BUSINESS NOTES SHAREHOLDERS OK CERULEAN MERGER.THOUSAND OAKS Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. - Cerulean ce·ru·le·an adj. Azure; sky-blue. [From Latin caeruleus, dark blue; akin to caelum, sky.] Noun 1. Companies Inc. shareholders have approved its $500 million merger with WellPoint Health Networks Inc, a company official said Wednesday. Hugh J. Steadman, Cerulean's senior vice president, said 99.07 percent of those who voted approved the merger. Under the merger's terms, upon closing of the deal each shareholder will receive approximately $850 in cash or WellPoint securities for each Cerulean share held. ``We believe we are on track to close this deal in December,'' said WellPoint spokesman John Cygul. - Daily News Foundation drops after 'buy' rating WOODLAND HILLS - Shares of Foundation Health Systems Inc. fell a modest 2 percent Wednesday after a Wall Street analyst opened coverage of the managed care company. Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. analyst Larry Marsh initiated coverage with a ``buy'' recommendation and set a target price on the stock of $24. Marsh cited Foundation Health's divestitures and market exists, its new management, a cleaner operational focus and increased accountability in setting his ``buy'' rating. Foundation Health would not comment. The Woodland Hills-based managed care company will report third-quarter earnings on Nov. 7. Shares of Foundation Health lost 38 cents, or 2.19 percent, to close Wednesday at $16.75 on heavy volume of 681,600 shares traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . - Daily News Port commission approves contract The Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Board of Harbor Commissioners, in a step toward opening the world's largest single-user cargo terminal on schedule, approved a design contract Wednesday for Pier 400. Maersk Pacific Ltd., now operating out of the Port of Long Beach, has signed an agreement to move across the bay to the 590-acre $328 million landfill-created site in August 2002. Though the Port of Los Angeles The Port of Los Angeles is located on San Pedro Bay in the San Pedro neighborhood of Los Angeles, approximately 20 miles (30 km) south of downtown. Also called Los Angeles Harbor and WORLDPORT LA is paying for creation of the land and all land improvements, Maersk will initially be responsible for all structures and cargo handling equipment. The port will be invoiced by Maersk for all costs so that the port will eventually own the structures. The payment model was chosen to help expedite the construction process. - Daily News Europeans clear Time Warner sale NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of - America Online See AOL. Inc.'s ambitious proposal to acquire media giant Time Warner Inc. cleared an important hurdle with approval from European antitrust authorities, but the deal still faces regulatory challenges in Washington and is proceeding without the hoped-for participation of EMI (ElectroMagnetic Interference) An electrical disturbance in a system due to natural phenomena, low-frequency waves from electromechanical devices or high-frequency waves (RFI) from chips and other electronic devices. Allowable limits are governed by the FCC. Group of Britain. The European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community gave its blessing to the $129 billion deal Wednesday on condition that the combined company cut its ties with Bertelsmann AG Bertelsmann AG German media company. Beginning as a religious printer and publisher in 1835, the company grew steadily over the next century. Though virtually destroyed by Allied bombing in 1945, it recovered quickly after World War II. , a German media conglomerate that is also seeking to play a big role in the online world. - Associated Press Protection sought by theater owner NEWTON, Mass. - The parent company of the General Cinema theater chain filed for a bankruptcy reorganization, and two top executives resigned Wednesday as the chain struggles to compete with a host of new megaplex cinemas. The company blamed its problems on a market oversaturated by the recent construction of multi-screen theaters. - Associated Press Restaurant chain sold by Easyriders AGOURA HILLS - Easyriders Inc. has sold M&B Restaurants L.C., its restaurant subsidiary doing business as El Paso Bar-B-Que Co., to a newly formed subsidiary of Culinary Holdings Inc., of Newport Beach. The deal, announced Wednesday, is a combination of cash and liabilities assumption, totaling $11.5 million. - Daily News Man enters plea in trading case Mark S. Jakob, accused of a making a $241,000 stock profit by faking a damaging news release about a fiber-optic equipment manufacturer, pleaded not guilty in federal court and was ordered to stand trial Nov. 21. The phony press release in August caused the stock of Costa Mesa-based Emulex Corp. to drop as much as 62 percent in one day, costing investors a total of about $50 million in losses. - Associated Press |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion