Elon offers to buy Twitter

Elon Musk offered to buy ALL of Twitter, US travel mask mandate was extended for two weeks, Google bets big on the return to offices, the NYC subway shooter has been arrested, Apple's MacBook shipments are delayed, Amazon announced a 'fuel inflation fee,' and Starbucks may leave unions out of new benefits plans.

Litquidity Capital
April 14, 2022

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Good Morning,

Elon Musk offered to buy ALL of Twitter, US travel mask mandate was extended for two weeks, Google bets big on the return to offices, the NYC subway shooter has been arrested, Apple's MacBook shipments are delayed, Amazon announced a 'fuel inflation fee,' and Starbucks may leave unions out of new benefits plans.

ICYMI: Big Swinging Decks was back yesterday featuring Lydia Moynihan of the New York Post. Catch the latest episode of our Big Swinging Decks podcast, presented by CoinFLEX.US, on SpotifyApple Music, and YouTube 🤝 

Let's dive in.

Before The Bell

As of 4/13/2022 market close.

If you want to learn more about crypto trading strategies and the world of DeFi, check out our Foot Guns newsletter.

Markets

  • The three major averages edged higher yesterday with the S&P 500 and Nasdaq snapping three-day losing streaks
    • Supplier prices were up 11.2% YoY, the biggest gain on record
  • Retail sales, import prices, and jobless claims are set to come out today at 8:30 am ET

Earnings

  • Delta posted better-than-expected revenue numbers but had a Q1 loss; the airline raised their future guidance amid ‘all time high demand’ (YHOO)
  • BlackRock slightly missed on revenue numbers but reported better-than-expected profits despite market volatility lowering AUM to $9.6T; BlackRock’s base management fees (fees not tied to performance) were the main driver for revenue growth (WSJ)
  • JPMorgan reported better-than-expected top- and bottom-line numbers but a Q1 profit that fell 42% YoY, driven by increased costs for bad loans and the market upheaval caused by the Ukraine war (CNBC)
  • Rent the Runway posted better-than-expected revenue results and narrower-than-expected loss numbers as consumers continue to seek value and stability amid rising inflation (CNBC)
  • Bed Bath & Beyond missed on revenue and earnings numbers after a weak holiday season, supply chain disruptions, and slowing consumer demand hurt performance (CNBC)
  • What we’re watching today: TSMC, Wells Fargo, Goldman Sachs, Citi, Morgan Stanley, PNC 
  • Full calendar here

Headline Roundup

  • US to extend Covid travel mask mandate by two weeks as cases rise (BBG)
  • Google bets on offices with $9.5B US investment (BBG)
  • Circle will apply for US crypto bank charter in ‘near future’ (BBG)
  • NYC subway shooting suspect arrested, faces terrorism charge (BBG)
  • Peloton needs to explore a sale, activist investor says (WSJ)
  • Elon Musk is sued for delayed disclosure of Twitter stake (WSJ)
  • Supplier prices rose 11.2% from a year ago in March, the biggest gain on record (CNBC)
  • UBS expects 50K retail store closures in the US over the next 5 years after pandemic pause (CNBC)
  • Skittish stock traders are bracing for a $2B option expiration (BBG)
  • Amazon fuel-inflation fee has sellers poised to raise prices (BBG)
  • Apple MacBook shipments delayed as China’s lockdowns slow production (BBG)
  • Biden administration to provide Ukraine with more intelligence, heavier weapons to fight Russia (WSJ)
  • Starbucks prepares to expand benefits that might exclude unionized staff (WSJ)
  • California unveils proposal to ban new gas-fueled cars by 2035 (CNBC)

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Deal Flow

M&A / Investments

  • The Benetton Family and Blackstone are talking to banks to put the final touches on a bid for roads and airports group Atlantia which could value the company at $51.9B+ (RT)
  • Elon Musk offered to acquire Twitter for $43B ($54.20 / share), representing a 54% premium over the unaffected Jan 28th share price (BBG)
  • GlaxoSmithKline agreed to buy biotech company Sierra Oncology for $1.9B (BBG)
  • The co-founders of social care services firm CareTech raised their takeover proposal for the company to $1.11B (RT)
  • Halozyme Therapeutics agreed to buy specialty pharmaceuticals company Antares Pharma for $960M (BBG)

VC

  • Commerce experience management platform Salsify raised a $200M Series F at a $2B valuation led by TPG (TC)
  • Financial ‘super app’ Wagestream raised a $175M Series C consisting of $60M in equity led by Smash Capital and $115M in debt from SVB (TC)
  • Digital transformation services company OSF Digital raised a $100M Series C led by Sunstone Partners (PRN)
  • CDR-Life, a biotech company developing immuno-oncology therapies, raised a $76M Series A led by Jeito Capital (BW)
  • Cell therapeutics startup Cimeio Therapeutics raised a $50M Series A from Versant Ventures (BW)
  • MedTrainer, a healthcare startup providing credentialing and training compliance management, raised a $43M Series B led by Vista Equity Partners (PRN)
  • Shipfusion, a provider of e-commerce fulfillment technology, raised $40M in funding from Kayne Partners (PRN)
  • BlueOcean, a startup building an AI-based brand intelligence platform, raised a $30M round led by Insight Partners (TC)
  • Diligent, a nurse assisting robotics startup, raised a $30M Series B led by Tiger Global (TC)
  • Nabsys, a genomic analysis startup, raised a $25M round led by Hitachi (PRN)
  • Solar lifecycle management software provider Raptor Maps raised a $22M Series B led by MacKinnon, Bennett & Co. (BW)
  • Moot, a startup helping companies access e-commerce channels, raised an $18M round led by Espresso Capital (TC)
  • Galena, a startup helping young people enter the job market, raised a $16.7M Series A led by Altos Ventures (PRN)
  • African digital banking platform Umba raised a $15M Series A led by Costanoa Ventures (TC)

IPO / Direct Listings / Issuances / Block Trades

  • Online baby product marketplace FirstCry.com is planning to file for an IPO in Mumbai that could raise ~$700M (BBG)
  • LNG terminal operator Excelerate priced its IPO at the top of a marketed range to raise $384M in the biggest US IPO since January (BRRNS)

SPAC

  • ADC Acquisition Corp, backed by Abu Dhabi’s wealth fund ADQ and Chimera Investments, plans to raise $100M in the Middle East’s first SPAC listing (BBG)
  • French music streaming service Deezer is nearing a deal to go public by merging with I2PO SA, a SPAC backed by France’s Pinault Family and Centerview Partners banker Matthieu Pigasse

Debt

  • Apollo approached the banks behind the buyout financing for Citrix Systems with an offer to purchase up to $4B of the debt together with other private credit firms (BBG)
  • PE firm Astorg is among potential buyers lining up financing to buy German drug business CordenPharma; the bidders have approached lenders for debt packages that could end up at close to $1.52B (BBG)

Fundraising

  • Las Olas Venture Capital closed a $50M Fund II focused on seed-stage B2B software startups (PRN)

Crypto Corner

  • Blockchain.com closes sponsorship deal with Dallas Cowboys (TBC)
  • Sotheby’s to host an NFT auction for generative art this month (TBC)
  • Ethereum merge no longer expected in June (CD)

Exec's Picks

  • Don’t be late to invest. Graze is still taking investors until April 15th. This is your chance to help disrupt the $100B commercial landscaping industry pioneering 100% electric, autonomous lawn mowers. They’ve got $32M in preorders and counting. Invest here while you still can.
  • Investing is always better when you do it with friends. Hedge is a collaborative trading platform where you can pool money & invest together in stocks, options, crypto, & NFTs. Hedge is also one of Lit’s angel investments, and they’re launching a private beta later this month, which you can get access to by signing up for their waitlist here 🤝

The Hiring Block

If you're looking to break into finance, lateral, or move out, check out our job board on Pallet, where we curate highly relevant roles for you. We've got 40+ jobs spanning IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

Meme Cleanser

Catch the latest episode of our Big Swinging Decks podcast, presented by CoinFLEX.US, on Spotify and Apple Music 🤝 

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