Recent M&A Activity Analysis June 21, 2024

Mergers and Acquisitions June 2024 by

JBT Corporation’s Voluntary Takeover Offer for Marel
JBT Corporation (NYSE: JBT) has received approval to launch a voluntary takeover offer for all outstanding shares of Marel hf. Valued at €3.60 per share, this offer represents an enterprise value of around €3.5 billion. This strategic move aims to bolster JBT’s presence in the food and beverage technology solutions market. The combined company, to be named JBT Marel Corporation, will retain significant operations in both Chicago and Iceland, showcasing JBT’s dedication to Marel’s heritage and culture of innovation. The offer document will be subject to review and approval by the Financial Supervisory Authority of the Central Bank of Iceland.

Lassonde Industries Acquires Summer Garden Food Manufacturing
Lassonde Industries (TSX: LAS.A) is set to acquire U.S.-based Summer Garden Food Manufacturing. This acquisition aligns with Lassonde’s strategy to expand its footprint in the U.S. market, particularly in the specialty food and beverage segments. The transaction will enable Lassonde to leverage Summer Garden’s established distribution network and product portfolio, enhancing its competitive edge and market reach.

Exxon-Hess Arbitration Panel Incomplete, Delaying Chevron Deal
The arbitration panel for the Exxon-Hess dispute remains incomplete, causing delays in the sale of Hess assets to Chevron (NYSE: CVX). This holdup could impact Chevron’s strategic plans and market positioning, as resolving the arbitration is crucial for the transaction’s progression.

Spirit AeroSystems Nears Deal with Boeing
Spirit AeroSystems (NYSE: SPR) has made significant progress toward finalizing a deal with Boeing (NYSE: BA). This potential agreement is poised to boost Spirit AeroSystems’ production capabilities and market presence, especially in the aerospace sector. Although the specifics are still under negotiation, the market has reacted positively, indicating investor confidence in the potential partnership.

FTC Review Impacts HashiCorp-IBM Deal
HashiCorp’s (NASDAQ: HCP) shares dipped following reports of an FTC review of its pending deal with IBM (NYSE: IBM). Regulatory scrutiny is a critical factor in mergers and acquisitions, and this review could influence the deal’s timeline and terms. Both companies are likely to address the FTC’s concerns to advance the transaction.

Tectonic and AVROBIO Merger and Private Placement
Tectonic and AVROBIO (NASDAQ: AVRO) have completed their merger and announced a $130.7 million private placement. This merger aims to combine their resources and expertise in the biopharmaceutical sector, driving innovation and enhancing their product pipelines. The private placement will provide the necessary capital to support their joint initiatives and growth strategies.

Penn Entertainment and Boyd Gaming Deal Talks
Penn Entertainment’s (NASDAQ: PENN) stock surged amid reports of a potential acquisition approach from Boyd Gaming (NYSE: BYD). This prospective deal highlights the ongoing consolidation trend in the gaming industry, as companies seek to expand their market share and operational efficiencies through strategic acquisitions.

Carlyle and KKR Bid for Discover Financial’s Student Loan Portfolio
Private equity giants Carlyle (NASDAQ: CG) and KKR (NYSE: KKR) are among the final bidders for Discover Financial’s (NYSE: DFS) student loan portfolio. This asset sale is part of Discover Financial’s strategy to streamline its operations and focus on core business areas. The successful bidder will gain a significant foothold in the student loan market, offering substantial growth opportunities.

AssetMark Acquires $12B in Assets from Morningstar Wealth Platform
AssetMark’s (NYSE: AMK) acquisition of $12 billion in assets from the Morningstar Wealth platform marks a significant expansion for the company. This deal will enhance AssetMark’s service offerings and market reach, positioning it as a major player in the wealth management sector.

ATWEC Acquires The Birch Co
ATWEC (OTC: ATWT) has acquired The Birch Co., resulting in a notable increase in its share value. This acquisition aligns with ATWEC’s growth strategy and its commitment to expanding its product and service offerings in the safety technology market.

Honeywell’s $2B Acquisition of CAES Systems
Honeywell (NASDAQ: HON) has agreed to acquire CAES Systems from Advent for $2 billion. This acquisition is part of Honeywell’s strategy to enhance its capabilities in advanced systems and technologies, further strengthening its market position in various industrial sectors.

Aimei Health Technology and United Hydrogen Merger
Aimei Health Technology’s SPAC (NASDAQ: AMEU) is set to merge with United Hydrogen, a company specializing in hydrogen solutions. This merger reflects the growing interest in hydrogen technology and its potential to drive sustainable energy solutions. The combined entity aims to leverage synergies to accelerate growth and innovation in the hydrogen sector.

Guardian Capital Group Acquires Galibier Capital Management
Guardian Capital Group (TSX: GCG.A) has announced the acquisition of Galibier Capital Management Ltd. This strategic acquisition will enhance Guardian’s asset management capabilities and expand its product offerings, benefiting from Galibier’s expertise and client base.

The current M&A landscape is dynamic, with significant transactions across various sectors, from technology and manufacturing to finance and energy. These deals reflect strategic efforts by companies to consolidate their market positions, expand their capabilities, and drive growth through innovative synergies. As these transactions progress, they will undoubtedly shape the competitive landscape and offer new opportunities for stakeholders involved.

by Steve Macalbry

Senior Editor,


This article is intended for informational purposes only. It should not be considered financial or investment advice. We do not hold any form of equity in the securities mentioned in this article. Always consult with a certified financial professional before making any financial decisions. Growth stocks carry a high degree of risk, and you could lose your entire investment.

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