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Date: 14 May 1997
By Bloomberg News
Bloomberg News
Sony Corp and Japanese broadcaster Fuji Television Network Inc say they will become partners in Japan Sky Broadcasting Co, headed by Rupert Murdoch; Sony, Fuji, News Corp and Japanese media company Softbank will each own 20 to 25 percent of J Sky B after sale; Murdoch is also negotiating to make Walt Disney Co a partner in the venture (S)
Date: 14 May 1997
Editorial lauds San Jose Mercury News admission that its articles charging Central Intelligence Agency let Nicaraguan dealers push drugs in United States inner cities in 1980s to help finance contra rebels were poorly written and edited and misleadingly packaged; defends investigative journalism (M)
Date: 14 May 1997
By Bloomberg News
Bloomberg News
BBN Corp discloses that it received bid in April that was 'nominally higher' than $29 a share accepted from GTE Corp; BBN does not disclose name of rival bidder (S)
Date: 15 May 1997
By Bloomberg News
Bloomberg News
The Columbia/HCA Healthcare Corporation said today that it had agreed to buy a majority stake in the A. H. Belo Corporation's health care cable television network. Terms were not disclosed. Columbia, the nation's largest hospital chain, said it would show America's Health Network in all of its facilities, which include 342 hospitals and 148 surgery centers. The company said the channel complemented its site on the World Wide Web, its quarterly Columbia One Source magazine and its information-referral hot line.
Date: 15 May 1997
By Bloomberg News
Bloomberg News
The shares of Rambus Inc. closed at more than double the offering price after a $33 million initial public offering of the company, a designer of technology that speeds communication among computer chips. The shares of the company, based in Mountain View, Calif., closed at $30.25 in Nasdaq trading. Almost 5.2 million shares changed hands, some of them more than once. Rambus sold 2.75 million shares at $12 each. Rambus is the first initial offering in several months in which the share price doubled on opening day.
Date: 15 May 1997
By Bloomberg News
Bloomberg News
Riser Foods Inc. agreed yesterday to be acquired by Giant Eagle Inc. for $403 million in cash and assumed debt. The transaction would create a food retailer and wholesaler with sales of $4 billion next year and stores stretching from Pittsburgh to Cleveland. The closely held Giant Eagle, a supermarket chain and wholesale distributor based in Pittsburgh, will pay $42 a share for Riser's class A and class B shares. Shares of Riser Foods, based in Bedford Heights, Ohio, closed yesterday at $41.625. Giant Eagle will also pay for outstanding stock options and assume $47 million of Riser's debt.
Date: 15 May 1997
By Bloomberg News
Bloomberg News
A mediator was appointed yesterday to help Barney's Inc. attract an investor and resolve its dispute with its former partner, the Isetan Company. Judge James L. Garrity Jr. of Federal Bankruptcy Court in Manhattan appointed Raymond L. Shapiro as the mediator after denying Barney's request on Friday to offer a potential bidder $10 million in breakup fees and expenses. A breakup fee is given when a party makes an offer that is accepted but then is later outbid. Mr. Shapiro will try to help Barney's, which operates 13 specialty stores, secure an acceptable investment bid and resolve its rent dispute with Isetan, a Japanese retailer that financed Barney's three biggest stores.
Date: 15 May 1997
By Bloomberg News
Bloomberg News
The Enron Corporation said yesterday that it offered to buy the 52 percent of Enron Global Power and Pipelines L.L.C. it does not already own for $400 million, or $32 a share, in stock to simplify its corporate structure. Enron Global Power said its oversight committee, consisting of its three outside directors, would appoint financial and legal advisers to evaluate the offer. Shares of Enron Global Power rose $2.125, to $32.375. Enron announced the offer after the close of trading. Its shares fell 37.5 cents, to $40.875. Enron, based in Houston, is one of the largest sellers of electricity and natural gas to American power companies.
Date: 15 May 1997
By Bloomberg News
Bloomberg News
Merfin International Inc. said yesterday that it had accepted an increased takeover offer of $210 million (Canadian), or $151 million (United States), in cash from the Buckeye Cellulose Corporation, spurning a rival offer by Polymer Group Inc. Buckeye will pay $7.50 (Canadian) for each Merfin share and assume $60 million in debt. Polymer, which raised its offer on Tuesday to $7.20 a share, withdrew its bid after being told of Merfin's decision. Buckeye, based in Memphis, makes specialty pulps for disposable diapers, plastic films and cigarette filters. Merfin, based in Vancouver, British Columbia, makes paper for feminine hygiene and adult incontinence products.
Date: 14 May 1997
By Bloomberg News
Bloomberg News
Penn Traffic Co to dismiss 325 employees and eliminate five divisional headquarters in a plan to cut costs by $12 million (S)