Breaking News Instant updates and real-time market news.

BAM

Brookfield

$45.99

0.15 (0.33%)

, OAK

Oaktree Capital

$43.83

-0.21 (-0.48%)

09:30
03/13/19
03/13
09:30
03/13/19
09:30

Brookfield to acquire 62% of Oaktree Capital for $49.00 per unit or 1.077 shares

Brookfield (BAM) and Oaktree Capital (OAK) announced an agreement whereby Brookfield will acquire approximately 62% of the Oaktree business. As part of the transaction, Brookfield will acquire all outstanding Oaktree Class A units for, at the election of Oaktree Class A unitholders, either $49.00 in cash or 1.0770 Class A shares of Brookfield per unit. This represents a premium of 12.4% per Oaktree Class A unit, based on the closing price of Oaktree Class A units and Brookfield Class A Shares on March 12 and a 15.9% premium based on the 30-day volume-weighted average price of Oaktree Class A units. The Oaktree board, acting on the recommendation of a special committee, composed of non-executive, independent directors, has unanimously recommended that Oaktree unitholders approve the transaction. Both Brookfield and Oaktree will continue to operate their respective businesses independently, partnering to leverage their strengths with each remaining under its current brand and led by its existing management and investment teams. Howard Marks will continue as co-chairman of Oaktree, Bruce Karsh as co-chairman and CIO and Jay Wintrob as CEO. Howard Marks and Bruce Karsh will continue to have operating control of Oaktree as an independent entity for the foreseeable future. In addition, Howard Marks will join Brookfield's board of directors. The two companies together will have approximately $475B of assets under management and $2.5B of annual fee-related revenues. The transaction is expected to be accretive to Brookfield on a per share basis before any benefits from the combination. Elections will be made on a per unit basis and will be subject to pro-ration such that the total consideration paid by Brookfield consists of 50% in cash and 50% in Brookfield shares. In addition, the founders, senior management and current employee-unitholders of Oaktree Capital Group Holdings, or OCGH, the holder of all outstanding Class B units of Oaktree as well as a direct interest in certain of Oaktree's operating entities, will sell to Brookfield 20% of their units for the same consideration as the Oaktree Class A unitholders. Pursuant to the agreement, Oaktree may declare and pay a distribution in respect of the quarter ending March 31 in an amount up to $1.05 per Oaktree Class A unit. No further distributions on the Oaktree Class A units may be paid unless the transaction has not closed by September 30, in which case distributions in respect of Q3 and any other quarter thereafter until closing may be paid in the ordinary course on Oaktree Class A units, subject to certain limitations set forth in the agreement. The cash portion of the aggregate consideration will be funded by Brookfield from available liquidity. Upon consummation of the transaction, Brookfield will own approximately 62% of the Oaktree business, and the OCGH unitholders, consisting primarily of Oaktree's founders and certain other members of management and employees, will own the remaining approximately 38%. Commencing in 2022, former employee-unitholders will be able to sell their remaining Oaktree units to Brookfield over time pursuant to an agreed upon liquidity schedule and approach to valuing such units at the time of liquidation, and Oaktree's founders, senior management and current employee-unitholders will have the option to do so as well. Pursuant to this liquidity schedule, the earliest year in which Brookfield could own 100% of the Oaktree business is 2029. The agreement includes customary provisions relating to non-solicitation, the ability of Oaktree's board of directors to respond to any unsolicited superior alternative proposals, and Brookfield's right to match such proposals. The agreement also provides for the payment by Oaktree of a $225M termination fee if the agreement is terminated under certain specified circumstances. The transaction is subject to the approval of Oaktree unitholders representing at least a majority of the voting interests of Oaktree and other customary closing conditions, including certain regulatory approvals. OCGH has agreed to vote all of its units in favor of the transaction. The transaction is expected to close in Q3.

BAM

Brookfield

$45.99

0.15 (0.33%)

OAK

Oaktree Capital

$43.83

-0.21 (-0.48%)

BAM Brookfield
$45.99

0.15 (0.33%)

02/15/19
SBSH
02/15/19
NO CHANGE
SBSH
Buy
Citi opens 90 day 'positive catalyst watch' on Brookfield
Citi analyst William Katz added a 90 day "positive catalyst watch" on Brookfield Asset Management and boosted his price target for the shares to $50.50 from $47.50. The analyst views the company's Q4 results as favorable and is surprised the stock has not reacted more favorably. He keeps a Buy rating on Brookfield.
11/13/18
SBSH
11/13/18
INITIATION
Target $49.5
SBSH
Buy
Brookfield resumed with a Buy at Citi
Citi analyst William Katz resumed coverage of Brookfield Asset Management with a Buy rating and $49.50 price target. The analyst continues to view Brookfield as a "solid long-term compounder with significant near-term growth outlook in the Asset Management business and healthy capital return potential."
11/09/18
11/09/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Brookfield (BAM) upgraded to Outperform from Neutral at Credit Suisse with analyst Andrew Kuske saying he believes Brookfield is positioned for a breakout fund raising cycle and doesn't believe the current valuation is reflective of the potential acceleration of growth. 2. Monster Beverage (MNST) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Judy Hong saying concerns over the dispute with Coca-Cola (KO) are overdone and recommends buying shares on weakness. 3. Woodward (WWD) upgraded to Outperform from Market Perform at Barrington with analyst Chris Howe citing the "strong performance" of L'Orange, continued content wins in Aerospace and less volatility in the overall Industrial segment for the upgrade after the company's Q4 results topped expectations. 4. Axon (AAXN) upgraded to Outperform from Neutral at Baird with analyst William Power saying he believes the weakness following its Q3 results are overdone and he believes the new product introductions of Taser 7, Body Camera 3, and a growing software portfolio all provide potential catalysts in 2019. 5. Cree (CREE) upgraded to Buy from Neutral at Goldman Sachs with analyst Brian Lee saying his more in-depth field work and market analysis around the company's silicon carbide opportunity has made him "incrementally more bullish" on its growth potential. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/09/18
FBCO
11/09/18
UPGRADE
Target $50
FBCO
Outperform
Brookfield upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse analyst Andrew Kuske upgraded Brookfield Asset Management to Outperform from Neutral and raised his price target to $50 from $44. In a research note to investors, Kuske says he believes Brookfield is positioned for a breakout fund raising cycle and doesn't believe the current valuation is reflective of the potential acceleration of growth.
OAK Oaktree Capital
$43.83

-0.21 (-0.48%)

08/14/18
MSCO
08/14/18
NO CHANGE
Target $48
MSCO
Overweight
Oaktree Capital price target lowered to $48 from $51 at Morgan Stanley
Morgan Stanley analyst Michael Cyprys lowered his price target for Oaktree Capital to $48 from $51 but maintained an Overweight rating, telling investors in a research note that he views Oaktree as the "defensive play" in the alternative asset manager space given its distressed investing focus and "ample" dry powder that should drive over 50c of earnings power once activated.
04/27/18
KBWI
04/27/18
DOWNGRADE
Target $44
KBWI
Market Perform
Oaktree Capital downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette analyst Robert Lee downgraded Oaktree Capital to Market Perform and lowered his price target for the shares to $44 from $45. The analyst attributes the beat in Q1 to realizations and says Oaktree's growth remains modest.

TODAY'S FREE FLY STORIES

HYMTF

Hyundai Motor

$0.00

(0.00%)

21:09
03/21/19
03/21
21:09
03/21/19
21:09
Periodicals
Breaking Periodicals news story on Hyundai Motor »

Elliott Management loses…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

SMTS

Sierra Metals

$1.64

0.05 (3.14%)

21:01
03/21/19
03/21
21:01
03/21/19
21:01
Hot Stocks
Sierra Metals announces 66% of Yauricocha Mine workers waged illegal strike »

Sierra Metals announced…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 29

    Mar

LGF.B

Lionsgate

$15.17

0.4 (2.71%)

, NFLX

Netflix

$378.09

2.94 (0.78%)

20:32
03/21/19
03/21
20:32
03/21/19
20:32
Recommendations
Lionsgate, Netflix, Apple, Spotify, Roku analyst commentary at SunTrust »

Apple event may be…

LGF.B

Lionsgate

$15.17

0.4 (2.71%)

NFLX

Netflix

$378.09

2.94 (0.78%)

AAPL

Apple

$195.07

6.93 (3.68%)

SPOT

Spotify

$144.04

-0.01 (-0.01%)

ROKU

Roku

$66.82

1.86 (2.86%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 25

    Mar

TSLA

Tesla

$274.10

0.6 (0.22%)

20:13
03/21/19
03/21
20:13
03/21/19
20:13
Hot Stocks
End of Tesla's referral program reduced costs, allowed to pass on savings »

In its blog, Tesla…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

HSBC

HSBC

$41.07

-0.16 (-0.39%)

, BLK

BlackRock

$430.32

0.35 (0.08%)

19:44
03/21/19
03/21
19:44
03/21/19
19:44
Periodicals
Breaking Periodicals news story on HSBC, BlackRock »

HSBC reaches deal to use…

HSBC

HSBC

$41.07

-0.16 (-0.39%)

BLK

BlackRock

$430.32

0.35 (0.08%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 27

    Oct

UBER

Uber

$0.00

(0.00%)

, ICE

IntercontinentalExchange

$73.36

0.15 (0.20%)

19:21
03/21/19
03/21
19:21
03/21/19
19:21
Periodicals
Uber selects NYSE for 2019 IPO, Bloomberg reports »

Uber (UBER) has picked…

UBER

Uber

$0.00

(0.00%)

ICE

IntercontinentalExchange

$73.36

0.15 (0.20%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 02

    May

  • 17

    May

  • 28

    May

PIN

Pinterest

$25.63

-0.07 (-0.27%)

19:18
03/21/19
03/21
19:18
03/21/19
19:18
Periodicals
Pinterest moves up IPO timing, seeks to list shares on NYSE in April, WSJ says »

Pinterest has moved up…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

TAP

Molson Coors

$60.80

1.04 (1.74%)

, BUD

AB InBev

$83.94

0.52 (0.62%)

18:57
03/21/19
03/21
18:57
03/21/19
18:57
Periodicals
MillerCoors sues AB InBev over corn syrup claims, WSJ reports »

MillerCoors, a subsidiary…

TAP

Molson Coors

$60.80

1.04 (1.74%)

BUD

AB InBev

$83.94

0.52 (0.62%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 07

    May

OSS

One Stop Systems

$2.52

(0.00%)

, AMRN

Amarin

$18.77

-0.24 (-1.26%)

18:40
03/21/19
03/21
18:40
03/21/19
18:40
Hot Stocks
Fly Intel: After Hours Movers »

UP AFTER EARNINGS: One…

OSS

One Stop Systems

$2.52

(0.00%)

AMRN

Amarin

$18.77

-0.24 (-1.26%)

GME

GameStop

$10.54

0.06 (0.57%)

DLNG

Dynagas LNG

$2.61

0.025 (0.97%)

ZUO

Zuora

$24.34

0.62 (2.61%)

CAL

Caleres

$25.75

-0.08 (-0.31%)

OPNT

Opiant Pharmaceuticals

$14.00

0.5 (3.70%)

NKE

Nike

$88.05

1.3597 (1.57%)

CTAS

Cintas

$208.00

2.78 (1.35%)

CNAT

Conatus

$2.91

0.02 (0.69%)

GG

Goldcorp

$11.17

0.13 (1.18%)

NEM

Newmont Mining

$34.32

0.44 (1.30%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 21

    Mar

  • 21

    Mar

  • 21

    Mar

  • 21

    Mar

  • 21

    Mar

  • 21

    Mar

  • 22

    Mar

  • 25

    Mar

  • 02

    Apr

  • 04

    Apr

  • 04

    Apr

  • 11

    Apr

  • 16

    Apr

  • 23

    Apr

UBER

Uber

$0.00

(0.00%)

, ICE

IntercontinentalExchange

$73.36

0.15 (0.20%)

18:40
03/21/19
03/21
18:40
03/21/19
18:40
Periodicals
Uber selects NYSE for 2019 IPO, Bloomberg reports »

Uber (UBER) has picked…

UBER

Uber

$0.00

(0.00%)

ICE

IntercontinentalExchange

$73.36

0.15 (0.20%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 02

    May

  • 17

    May

  • 28

    May

CVS

CVS Health

$57.40

1.23 (2.19%)

18:34
03/21/19
03/21
18:34
03/21/19
18:34
Hot Stocks
CVS Health CEO: Off to great start with Aetna integration »

In an interview on…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 25

    Mar

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$284.63

3.19 (1.13%)

18:30
03/21/19
03/21
18:30
03/21/19
18:30
Periodicals
EU to offer U.K. Brexit negotiating period extension, Reuters says »

The EU plans to grant the…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$284.63

3.19 (1.13%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

NOK

Nokia

$6.26

-0.03 (-0.48%)

18:20
03/21/19
03/21
18:20
03/21/19
18:20
Periodicals
Nokia not planning to take on new business in Iran in 2019, Reuters says »

Nokia said it does not…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 20

    May

DNR

Denbury Resources

$1.95

0.06 (3.17%)

, PVAC

Penn Virginia

$54.29

1.74 (3.31%)

18:17
03/21/19
03/21
18:17
03/21/19
18:17
Hot Stocks
Denbury Resources: Penn Virginia deal was unlikely to receive majority approval »

Chris Kendall,…

DNR

Denbury Resources

$1.95

0.06 (3.17%)

PVAC

Penn Virginia

$54.29

1.74 (3.31%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 07

    May

IMMP

Immutep

$2.40

-0.095 (-3.82%)

18:11
03/21/19
03/21
18:11
03/21/19
18:11
Hot Stocks
Immutep announces U.S. patent for Eftilagimod Alpha in cancer »

Immutep Limited is…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

PVAC

Penn Virginia

$54.29

1.74 (3.31%)

, DNR

Denbury Resources

$1.95

0.06 (3.17%)

18:08
03/21/19
03/21
18:08
03/21/19
18:08
Hot Stocks
Penn Virginia, Denbury Resources mutually agree to terminate merger pact »

Penn Virginia (PVAC)…

PVAC

Penn Virginia

$54.29

1.74 (3.31%)

DNR

Denbury Resources

$1.95

0.06 (3.17%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 07

    May

LLL

L3 Technologies

$208.75

1.535 (0.74%)

17:44
03/21/19
03/21
17:44
03/21/19
17:44
Hot Stocks
L3 Technologies awarded $131.78M Air Force contract »

L3 Technologies has been…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 04

    Apr

  • 01

    May

GM

General Motors

$37.35

0.35 (0.95%)

17:42
03/21/19
03/21
17:42
03/21/19
17:42
Periodicals
GM to invest $300M in Orion EV/AV factory, Reuters reports »

General Motors intends to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 27

    Mar

  • 30

    Apr

GD

General Dynamics

$169.81

1.21 (0.72%)

17:42
03/21/19
03/21
17:42
03/21/19
17:42
Hot Stocks
General Dynamics awarded $465.15M Navy contract for CVN shipyard availabilities »

General Dynamics has been…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 28

    May

NKE

Nike

$88.05

1.3597 (1.57%)

17:41
03/21/19
03/21
17:41
03/21/19
17:41
Earnings
Breaking Earnings news story on Nike »

Nike sees FY20 revenue…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 21

    Mar

  • 04

    Apr

  • 04

    Apr

NKE

Nike

$88.05

1.3597 (1.57%)

17:39
03/21/19
03/21
17:39
03/21/19
17:39
Earnings
Nike sees Q4 revenue growth in high single-digit range, consensus $10.38B »

Sees Q4 gross margin…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 21

    Mar

  • 04

    Apr

  • 04

    Apr

NKE

Nike

$88.05

1.3597 (1.57%)

17:36
03/21/19
03/21
17:36
03/21/19
17:36
Hot Stocks
Nike says it is not taking China momentum for granted »

Says leveraging the power…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 21

    Mar

  • 04

    Apr

  • 04

    Apr

LOV

Spark Networks

$11.29

(0.00%)

17:34
03/21/19
03/21
17:34
03/21/19
17:34
Hot Stocks
Spark Networks to acquire Zoosk, sees adjusted EBITDA to exceed $50M in 2020 »

Spark Networks announced…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

ACA

Arcosa

$29.74

-0.16 (-0.54%)

17:29
03/21/19
03/21
17:29
03/21/19
17:29
Initiation
Arcosa initiated at DA Davidson »

Arcosa initiated with a…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

JNJ

Johnson & Johnson

$138.09

0.86 (0.63%)

17:24
03/21/19
03/21
17:24
03/21/19
17:24
Hot Stocks
Johnson & Johnson sees Q1 charge of about $700M related to AL-8176 »

On March 21, Johnson…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 16

    Apr

  • 25

    Apr

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.