New On The Block
Popular peanut butter and jelly brand J.M. Smucker (NYSE:SJM) hired Goldman Sachs to conduct a strategic review of its portfolio, sources told Axios Pro. As activist investor Elliott Investment Management ramped up pressure on Smucker, the company was reportedly weighing options that could lead to a sale of Hostess, the maker of Twinkies.
• GameStop stock is trading at depressed levels. What’s the outlook for GME shares?
American Hotel Income Properties REIT LP (OTC:AHIP) initiated a review of strategic alternatives in an effort to maximize unitholder value. The company hired Robert W. Baird & Co as its financial advisor. AHIP's Strategic Review has no set timeline or guaranteed outcome; no decisions or transaction terms have been finalized.
FG Nexus (NASDAQ:FGNX) formed a special committee of the company's board of directors to evaluate strategic alternatives to enhance long-term stockholder value and further the Company's strategic objectives. The company has hired an independent financial advisor to evaluate its options.
Southeastern Asset Management, which owns more than 4% of Mattel Inc (NASDAQ:MAT), sent an open letter urging the toymaker to explore strategic alternatives, including a sale to a private equity firm, a merger with another toy company, or a deal with a major media company. Southeastern said it believed Mattel's shares were worth close to $30 and wanted the board and CEO Ynon Kreiz to actively pursue opportunities to maximize shareholder value.
Artificial intelligence data center company Hyperscale Data (NYSE:GPUS) announced that its management team is evaluating a broad range of strategic alternatives, including share repurchases, issuer tender offers, structured capital return programs, strategic partnerships, financings, acquisitions, divestitures, joint ventures or other transactions designed to maximize long-term stockholder value. The company emphasized that all strategic and financial alternatives remain under consideration.
Clarus Corp (NASDAQ:CLAR) hired Jefferies LLC as its financial advisor to assist in evaluating its strategic alternatives in an effort to enhance shareholder value. The review includes a range of potential strategic alternatives, including, among other things, the sale of all or part of the business or other strategic or financial transactions involving the company.
Park-Ohio Holdings Corp. (NASDAQ:PKOH) announced it hired an investment banking firm to assist in the formal review of strategic alternatives for its Southwest Steel Processing business, including a sale or other transaction. "This review reflects our continued focus on aligning capital and resources toward higher-growth, higher-margin opportunities across our portfolio," a press release stated.
Retail activist investment firm Randian Capital, a shareholder of Snap Inc. (NYSE:SNAP), sent an open letter to the company calling for it to consider pursuing strategic alternatives, including common stock and options. “We believe a larger advertising, technology, or social media platform may be better positioned to realize Snap's full potential. The board should evaluate whether this is an attractive avenue to maximize shareholder value,” Randian Capital wrote.
Updates From The Block
GameStop Corp. (NYSE:GME) submitted a non-binding proposal to acquire 100% of eBay Inc. (NASDAQ:EBAY) at $125 per share in cash and stock and third-party acquisition financing from GameStop and TD Securities for up to $20 billion. The transaction is valued at approximately $55 billion. eBay confirmed that it received the proposal and will review and consider what is in the best interests of the company and its shareholders.
Long Lake Management bought the parent of American Express Global Business Travel (NYSE:GBTG) for $9.50 a share, in a transaction valued at approximately $6.3 billion in cash. Investors in Long Lake include General Catalyst, Alpha Wave, D1 Capital and Elad Gil. The transaction is expected to close in the second half of 2026, subject to regulatory approvals. Upon completion of the transaction, Amex GBT's common stock will no longer be publicly listed.
PlayMetrics has taken over youth-sports app SportsEngine from Versant Media Group, the owner of Golf Channel and E!, Bloomberg reported. Terms of the deal were not disclosed; however, it was previously reported that Versant had been exploring a sale that would value the company at $400 to $500 million. The company hired Lazard last October.
Meta Platforms Inc (NASDAQ:META) has bought Assured Robot Intelligence, a startup that specializes in AI for humanoid robots. Financial terms were not disclosed. This merger marks a "significant" investment in futuristic robots, a key area of growth for Meta.
Hubbell has agreed to acquire NSI Industries, a company that provides electrical fittings, connectors, components and wire-management products in a transaction valued at $3 billion, The Wall Street Journal reported.
International pharmaceutical company Angelini Pharma agreed to acquire all outstanding shares of Catalyst Pharmaceuticals Inc. (NASDAQ:CPRX) for $31.50 per share in cash, for a total equity value of approximately $4.1 billion. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2026. Following completion of the acquisition, Angelini Pharma intends to integrate Catalyst's portfolio and commercial infrastructure with its own expertise and products in brain health to develop a next-generation therapeutic platform in rare diseases.
Western Midstream Partners, LP (NYSE:WES) acquired all of the outstanding equity interests of Brazos Delaware II, LLC, in a transaction valued at approximately $1.6 billion. Under the terms of the agreement, Western Midstream will pay approximately $800 million in cash and issue approximately $800 million in Western Midstream common units at closing. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close late in the second quarter of 2026.
Bayer AG (OTC:BAYRY) has purchased Perfuse Therapeutics, a biopharmaceutical company, for approximately $2.45 billion. The acquisition completes Bayer’s pharmaceutical pipeline and strategically fits with the company's footprint and expertise in ophthalmology, the company wrote in a press release.
Ametek Inc. (NYSE:AME) has agreed to purchase a portfolio of instrumentation businesses from Indicor for approximately $5 billion in cash. Indicor Instrumentation is a group of businesses that create high-performance solutions for complex industrial and scientific uses. Their products fit well with Ametek's existing portfolio, a press release indicated. The transaction is expected to close in the second half of 2026.
Cross Country Healthcare, Inc. (NASDAQ:CCRN), a technology-driven health care workforce solutions company, has agreed to be acquired by Knox Lane, a growth-oriented investment firm. Knox Lane will acquire all outstanding shares of Cross Country Healthcare common stock for $13.25 per share in an all-cash transaction valued at $437 million. The proposed transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Upon completion of the transaction, the company will continue to operate under the Cross Country Healthcare name and brand and will cease trading on the Nasdaq.
Off The Block
Brookfield Asset Management (NYSE:BAM) and Peakstone Realty Trust (NYSE:PKST) have completed the acquisition of Peakstone by Brookfield in an all-cash transaction valued at $1.2 billion.
eXp World Holdings, Inc. (NASDAQ:AGNT) acquired NextHome, Inc., a national real estate franchise. “This acquisition transforms eXp's infrastructure into a versatile, multi-model platform capable of supporting diverse business models and brands under one global umbrella,” the company said. As part of this acquisition, eXp World Holdings will begin trading under the new ticker symbol "AGNT" on the Nasdaq Global Market on May 8.
Bankruptcy Block
Mesa, Arizona-based ZenniHome filed for Chapter 7 bankruptcy. The filing came one day before a scheduled court hearing over a $22 million contract the company had to build modular homes on the Navajo Reservation. The hearing aimed to address a motion for placing a receiver in charge of the company's assets and records.
Buzzfeed missed a $5 million debt payment at the end of last month and has until May 18 to make the payment before going into default on its loans. The digital media company owes a penalty of $500,000 for missing the April payment, raising concerns that a bankruptcy filing is on the horizon.
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