Kim Kahn

The company say the deal will create a global flavor leader in high-growth categories with roughly $20 billion in combined full-year 2025 revenue.

Under the terms, Unilever and its shareholders are expected to receive shares representing 65% of the fully diluted combined company, equivalent to about $29.1 billion based on McCormick's one-month volume-weighted average price.

Unilever also gets $15.7 billion in cash, subject to closing adjustments.

Those terms imply an enterprise value of about $44.8 billion for Unilever Foods, or about 13.8 times full-year 2025 EBITDA.

Upon closing, Unilever shareholders are expected to own 55.1% of the combined company, McCormick shareholders about 35%, and Unilever roughly 9.9% directly.

Unilever Foods portfolios include brands such as Knorr and Hellman's, which account for roughly 70% of sales.

McCormick's brands include French's, Frank's Red Hot, Cholula, Stubbs, and Old Bay.

Also in deal news, Appellus Pharmaceuticals is more than doubling after agreeing to be acquired by Biogen for $41 a share in a $5.6 billion transaction.

Among active stocks, Marvel Technology is rallying after NVIDIA announced a $2 billion investment in the company.

The two firms also unveiled a strategic partnership that will connect Marvel to NVIDIA's AI factory and AI-ran ecosystem through NVLink Fusion.

Meanwhile, mainstream DDR5 16GB DRAM prices have declined 6% since Micron Technology reported earnings.

Citi cited softer pricing environments as it reduced its price target on Micron to $425 for 510.

In other news of note, JetBlue Airways has raised check bag fees as it looks to offset soaring jet fuel costs driven by the war in Iran.

Most economy passengers will now pay $39 to check one bag during off-peak periods, up from $35.

The fee rises to $49 during peak travel periods.

A second check bag will cost $59, up from $50, and $69 during peak periods.

As we experience rising operating costs, we regularly evaluate how to manage those costs while keeping base fares competitive and continuing to invest in the experience our customers value, JetBlue said in a statement.

Adjusting fees or optional services used by select customers, such as checked baggage, allows us to continue offering more competitive fares, the airline added.

While we recognize that fee increases are never ideal, we implement changes only when necessary.

And in the Wall Street Research Corner, BFA Securities lists the many pain trades traders didn't have on their bingo cards for Q1.