New On The Block

  • Caribou Biosciences, Inc. (NASDAQ:CRBU), a clinical-stage CRISPR genome-editing biopharmaceutical company, is exploring strategic alternatives to maximize stockholder value and plans to discontinue further development activities for its two allogeneic CAR-T cell therapy programs. The company has hired Wedbush Securities Inc. as its financial advisor to assist in the process. Caribou’s Board of Directors approved initiating a process to evaluate strategic alternatives, including, but not limited to, a merger, acquisition, business combination, or other strategic transactions involving Caribou and/or its assets.

Updates From The Block

  • Kohlberg acquired a majority interest in Advanced Industrial Devices, a provider of engineered automation and control solutions to mission-critical infrastructure, from Black Bay Partners. AID’s existing management team, led by Chief Executive Officer Russell Claybrook, will retain a significant ownership interest in the Company. Terms of the transaction were not disclosed.
  • Thermal Technology Distribution Solutions, a platform providing industrial temperature management and related products, acquired Thermal Products, an established provider of heat transfer and process equipment solutions. Terms of the transaction were not disclosed.
  • TA Associates’ portfolio company Rocscience has agreed to be acquired by Hexagon AB for approximately $535 million. Upon completion of the transaction, TA will fully exit its investment in the Company. The transaction is expected to be completed in the fourth quarter, subject to customary closing conditions.
  • Viatris (NASDAQ:VTRS) agreed to acquire non-opioid pain-treatment maker Pacira BioSciences for $1.65 billion in cash, offering $36.50 per share. Both companies’ boards unanimously approved the deal. Pacira would become a wholly owned subsidiary of Viatris and delist from Nasdaq.
  • Uber Technologies (NYSE:UBER) agreed to acquire U.S. catering platform ezCater for $2.3 billion in an all-cash deal, aiming to expand its delivery business, which has become its fastest-growing segment. The transaction is subject to regulatory approval and is expected to close in the coming months.
  • TowneBank agreed to acquire North Carolina-based Blue Harbor Bank for approximately $154 million. Both companies’ boards have approved the deal, and it is expected to close in the first quarter of 2027, subject to regulatory clearance and Blue Harbor shareholder approval.
  • Clayton, Dubilier & Rice and McKesson (NYSE:MCK) agreed to acquire Option Care Health (NASDAQ:OPCH)  for approximately $5.8 billion in enterprise value. The deal is expected to close in the first half of 2027, pending shareholder and regulatory approval, after which Option Care Health will delist from Nasdaq and become privately held.
  • Energy Transfer agreed to acquire midstream energy company Vaquero Midstream in a $2.625 billion deal. The acquisition is expected to close in the fourth quarter of 2026, pending regulatory approval.

Off The Block

  • Skydance Corporation (NYSE:SKYD) completed its acquisition of Warner Bros. Discovery (NASDAQ:WBD) after securing all required regulatory approvals and satisfying the merger’s closing conditions. The deal creates a combined company operating under the Skydance name.
  • Constellation Brands acquired vodka-based ready-to-drink beverage brand SpikedAde for $75 million, securing full ownership in a deal completed on Oct. 6. The Rochester-based beverage company is expanding its presence in the growing ready-to-drink cocktail market.

Bankruptcy Block

  • True Food Kitchen has filed for Chapter 11 bankruptcy protection as it seeks to strengthen its finances and streamline operations. The company has closed 12 restaurants, leaving 34 locations open across 14 states. It will pursue a court-supervised sale process and has secured a commitment for about $20 million in debtor-in-possession financing, subject to court approval.
  • American Hospitality Properties REIT and multiple affiliated entities filed for Chapter 11 bankruptcy protection on Oct. 4, amid fallout from an SEC enforcement action involving former manager Phoenix American Hospitality, The Street reported.

For the previous edition of Deal Dispatch, click here.

Image: Edited by Benzinga using Shutterstock