11. huhtikuuta 1995 oli tiistaina tähtimerkin ♈ alla. Se oli 100 päivä vuodesta. Yhdysvaltain presidentti oli William J. (Bill) Clinton.
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Date: 12 April 1995
By Bloomberg News
Bloomberg News
Healthsource Inc. said it will buy closely held Central Massachusetts Health Care Inc. for about $62.5 million, in an effort to become the leading managed care company in New England. Healthsource is a provider of managed health care services. Central Massachusetts Health Care, an 84,000-member nonprofit health maintenance organization based in Worcester, Massachusetts.
Date: 11 April 1995
By Bloomberg News
Bloomberg News
Input/Output Inc. said yesterday that it would pay $120 million cash for part of a division of Western Atlas Inc., which is a subsidiary of Litton Industries and Dresser Industries that makes products used to search for oil and gas. The seismic products unit of Western had 1994 revenue of $110 million. Input/Output shares were up $2.875 yesterday at $29.25 on the New York Stock Exchange, and Western Atlas shares were down 37.5 cents at $44.50.
Date: 11 April 1995
By Bloomberg News
Bloomberg News
The North Fork Bancorporation disclosed yesterday that it had been seeking to acquire Sunrise Bancorp since January, an overture that Sunrise has resisted. John Kanas, the chairman of North Fork, sent a letter dated Jan. 23 to Sunrise offering to buy the Farmingdale, L.I., institution for cash at a price equal to 136 percent of the company's book value, according to documents filed with the Securities and Exchange Commission. Sunrise had a book value of $19.34 a share at Dec. 31, according to a recent company statement. That gives the offer an indicated price of $26.30 a share, or about $86 million in all. North Fork holds 5.7 percent of Sunrise, the parent for Sunrise Federal Savings Bank, which operates 11 branches on Long Island. Sunrise shares closed yesterday at $23, up 75 cents a share.
Date: 11 April 1995
By Bloomberg News
Bloomberg News
The Leslie Fay Companies has reached an agreement with its lenders on a reduced $80 million credit facility that is expected to finance the apparel company until it emerges from bankruptcy-law protection. The company, based in New York, said in court papers yesterday that it would pay fees as high as $1.5 million to Citibank and other lenders to extend Leslie Fay's current credit facility, which had been $100 million. Leslie Fay said $80 million would be sufficient because it had been selling or discontinuing businesses since seeking bankruptcy protection two years ago.
Date: 12 April 1995
By Bloomberg News
Bloomberg News
Arcadian Partners L.P., a producer and distributor of nitrogen fertilizer, accepted an offer from its general partner, the Arcadian Corporation, to buy the 55 percent stake it doesn't own for $775 million in cash and stock. The agreement follows Arcadian Corp.'s announcement last week that it would raise its offer to $29 a unit, from $26, in cash and newly issued preferred stock for the preference units of Arcadian Partners it doesn't already own. Arcadian Partners shares rose 62.5 cents to close at $26.75 on the New York Stock Exchange. It will offer $14.50 in cash and 0.853 of a preferred share, valued at $14.50, for each Arcadian Partners unit. The preferred shares, which will pay an annual dividend of 9.5 percent, will convert to common stock after three years, unless Arcadian chooses to convert them earlier.
Date: 12 April 1995
By Bloomberg News
Bloomberg News
Safeco Inc. said yesterday that bad weather in California and Texas, as well as an increase in estimated losses from the January 1994 earthquake in Southern California, would force it to take a $43 million charge in the first quarter. Safeco, the insurance company based in Seattle, increased its estimate of losses from the earthquake by $25 million, to $250 million. Storms in California and Texas during the quarter will account for the remaining $18 million of the charge, the company said. First-quarter results are expected to be released on April 24, Safeco said. Wall Street was expecting the company to post net income of $1.38 a share for the first quarter, according to a survey by Zacks Investment Research. Safeco's stock closed down 62.5 cents, at $55, in Nasdaq trading.
Date: 11 April 1995
By Bloomberg News
Bloomberg News
Hurt by declining prices, the Consolidated Natural Gas Company said yesterday that it would take a first-quarter charge of $100 million to $150 million to write down its oil and natural gas properties and other charges later this year to cut at least 470 jobs. The company, which is based in Pittsburgh, disclosed the possibility of charges and layoffs in its annual report. Consolidated Natural Gas said yesterday that the write-down of its properties under the full-cost accounting method "reflects the low level of natural gas wellhead prices nationwide." Separately, the company said that at least 470 employees, or 6.2 percent of its work force of 7,566, will be let go starting in the second quarter through layoffs and early retirements.
Date: 12 April 1995
By Bloomberg News
Bloomberg News
Connecticut and New Jersey regulators said yesterday that they were starting investigations into the sales tactics used by the Prudential Insurance Company of America, even as 21 Florida policyholders filed lawsuits against the company. Six states in all are now examining allegations that the nation's biggest life insurer engaged in "churning," or deceptively replacing policyholders' coverage at added cost. Prudential, which has 15,000 agents nationwide, said yesterday that it had fired 500 life-insurance agents in the last two years for deceptive sales tactics, including churning. Connecticut Attorney General Richard Blumenthal and Acting Insurance Commissioner William Gilligan said yesterday their inquiry would focus on allegations the insurer misled customers by using the cash value of their existing policies to finance new coverage. New Jersey's Department of Insurance also said it had begun a broad investigation of Prudential's sales tactics that will include churning allegations. Twenty-one policyholders from west and central Florida also filed suits yesterday in state court accusing the insurer of fraud and breach of fiduciary duty, Chris Hoyer, a lawyer representing the customers, said. The separate suits charge that more than a dozen Prudential agents in Florida misrepresented policy-replacement costs and other aspects of the coverage to obtain higher commissions.
Date: 12 April 1995
By Bloomberg News
Bloomberg News
PMI Group Inc., a mortgage insurer that was sold by the Allstate Corporation in one of the biggest initial public offerings this year, rose more than 10 percent yesterday in its first day of trading. PMI sold 21.5 million shares at $34 each, raising about $687 million after expenses. All of the proceeds, which could be as high as $784 million if the underwriters exercise their over-allotment options, will go to Allstate, which is keeping a 36.8 percent stake in PMI. The stock closed up $3.50 at $37.50 on New York Stock Exchange volume of almost 8.3 million shares. Allstate is selling the unit to focus on its core businesses.
Date: 12 April 1995
By Bloomberg News
Bloomberg News
The BBA Group P.L.C., a British automotive- , aviation- and electrical-components maker, said yesterday that it would sell its automotive-products brake and clutch division to Cinven, for $:181.2 million, or $290 million. Cinven, a venture-capitalist firm, will pay $:143.7 million in cash, assume $:26.4 million of debt and pay $:11.1 million for the preference shares of the unit, BBA said.