trade Commission is poised to assess Eli Lilly (LLY) and other drugmakers' ability to secure alternative suppliers amid Novo Nordisk's (NVO) acquisition of Catalent (CTLT) and its plants, potentially raising antitrust concerns if viable alternatives aren't found, as reported by CTFN and Reuters.
Adani Power clarifies submission of resolution plan for Lanco Amarkantak Power acquisition, awaiting communication from Resolution Professional, amidst emerging as winning bidder for Rs 4,101 crore amid Reliance Industries Ltd. and Power Finance Corp. consortium withdrawal from the auction.
CCI approved Zurich Insurance's acquisition of a 70% stake in Kotak Mahindra General Insurance, alongside other transactions involving Interise Investment Managers Limited and Shadowfax Technologies Private Limited.
Australian energy majors Woodside and Santos have ceased discussions on an A$85.7bn ($55.9bn) merger, citing a lack of identified combination benefits and maintaining a disciplined approach to mergers and acquisitions.
SP Apparels Ltd (SPAL) acquires Young Brand Apparel Private Limited (YBAPL) for Rs 223 crore, enhancing product offerings and manufacturing capacity, targeting expansion in global markets.
In 2023, the biopharma industry witnessed a resurgence in mergers and acquisitions, with the top 10 deals totaling $115.8 billion, led by Pfizer's $43 billion merger with Seagen, indicating renewed confidence despite the absence of monumental transactions like Bristol Myers Squibb's acquisition of Celgene or AbbVie's takeover of Allergan, with notable focus on antibody-drug conjugates (ADCs) and neuroscience, including BMS' $14 billion bid for Karuna Therapeutics and AbbVie's $8.7 billion takeover of Cerevel Therapeutics.
The Biden administration is pressuring supermarket retailers to lower household essential prices amid concerns of corporations' increased profit margins, exemplified by the scrutiny of Kroger's planned acquisition of Albertsons, which faces resistance from the FTC, state attorneys general, Congress, and the Teamsters union.
