18th of August 1998 News
الأخبار كما ظهرت في الصفحة الأولى لصحيفة نيويورك تايمز في ١٨ أغسطس ١٩٩٨
TMP WORLDWIDE TO BUY AUSTRALIAN RECRUITER
Date: 19 August 1998
By Bloomberg News
Bloomberg News
TMP Worldwide Inc., one of the world's largest recruiters and the owner of the Monster Board job-search Internet site, will buy the Australian recruiter Morgan & Banks Ltd. for $209 million in stock. The stockholders of Morgan & Banks will get no more than 0.1124 share and no less than 0.07025 share of TMP stock for each share held, based on the currency exchange rate at closing. Shares of TMP jumped $2.3125 yesterday, to $36.125; they have soared more than 51 percent in the last 12 months. TMP, based in New York, is betting that buying Morgan & Banks will bolster its intern-to-chief-executive strategy as more people turn to the Internet for jobs and employees.
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AFC ENTERPRISES TO PURCHASE CINNABON INTERNATIONAL
Date: 19 August 1998
By Bloomberg News
Bloomberg News
AFC Enterprises, the owner of Churchs Chicken and Popeyes Chicken and Biscuits, said yesterday that it had agreed to buy Cinnabon International Inc., a retail bakery company, for $65 million. The Seattle-based Cinnabon, which features cinnamon rolls, owns 214 sites and has 144 franchise sites. Its outlets are in malls, airports and supermarkets. The acquisition is the fourth in the last year for the Atlanta-based AFC as the company expands its restaurant formats, building cash flow in anticipation of an initial public offering in 1999. Recent purchases include the Seattle Coffee Company.
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BELL CANADA INTERNATIONAL AND A.I.G. IN KOREAN DEAL
Date: 19 August 1998
By Bloomberg News
Bloomberg News
Bell Canada International Inc. and the American International Group Inc., the big New York-based insurer, teamed up yesterday to buy 39.4 percent of the Hansol PCS Company of South Korea, one of the Asian nation's three cellular phone companies, for $265 million. The Montreal-based Bell Canada, which is 75 percent owned by the Canadian telecommunications giant BCE Inc., will pay $159 million for a 23.6 percent stake, while A.I.G. will acquire 15.8 percent for $106 million through investment funds. Hansol PCS is controlled by a group led by the Hansol Paper Company.
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TRION TO BE ACQUIRED BY MCLEOD RUSSEL FOR $52 MILLION
Date: 18 August 1998
By Bloomberg News
Bloomberg News
Trion Inc. said yesterday that it would be acquired by the British-based McLeod Russel Holdings P.L.C. for about $52 million in cash. Owners of Trion stock will receive $7.27 a share. Trion, which makes equipment to improve air quality, including humidifiers and air filters, had 1997 sales of $65 million. McLeod Russel, which has United States and British subsidiaries, said Trion's products would help it expand its air-cleaning business. Shares of Trion, based in Sanford, N.C., jumped 39 percent, gaining $1.875 a share, to $6.625, in Nasdaq trading.
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STAFFMARK AGREES TO ACQUIRE BRITISH SEARCH CONCERN
Date: 19 August 1998
By Bloomberg News
Bloomberg News
Staffmark Inc., a recruiter of executives and corporate managers, said yesterday that it would buy Robert Walters P.L.C., another search firm, for $178.8 million in stock. The price values Robert Walters at 429.5 pence a share. Staffmark, which recruits mainly for the computer and pharmaceutical industries, wants the London-based Walters for its strength in placing people in financial services companies and accounting firms. Staffmark, based in Fayetteville, Ark., has offices in 29 states and in Canada, Britain, South Africa and Thailand. Under the agreement, Staffmark will exchange 0.272 share for each Walters share. Walters rose 93.5 pence a share yesterday, to 372 pence, in London trading. Staffmark fell $1.4375, to $24.25.
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BOYKIN PLANS SALE OF HOTELS AND A BUYBACK OF SHARES
Date: 18 August 1998
By Bloomberg News
Bloomberg News
The Boykin Lodging Company said yesterday that it would sell some hotels it did not consider essential as it raises money to retire debt and that it would buy back as many as one million shares, or about 6 percent of its outstanding shares. Boykin, a Cleveland-based real estate investment trust that owns 31 hotels, also hired Chadwick, Saylor & Company for advice on raising money from private sources. Boykin is selling hotels after announcing last month that it would slow its pace of acquisitions. The company, which has bought 13 hotels this year, said in July that hotels were now overpriced. Boykin's hotels are mostly upscale or resort properties operated under such brands as Red Lion, Doubletree and Marriott.
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AMERICAN TOOL AGREES TO ADD POLYHEDRON HOLDINGS
Date: 19 August 1998
By Bloomberg News
Bloomberg News
The American Tool Companies of Hoffman Estates, Ill., said yesterday that it had agreed to buy Polyhedron Holdings P.L.C., a British machine tool maker, for $:33 million ($53.2 million) in cash. American Tool, which is closely held and 44.9 percent owned by the Newell Company, said it would pay Polyhedron 88 pence a share. The acquisition, recommended by the Polyhedron board, gives American Tool a presence in Britain, which it sees as one of its most important markets, and expands Polyhedron's business in the United States. Polyhedron's shares rose 19 pence, or 29 percent, to 85 pence.
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EMERGING COMMUNICATIONS CHAIRMAN RAISES BUYOUT BID
Date: 19 August 1998
By Bloomberg News
Bloomberg News
The chairman of Emerging Communications Inc., Jeffrey Prosser, offered yesterday to buy the 48 percent of the company that he does not already own for $10.25 a share, or $54.9 million. Mr. Prosser offered $9.13 a share in May, but a group of holders sued to block the transaction, saying his offer was too low. Emerging, which was spun off from Atlantic Tele-Network Inc. in December, provides local phone services on the United States Virgin Islands of St. John, St. Thomas and St. Croix and wireless services on St. Martin. Emerging's shares rose $1.625 yesterday, or 19 percent, to $9.9375. Mr. Prosser will own Emerging through his wholly owned company, the Innovative Communication Corporation.
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GAINSCO BUYING LALANDE GROUP TO EXPAND AUTO COVERAGE
Date: 19 August 1998
By Bloomberg News
Bloomberg News
Gainsco Inc. agreed yesterday to buy the closely held Lalande Group for as much as $40 million, adding high-risk-driver insurance to its auto-coverage business. Gainsco, a commercial auto and garage insurer based in Fort Worth, will pay $18 million in cash for the Miami-based Lalande; it said it would pay as much as $22 million more depending on Lalande's profits over a five-year period. One Lalande division covers nonstandard drivers; another unit provides claims adjustment to third parties.
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MAF BANCORP TO BUY WESTCO FOR $83.4 MILLION IN STOCK
Date: 18 August 1998
By Bloomberg News
Bloomberg News
MAF Bancorp Inc. agreed yesterday to buy Westco Bancorp Inc. for $84.3 million in stock, as MAF, a community bank, tries to increase its market share and cut costs. MAF, based in Clarendon Hills, Ill., will exchange 1.395 of its shares for each share of Westco, which is based in Westchester, Ill. Based on MAF's closing price on Friday, the transaction is valued at about $30.68 for each Westco share. Westco also gave MAF an option to purchase shares equal to 19.9 percent of its outstanding common stock.
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