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Date: 18 May 1994
By Bloomberg News
Bloomberg News
Manufactured Home Communities Inc. has agreed to acquire 11 manufactured housing communities and the property management business of DeAnza Group Inc. for $189 million. Manufactured Home, of Chicago, said the transaction was expected to be completed in the third quarter. The sale is subject to the approval of DeAnza Group's limited partners.
Date: 19 May 1994
By Bloomberg News
Bloomberg News
The shareholders of the Devon Energy Corporation approved the acquisition of the Alta Energy Corporation of Midland, Tex., for $64.6 million in cash, stock and assumed debt. Alta shareholders of record will receive 35 cents a share in cash and three-tenths of a Devon common share if they own more than 334 shares. Holders of fewer Alta shares will get $7.14 a share in cash. The price includes $39 million in debt that Devon will assume. Devon, based in Oklahoma City, will pay about $1.4 million in cash and issue 1.18 million of its common shares to Alta shareholders.
Date: 19 May 1994
By Bloomberg News
Bloomberg News
First Interstate Bancorp, based in Los Angeles, said yesterday that it had signed a definitive agreement to acquire Sacramento Savings Bank of California from the Alleghany Corporation, an insurance company, for $331 million. Under terms of the transaction, First Interstate will pay $331 million in cash, or 1.6 times adjusted common book value, for Sacramento Savings. As part of the transaction, Alleghany, based in New York, will purchase about $132 million of the real estate-related assets of Sacramento Savings. In New York Stock Exchange trading, Alleghany's stock jumped $8 a share, to $150, while shares of First Interstate were up 25 cents, at $82.625.
Date: 18 May 1994
By Bloomberg News
Bloomberg News
The Dow Chemical Company will maintain its investment in Marion Merrell Dow Inc., Dow's chairman and chief executive, Frank P. Popoff, said. He told Marion Merrell shareholders at their annual meeting yesterday that Dow "continues to be a long-term investor." Dow owns 72 percent of Marion Merrell, the Kansas City-based pharmaceutical company. Asked by a Marion Merrell shareholder what Dow would do if Marion Merrell's performance did not improve soon, Mr. Popoff said the real challenge at Marion was addressing how health care would be delivered in the future.
Date: 18 May 1994
By Bloomberg News
Bloomberg News
Shares of Xilinx Inc. tumbled 15.1 percent yesterday amid concerns that earnings and sales growth would slow in the fiscal year ending March 31, 1995, and that some analysts' earnings estimates were too high. In Nasdaq trading, Xilinx's shares slid $7, to $39.50, their lowest close since Nov. 22. Xilinx, based in San Jose, Calif., designs off-the-shelf integrated circuits and specialty semiconductors. Drew Peck, an analyst with the brokerage firm Cowen & Company, told clients yesterday that Xilinx sales growth would fall to "the low 30 percent" range in the current year from 44 percent in the current fiscal year because of shrinking orders from computer networking manufacturers and a seasonal slowdown in Europe.
Date: 18 May 1994
By Bloomberg News
Bloomberg News
Media Vision Technology Inc. said today that three of its principal executives had resigned, a week after the company confirmed it was under investigation by the F.B.I. and the Securities and Exchange Commission. The company, a maker of personal computer components, based here, said Paul C. Jain, president and chief executive; Steven J. Allan, vice president of finance and administration and chief financial officer, and Russell C. Faust, chief operating officer, had resigned. Michael Humphress, the vice president of worldwide sales, had previously said he would resign on June 1.
Date: 18 May 1994
By Bloomberg News
Bloomberg News
The Grumman Corporation will receive $114.2 million from the United States Air Force to begin work on two E-8 Joint Surveillance Target Attack Radar System planes. Work will be done by the company's Melbourne Systems division in Melbourne, Fla., and is scheduled to be complete by February 1998. The radar system is an advanced surveillance and battlefield command and control system. Grumman, based in Bethpage, L.I., was acquired by the Northrop Corporation last month.
Date: 19 May 1994
By Bloomberg News
Bloomberg News
The Northrop Grumman Corporation plans to slash costs by $250 million a year as it absorbs the former Grumman Corporation and prepares for an era of leaner Pentagon budgets. To increase profits, the company will consolidate management at its Los Angeles headquarters and eliminate operations that may be duplicated in the company's facilities, said Kent Kresa, the president and chief executive. The goal is to reduce operating costs by $250 million a year, beginning in 1995, Mr. Kresa said. He did not specify how many layoffs were planned, on top of the 4,500 layoffs Grumman and Northrop already planned for this year. The company is poised for "double-digit earnings growth" beginning next year, Mr. Kresa said in a speech at the annual meeting in Los Angeles yesterday.
Date: 18 May 1994
By Bloomberg News
Bloomberg News
Hudson Foods Inc., one of the nation's largest poultry processors, said yesterday that it planned to build a $60 million chicken-processing complex in Kentucky. Hudson Foods, based in Rogers, Ark., operates 14 plants in 10 states.
Date: 19 May 1994
By Bloomberg News
Bloomberg News
Shares of Blyth Industries rose 14 percent in their first day of trading after a $53.5 million initial public offering. Blyth, a candle maker, is based in Greenwich, Conn. Its shares closed at $18.875 on the New York Stock Exchange, up from the offering price of $16.50, on volume of 967,800 shares. Of the 3.24 million shares sold, representing a 23 percent stake in the company, 2 million were sold by the company and 1.24 million by a group of shareholders.