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☆ Activist Elliott settles for a new director at Sensata. These next steps may help boost shares
▼ + stars: | 2024-05-11 | by ( Kenneth Squire | ) www.cnbc.com time to read: +7 min

Business: Sensata Technologies is an industrial technology company that develops, manufactures and sells sensors, electrical protection components and other products. Activist Commentary: Elliott is a very successful and astute activist investor. Elliott often watches companies for many years before investing and has an extensive stable of impressive board candidates. At the same time, Sensata also noted that Elliott settled for a board seat for Phillip Eyler (president and CEO of Gentherm), effective on July 1. As Sensata sensors are used in both combustion and electric vehicles, the current trend to hybrid gives the company a sort of 2-for-1 demand for its products.

Persons: Elliott, Jeff Cote, Martha Sullivan, Sensata, Phillip Eyler, Russell, Sullivan, Eyler, Ken Squire Organizations: Sensata Technologies, Xirgo Technologies, SmartWitness Holdings, 13D Locations: COOs, Cote, Sensata

☆ TikTok sued the U.S. government to block a ban. Here’s what happens now
▼ + stars: | 2024-05-08 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +6 min

Former President Donald Trump attempted to ban the platform through an executive order in 2020, laying out the path to a potential ban. Prior to the passage of the law, TikTok spent more than $2 billion on an initiative called "Project Texas" to better protect U.S. user data from foreign influence. It's also different from past attempts to ban TikTok since the bill has bipartisan support, which can influence the courts, Hans said. Regardless of what happens in the circuit court, Hans said there's a real possibility the case ends up getting elevated to the U.S. Supreme Court. WATCH: Here's what to know about TikTok lawsuit

Persons: Shou Zi Chew, Online Harms, Evelyn Hockstein, Joe Biden, TikTok, Donald Trump, Gus Hurwitz, Hurwitz, ByteDance, Gautam Hans, Hans, It's, Hans said, there's, Shou Chew, Steven Mnuchin, CNBC's David Faber, Mnuchin Organizations: Energy, Commerce, Safeguard, Online, Capitol, Reuters, U.S, U.S ., Appeals, Circuit, Center for Technology, Innovation, University of Pennsylvania Carey Law, CNBC, Cornell Law School, Supreme Locations: Washington, Texas, U.S, TikTok, China

☆ Opinion | When Banks Fail, Why Do We Keep Bailing Out Uninsured Depositors?
▼ + stars: | 2024-05-01 | by ( Peter Coy | ) www.nytimes.com time to read: +3 min

Another bad result is that zombie banks stay in operation longer than they should because uninsured depositors happily supply them with funds, knowing the F.D.I.C. is experiencing “mission creep,” taking on a responsibility for uninsured depositors that it was never assigned. In a footnote of a 2001 document posted on its website that’s intended to provide guidance to other nations’ regulators, it says that making uninsured depositors whole can be least costly “in rare cases.” (Which means: not more than 90 percent of the time.) staff members, referring to full bank liquidations in the period before the financial crisis, said “a least-cost resolution almost always includes imposing losses on uninsured depositors.” Another F.D.I.C. So I have to go by what the agency has stated in the past about its resolution practices.

Persons: Ohlrogge, F.D.I.C, “ Organizations: Deposit Insurance Fund, Office

☆ Biotech stocks are ready to break out. They just need one more thing
▼ + stars: | 2024-04-10 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +5 min

While debate rages on about when the Federal Reserve might start cutting interest rates, biotech industry analysts are making the case that the argument for stocks in the sector is growing. Last week, Morgan Stanley analysts noted that it is the months leading up to an initial rate cut when biotech stocks outperform. Morgan Stanley also believes the case for biotech stocks is further reinforced by the financing environment and the outlook for mergers and acquisitions as well as upcoming innovation. The case for innovation Morgan Stanley also favors owning biotech stocks that have a strong drug platform even if the key catalyst of clinical trial data and FDA approvals are farther out. Rhythm ranks among the stocks rated overweight that Morgan Stanley favors in this category.

Persons: Morgan Stanley, Needham, Joseph Stringer, dealmaking, Stringer, erosive, it's, Phathom, GERD, LSEG, Merck, — CNBC's Michael Bloom Organizations: Federal Reserve, Nasdaq, Oncology, Immunology, Phathom Pharmaceutical, Pharmaceuticals, Phathom Pharmaceuticals, LSEG, Drug, Bristol Myers Squibb, Pfizer, Intellia Therapeutics, Rocket Pharmaceuticals Locations: New Jersey

☆ Loads of analysts just hiked price targets for these 6 stocks — giving one 82% upside
▼ + stars: | 2024-04-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Analysts have become more bullish on six stocks from around the world this week, raising their price targets. The price target changes come ahead of the next earnings season covering the first quarter of this year. CNBC Pro screened for global stocks that have received price target upgrades from five or more analysts in the past seven days and have a potential upside of over 25%. MacroGenics Investment banks raised their price target for the biopharmaceutical firm MacroGenics this week, giving the stock upside potential of 83% over the next 12 months. Tuerkcan — one of the most cautious analysts on the stock — has a price target of $22, pointing to upside of 22% for the stock.

Persons: MacroGenics —, Silvan Tuerkcan, Peter Heckmann, DA Davidson, Jared Issacman's, Dan Dolev Organizations: Formula One, Hyundai Motor, CNBC Pro, Leerlink Partners, FactSet, Investment, DA, Visa, MasterCard, U.S, Mizuho Securities, Mar Locations: Korean, Rockville , Maryland, MacroGenics, York

☆ Ad insiders are buzzing about industry power broker Michael Kassan's messy split with UTA and what it means for the future of MediaLink
▼ + stars: | 2024-03-13 | by ( Lara O'Reilly | Lucia Moses | ) www.businessinsider.com time to read: +9 min

After falling out with Kassan, UTA may think twice about buying another agency. The media and ad industry will be watching to see what, if any, leadership changes UTA makes at MediaLink. The end of the ad industry schmoozefest? One industry veteran said they saw Kassan's exit as an opportunity to change how ad industry consultants operate and charge for services. At the center of the dispute between UTA and Kassan is the MediaLink founder's $950,000 annual expense account.

Persons: Michael Kassan, MediaLink, Kassan, Jeremy Zimmer, Kassan wasn't, Vianney Tisseau, headhunting, Jon Miller, Sanford Michelman, Michelman, Robinson, Ethan Miller, Julian Jacobs, David Anderson, WME, Kassan's, Wenda Harris Millard, wasn't, what's, There's, Lou Paskalis, Marc Sternberg's, Lady Gaga, Elton John, Mariah Carey, Tom Brady, Rob Norman, WPP's Organizations: UTA, Cannes Lions, Consumer, Business, Los Angeles Superior Court, Los, Judicial, Mediation Services, Variety Cannes Lions Studio, Integrated Media, Getty, Talent, Accenture, General Motors, Netflix, JUV Consulting, Madison, Endeavor, Writers Guild of America, Zimmer, Western Initiative Media Worldwide, Interpublic Group, Bank of America, AJL, Marc Sternberg's Brand, Kassan, Southwest, NFL Locations: MediaLink, Cannes, France, Madison, Droga5, Hollywood, Kassan, California, South, Austin

☆ There's been a rebound in volatile shipping stocks. The market opportunity isn't over, report says
▼ + stars: | 2024-03-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

During 2022-2023, ocean carriers used some of those reserves for their own buying sprees to expand their footprints. While adding to the ocean carrier bunker fuel costs, they are being compensated.. "The Red Sea diversions are a good thing for ocean carriers. The big question mark is the duration of the diversions and the surcharges the ocean carriers can charge. Those two regions have steadily taken market share away from the West Coast ports, with shippers also benefitting from investments in ports infrastructure. "The West Coast ports have strengthened infrastructure," Iampieri said.

Persons: Marc Iampieri, Cash, Iampieri, Jeff Bezos, It's, Paul Brashier, Brashier, AlixPartners Organizations: Bloomberg, Getty, Dow Jones Transportation, Fortune, Convoy, Amazon, Technology, Ocean, Maersk, CNBC, ITS Logistics Locations: Panama, Red, East Coast, AlixPartners, Flexport, Europe, North America, Asia, West Coast, East, Gulf, Mexico, West, Los Angeles, Long

☆ In Shopify's app store, 'people are fighting it out on the margins' as the market becomes oversaturated and merchants cut costs
▼ + stars: | 2024-02-29 | by ( Madeline Stone | ) www.businessinsider.com time to read: +10 min

Its S-1 filing mentions the word "Shopify" 198 times, and it said that about 77.6% of its annual recurring revenue came from Shopify merchants. About a third of the deals FE International facilitates are for businesses within the Shopify ecosystem, Smale said. Smale said that lately, he has worked with a "wider variety of acquirers" quietly looking to scoop up Shopify apps. He said that Shopify apps make good acquisition targets because they tend to be profitable and not venture-backed. "I always say Shopify SaaS applications are so great to build because they're kind of like building a SaaS on training wheels," Gazdecki said.

Persons: Shopify, Rachael Jones, Brent Murri, They've, Murri, Andrew Bialecki, Klaviyo, Dennis Hegstad, there's, Hegstad, Andy Cloyd, it's, We're, Thomas Smale, Smale, Andrew Gazdecki, Acquire.com, Gazdecki, Tobi Lütke, Lucas Jackson, wouldn't Organizations: Shopify's, Business, Boston Globe, FE International, Reuters Locations: Shopify, Klaviyo

☆ TikTok is pissing everyone off right now. Here's how its brute-force tactics could pay off — or backfire.
▼ + stars: | 2024-02-15 | by ( Dan Whateley | Sydney Bradley | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The move was an about-face for the president, whose administration had spent years calling it a national security risk. AdvertisementIt’s been deep in a public spat over music licensing with one of its most important partners, Universal Music Group. Some users have said it’s ruining the app by promoting shopping over the funny skits and dancing videos that first made TikTok popular. For leaders at ByteDance, who often have the final say over product decisions at TikTok, copying ideas from Douyin to TikTok is part of their playbook.

Persons: —, TikTok, Joe Biden, Biden, Brandon, TikTok isn’t, it's, Taylor Swift, Olivia Rodrigo, UMG, ” TikTok, it’s, TikTok's, ByteDance, It’s, Meghana, Pissing, ” Michael Huppe, Katie Notopoulos, ” Dhar Organizations: Service, White, Business, Universal Music Group, Music, Black, Facebook, Google, Big Tech, ”, YouTube, Shopping Network Locations: TikTok, Washington, Meghana Dhar, China, ByteDance

☆ Goldman gives this innovative cancer-fighting biotech nearly 70% upside
▼ + stars: | 2024-02-01 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Biotech company Arvinas could see its shares rally from a potential medium- to long-term commercial opportunity, according to Goldman Sachs. The firm initiated coverage on Arvinas with a buy rating and price target of $70. That suggests 68.7% upside potential from where shares closed Wednesday. According to analyst Paul Choi, breast cancer drug vepdegestrant (ARV-471), which is being co-developed by Arvinas and Pfizer , presents an "underappreciated" commercial opportunity. Arvinas has a "differentiated protein degrader platform that could expand several major markets," Choi wrote in a Thursday note.

Persons: Goldman Sachs, Paul Choi, Arvinas, Choi, — CNBC's Michael Bloom Organizations: Biotech, Arvinas, Pfizer

☆ Wait. This guy wants to spend $14 billion on … Paramount?
▼ + stars: | 2024-01-31 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

Media entrepreneur Byron Allen says he wants to buy Paramount for $14.3 billion. Who wants to buy a big TV company these days, anyway? But investors still think it's worth less than $10 billion — meaning they don't think Allen Media is really going to end up owning Paramount. AdvertisementOne answer may simply be skepticism about Allen Media Group and its owner, TV personality-turned-entrepreneur Byron Allen. But no one, to date, has suggested that Paramount is worth anything close to $14 billion.

Persons: Byron Allen, —, Allen Media Group didn't, David Zaslav, Bob Bakish, It's, Robert Fishman dryly, Shari Redstone, David Ellison, who's, Larry Ellison, Allen Organizations: Paramount, Service, Allen Media Group, CBS, MTV, Comedy Central, Allen Media, Weather Channel, ABC, BET, Denver Broncos, Bloomberg, Street Journal, Comcast, Warner Bros Discovery, Apple, Netflix, Biden, Viacom

☆ These regional banks are at greatest risk of being taken over by rivals, according to KBW
▼ + stars: | 2023-11-27 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

A trio of regional banks face increasing pressure on returns and profitability that makes them potential targets for acquisition by a larger rival, according to KBW analysts. Banks with between $80 billion and $120 billion in assets are in a tough spot, says Christopher McGratty of KBW. The remaining lenders, including East West Bank, Popular Bank and New York Community Bank each have higher returns and could end up as acquirers rather than targets. "Not every bank is as profitable as others and there are scale demands you have to keep in mind." The moves broadly take measures that applied to the biggest global banks down to the level of institutions with at least $100 billion in assets, increasing their compliance and funding costs.

Persons: Banks, Christopher McGratty, McGratty, Zions Organizations: Comerica, Zions, Western Alliance, Webster, East West Bank, Popular Bank, New York Community Bank, Banking

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 16 (Reuters) - U.S. bank profits are expected to shrink in the coming months, but the industry has regained its footing after the biggest bank failures since the 2008 financial crisis, analysts said. "Nobody wants to own a lot of bank stocks, whether it's large cap, mid cap, ahead of a credit crunch, ahead of a recession." Michaud, CEO of KBW:"There are a lot of healthier banks, I think, that would look to acquire the banks that have low credit performance. Reporting by Lananh Nguyen, Nupur Anand and Pete Schroeder in New York Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Thomas Michaud, Keefe, Erika Najarian, Morgan Stanley, We're, Eugene Ludwig, Ludwig, Mitch Eitel, Sullivan, Cromwell, " Michaud, Lananh Nguyen, Nupur Anand, Pete Schroeder, Mark Potter Organizations: New York Stock, REUTERS, delinquencies, UBS, Ludwig Advisors, Federal Deposit Insurance Corp, Thomson Locations: Manhattan, New York City , New York, U.S, New York

[1/5] Stephan Feldgoise, co-head of global M&A for of Goldman Sachs, speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. This has fueled soul-searching among investment bankers about the prospects for their business. "I'm reasonably bullish that this will return, but obviously it will be in fits and starts." "Our (deal pipelines) are at one of the largest levels that you've seen in five-six years. Reporting by Anirban Sen in New York; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephan Feldgoise, Goldman Sachs, Brendan McDermid, Goldman, Steven Baronoff, Anu Aiyengar, Aiyengar, Anthony Kim, Kim, Michal Katz, Katz, Anirban Sen, Chizu Organizations: REUTERS, Goldman Sachs Group Inc, Reuters NEXT, Federal Reserve, Bank of America, Chevron Corp, Hess Corp, Exxon Mobil Corp, Natural Resources, JPMorgan Chase &, Microsoft Corp, Illumina Inc, Centerview Partners, Greenhill, Co Inc, Thomson Locations: New York City , New York, U.S, East, Ukraine, Americas, United States, New York

REUTERS/Amira Karaoud/File Photo Acquire Licensing RightsNEW YORK, Nov 3 (Reuters) - Wildcat Capital Management, a top shareholder in Consolidated Communications Holdings (CNSL.O), said on Friday it plans to vote against its $3.1 billion takeover by an investor consortium, as it undervalues the broadband services provider. In October, Consolidated Communications agreed to be bought by an investor group comprising Searchlight Capital Partners And British Columbia Investment Management Corp, months after the group had first submitted an offer to buy the company. Reuters reported in July that Wildcat asked Consolidated Communications to reject the offer. Consolidated Communications did not immediately respond to a request for comment. Wildcat argued that mature fiber and cable operators have historically been valued at 10 to 15 times earnings before interest, taxes, depreciation and amortization (EBITDA) by acquirers, whereas Consolidated Communications' take-private deal valued the company at about six times of cash flow.

Persons: Amira Karaoud, Wildcat, CNSL, Tom McConnon, McConnon, Anirban Sen, Rashmi Organizations: REUTERS, Wildcat Capital Management, Consolidated Communications Holdings, Consolidated Communications, Reuters, Searchlight, Partners, Columbia Investment Management Corp, Wildcat, acquirers, Frontier Communications, Thomson Locations: Oldham county, Louisville , Kentucky, U.S, , Illinois, New York

☆ Starboard may be poised to build value amicably at contract research firm Fortrea
▼ + stars: | 2023-10-21 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

CROs work with drug companies through all stages of the drug development process, from drug discovery and preclinical development to Phase I through IV post-approval work. With a material portion of that outsourced, the CRO industry has grown accordingly. So, there are strong secular tailwinds driving growth for the CRO industry, but to be a successful contract research organization, it helps to have global scale. With peer margins and peer multiples, Starboard sees this as a $47 to $72 stock. Elliott Management recently partnered with Patient Square Capital and Veritas Capital to acquire Fortrea peer Syneos Health Inc (SYNH) for $7.1 billion.

Persons: Covance, Fortrea, Tom Pike, Pike, Elliott, Ken Squire Organizations: Fortrea, Labcorp, Development, Elliott Management, Square, Veritas Capital, Inc, pharma, 13D, Fortrea Holdings Locations: Covance, Labcorp, Fortrea

☆ Risky biotech M&A therapy will heal more fractures
▼ + stars: | 2023-10-19 | by ( Jonathan Guilford | ) www.reuters.com time to read: +8 min

NEW YORK, Oct 19 (Reuters Breakingviews) - How can a suitor offering $1 billion see eye-to-eye with a seller asking for $2 billion? Such contingent value rights, or CVRs, are a way to get around the inherent uncertainty of an unproven drug. Its $74 billion takeover of Celgene in 2019 included a $6.4 billion payout dependent on a trio of drug approvals. There have been only 27 biotech market debuts this year, raising $2.2 billion, according to LSEG data. Given the nagging fissures in valuation perspectives, however, more dealmakers are apt to try this risky M&A therapy.

Persons: Schulman, Sidley, Bristol Myers, Myers, CVRs, Andrew Weisenfeld, IPOs, ”, Dan Lepanto, biopharma, Eli Lilly’s, Bristol Myers Squibb, Jeffrey Goldfarb, Sharon Lam, Streisand Neto Organizations: Reuters, Dow, Marion Laboratories, LyondellBasell Industries, Mirati Therapeutics, JPMorgan, Sanofi, Health Partners, Nasdaq Biotechnology, Reuters Graphics Reuters, Reuters Graphics, Leerink Partners, Therapeutics, Public, Bristol Myers, U.S . Food, Drug Administration, Thomson Locations: Celgene, Genzyme, U.S

☆ Hollywood insiders are bracing for M&A activity to make a comeback, as 10 experts reveal the deals they're predicting
▼ + stars: | 2023-10-17 | by ( Reed Alexander | Lucia Moses | ) www.businessinsider.com time to read: +12 min

"The unknown is hard to transact in," Sam Powers, the global head of technology, media, and telecommunications for Bank of America, told Insider. Microsoft's $69 billion acquisition of Activision , which was completed Thursday, has also put media and tech M&A back in the spotlight. "People have been holding their breath in nervous anticipation" about the idea of tech buying big media , one investor told Insider. Private-equity bets on media and Hollywood have seen mixed resultsPrivate-equity firms may have the cash to finance major media acquisitions, but they're reckoning with market volatility. Are you a Hollywood insider?

Persons: Hollywood dealmakers, Jonathan Handel, Sam Powers, Bob Iger, —, Byron Allen, Greg Doherty, Iger, Disney's, Byron Allen —, Allen, Disney, it's, Handel, It's, you've, Reese Witherspoon, Dave Kotinsky, Moonbug, Reese Witherspoon's, Jeff Zucker, Abu, Tom Staggs, Kevin Mayer, Lucia Moses, Reed Alexander Organizations: Hollywood, Puck News, Bank of America, SAG, Writers Guild of America, Disney, ESPN, Activision, Byron Allen The Weather, Wall Street shareholders, Bureau of Labor Statistics, Hulu, ABC, Nexstar Media Group, Allen Media Group, Weather, Lionsgate, Starz, Paramount, BET, Warner Bros, Games, Disney Digital Network, Maker Studios, Observers, Comcast, Paramount Global, Tech, MGM, Microsoft, Netflix, Apple, RedBird Capital Partners, RedBird IMI, Private, SP, G Global Market Intelligence, Bloomberg, Media, Apollo Global Management, Yahoo Locations: Hollywood, Blackstone, Abu Dhabi, lmoses@insider.com, ralexander@insider.com

Pros, which has struggled to return to profitability, is being advised by investment bank Qatalyst Partners in its discussions with potential acquirers, the sources said. Many of the suitors are private equity firms whose offers Pros has rejected, the sources added. Pros shares jumped 13% on the news to $36.18 in early New York trading on Wednesday, giving the company a market value of $1.7 billion. Pros provides price optimization and revenue management software for companies in various sectors, including aviation. It reported subscription revenue of $57.3 million in the second quarter, up 14% year-over-year, with overall sales up 11% year-over-year to $75.8 million.

Persons: Brendan McDermid, Qatalyst, Milana Vinn, Anil D'Silva, Jane Merriman Organizations: Holdings, Inc, New York Stock Exchange, REUTERS, Qatalyst Partners, Wall, Thomson Locations: New York, U.S, Houston

Jefferies analysts wrote in a note the Federal Reserve putting the brakes on interest rate hikes has given acquirers more certainty around their funding costs, helping dealmaking. Cisco's deal valued Splunk at 7 times projected 12-month revenue, according to Jefferies. "We note that the typical security company with 20% growth trades at about 7 times (sales)," BTIG analysts wrote in a note last week. Private software companies may also be more receptive to takeovers. "A tidal wave of software M&A (is) on the horizon," Wedbush analysts wrote in a note last week.

Persons: Chuck Robbins, David Chen, Morgan Stanley, Chen, Jefferies, Keith Skirbe, Houlihan Lokey's, Milana Vinn, Anirban Sen, Anna Driver Organizations: Cisco Systems, Cisco, Crowdstrike Holdings, Microsoft, Adobe, Oracle, Francisco Partners, TPG Inc, Federal Reserve, IBM, Reuters Graphics Reuters, Jefferies, Thomson Locations: New York

☆ The Apple-Disney deal that could actually happen
▼ + stars: | 2023-09-21 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

And Apple has long been seen by some analysts as the most obvious acquirer of all or part of Disney. Iger said he considers the studio, streaming, and parks businesses (where the company recently set plans to invest $60 billion over the next decade) to have the most value. It would be hard to imagine operating the parks or streaming businesses without owning the popular franchises that fuel them. Ives envisions a deal where Apple pays for exclusive access to ESPN content and game broadcasts, with an acquisition following down the road. I believe it's a matter of not if, but when Apple buys ESPN."

Persons: Bob Iger, Steve Jobs, Tim Cook, Biden, that's, Gregg Abella, Iger, David Rogers, Apple, it's, Dan Ives, Cook, Ives Organizations: Disney, ABC, FX, Geographic, ESPN, Apple, Pixar, Jobs, Apple's, Investment Partners, Management, Star, Marvel, Columbia University, Verizon, MLS, Messi, Insider, Wedbush Securities, Google

NEW YORK (Reuters) -U.S. Steel Corp is locked in a spat with rival steelmaker Cleveland-Cliffs Inc over a confidentiality pact that would allow the latter to participate in a sale process that is underway, people familiar with the matter said on Wednesday. U.S. Steel has made the standstill a condition to allowing Cliffs to carry out due diligence and participate in its sale process, the sources added. It has also told Cliffs that all bidders are being granted access to its sale process on the same terms, according to the sources. Reuters has reported that ArcelorMittal is one of the parties that has been working on a potential bid for U.S. Steel. Cliffs would break into the world’s top 10 steel producers, which are mostly from Asia, should its bid for U.S. Steel succeed.

Persons: steelmaker, David Lawder, ArcelorMittal, Steel, Thomas Conway, Lourenco Goncalves Organizations: YORK, . Steel Corp, Cliffs Inc, REUTERS, U.S . Steel, . Steel, JPMorgan, UBS, MUFG, Truist Securities, Reuters, U.S, Steel, United Steelworkers, Wall, United Auto Workers, UAW Locations: steelmaker Cleveland, Granite City , Illinois, Wells Fargo, Asia

Cboe declined to say whether those relations happened while Tilly was CEO or prior to his tenure at the helm. His resignation is the latest in a string of high-profile exits by CEOs whose personal conduct ran afoul of company policy. "When he became CEO, he grew that business from a little options exchange to a global, fintech and exchange leader. Cboe has exclusive rights to list flagship contracts linked to the Standard & Poor’s 500 stock index through 2032. "The silver lining is it doesn't look like it is related to strategic or financial issue for the company," Lau said of the CEO resignation.

Persons: Edward Tilly, Piper Sandler, Brendan McDermid, Cboe, Fredric Tomczyk, Tilly, Andrew Bond, Bond, Owen Lau, Lau, Rosenblatt's Bond, Steve Sosnick, Sosnick, Tomczyk, " Lau, Jaiveer Singh, Laura Matthews, Saqib Iqbal Ahmed, Arun Koyyur, Michelle Price, Megan Davies, Bill Berkrot, Nick Zieminski Organizations: CBOE, Inc, Piper Sandler Global Exchange, FinTech Conference, REUTERS, Rosenblatt Securities, Oppenheimer & Co, THE, Interactive, U.S . Securities, Exchange Commission, Thomson Locations: New York City, U.S, Bengaluru, New York, Lincoln

☆ Activist Elliott makes inroads at Catalent to build value. Here’s what could happen next
▼ + stars: | 2023-09-16 | by ( Kenneth Squire | ) www.cnbc.com time to read: +7 min

This segment also handles the formulation, development and manufacturing for parenteral dose forms, including vials and prefilled syringes. Activist Commentary: Elliott is a very successful and astute activist investor, particularly in the technology sector. While as an activist Elliott will do whatever it feels is necessary to enhance shareholder value, in the past the firm has made significant use of the strategy of offering to acquire its portfolio companies as the best catalyst to enhance shareholder value. Like Catalent, Syneos is an outsourced pharma solutions company: It outsources R&D for pharmaceutical companies, whereas Catalent outsources manufacturing. If this does turn from a strategic review to an operational review, there is no guarantee that he keeps his job.

Persons: Catalent, there's, Elliott, Steven Barg, Frank D'Amelio, Stephanie Okey, Michelle Ryan, Johnson, Barg, Ryan, John Greisch, There's, Danaher, Alessandro Maselli, Ken Squire Organizations: Oral Technologies, Clinical, Pfizer, Rom Holdings, Bloomberg, Merck, Citrix Systems, Nielsen Holdings, Square, Veritas Capital, Syneos Health, 13D Locations: COOs, North America

CCC shares jumped on the news in afterhours trading in New York on Friday, rising 8.6% to $12.50. Founded in 1980, CCC provides software to 35,0000 companies involved in automotive claims and collision repair, including insurance firms, parts suppliers and car manufacturers. Advent, which acquired CCC from private equity firms TPG Inc (TPG.O) and Leonard Green & Partners in 2017, took CCC public through a merger with a blank-check company in 2021 at a $6.5 billion equity valuation. CCC shares have risen 32% year-to-date, more than the broader market but less than the S&P 500 software application index, which has risen 43%. CCC suffered from a drop in car insurance claims during the COVID-19 pandemic but has since seen business gradually recover.

Persons: Morgan Stanley, Leonard Green, Milana Vinn, Diane Craft Organizations: Intelligent Solutions Holdings Inc, Investment, TPG Inc, Leonard Green & Partners, CCC, Thomson Locations: New York

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