Hewlett-Packard once again raised its offer for storage company 3PAR on Thursday, outbidding Dell’s revised deal made earlier in the day.
HP’s new offer is $27 per share, up from its previous bid of $24 a share and Dell’s latest offer of $24.30, which was made Thursday morning.
The deal values 3PAR at $1.8 billion, up from the $1.6 billion that Dell offered. HP’s latest bid represents a 180% premium over 3PAR’s closing price of $9.65 the day before Dell’s initial bid.
Both Dell and HP submitted bids for the company last week, but HP raised its bid to just under $1.6 billion after Dell’s initial $1.15 billion offer was announced publicly. On Wednesday, 3PAR told Dell that Dell had three days to raise its offer, or it would go with HP’s deal.
"Not only is our offer superior to Dell’s proposal, HP remains uniquely positioned to execute on this combination given the number of synergies between the two companies," said Dave Donatelli, general manager of HP’s servers and storage unit, in a prepared statement.
As part of 3PAR’s revised deal with Dell reached Thursday morning, the storage company would owe Dell $72 million if it accepts HP’s higher offer business
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European regulators have approved Emerson's planned $1.5 billion acquisition of British power supply company Chloride Group.
The European Commission said it concluded that the acquisition would not significantly impede effective competition.
"The merged entity would continue to face strong competition from a number of credible competitors in all national markets affected by the concentration," the panel said in a statement Tuesday. "Therefore, the commission concluded that the proposed transaction does not raise competition concerns."
Emerson and Chloride both provide uninterruptible power supply systems for computers and hospitals.
Emerson Chairman, President and Chief Executive David Farr said he wants to invest in faster-growth areas, such as network power, and divest of businesses that aren't growing as rapidly low interest personal loan.
Last week, Emerson announced a deal to sell its motors and appliance controls businesses to Kyoto, Japan-based Nidec Corp. for $700 million.
On Monday, Emerson said it planned to sell LANDesk Software, a Salt Lake City IT systems manager, to private equity investment firm Thoma Bravo.
Emerson (NYSE:EMR) is the second-largest public company in St. Louis with $20.9 billion in revenue in 2009. It has 129,000 employees companywide, including 1,400 in St. Louis after the motors business sale closes next month.
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The back-to-school shopping season got off to a sluggish start in July, as retailers reported mixed sales for the month Thursday.
Consumers are continuing to keep tight control of their spending as the economic recovery tugs along at a slower pace than most analysts predicted earlier this year.
Thomson Reuters, which tracks monthly same-store sales for 28 chains including Macy’s (M, Fortune 500), Costco (COST, Fortune 500), Target (TGT, Fortune 500) and J.C. Penney (JCP, Fortune 500), said sales were up 2.9%, just below the 3.1% growth expected by analysts.
July’s numbers were a slight letdown for retailers after June brought a 3.1% increase in same-store sales — a gauge of a retailer’s performance that measures sales at stores open at least a year.
Although discounters and large department stores seemed to fare just "OK," teen stores presented "extremely weak" results, said Eric Beder, managing director of equity research at Brean Murray, Carret & Co.
"We have no real clear signal that the American consumer is becoming more aggressive in spending," he said. "These numbers should not provide a lot of confidence that we’re going to see any sort of turnaround in the second half of the year."
Overall, 17 of the 28 stores reporting results missed analysts’ expectations, 9 beat them and 2 met them.
The weaker-than-expected results came as the high unemployment rate drove shoppers to continue to procrastinate in search of the deepest discounts, said Jharonne Martis, Thomson Reuters’ director of consumer research, who compiles the report.
"No matter how the economy is doing, back to school happens every year," Martis said. "Families are budgeting and they’re going to buy the school supplies they need, but they’re waiting until last minute to find the best deals."
Wholesale discounter Costco reported a 6% increase in sales, slightly higher than the 5.5% that had been expected. But rival discounters Target and BJ’s Wholesale (BJ, Fortune 500) both fell short of estimates.
Teen stores The Buckle (BKE) and Hot Topic (HOTT) were two of the worst performers, reporting deep declines in sales for the month around 9%, and Wet Seal (WTSLA) said its sales dropped off 4%.
Thomson Reuters had expected declines from the teen stores during the month, but not to the extent actually reported.
Meanwhile, two other teen apparel chains - Zumiez (ZUMZ) and Abercrombie & Fitch (ANF) - surprised analysts with much stronger-than-expected sales.
Macy’s, JW Nordstrom (JWN, Fortune 500) and Limited Brands (LTD, Fortune 500) were also among the top performers.
Charlotte City Council accepted a $25 million federal grant to start construction of a 10-mile streetcar line in a 6-5 vote Monday night after more than two hours of debate.
With that approval, council committed $12 million in matching funds as required under Federal Transit Administration rules. The agency awarded the grant to Charlotte earlier this month.
The vote means the city will move ahead with a $4.7 million contract with the North Carolina division of URS Corp. for the design and construction administration of the grant and for the design of a stormwater system along Trade Street.
Among the 16 people who stepped up to the podium during the public hearing on the streetcar, nine were in support and seven were in opposition.
However, most in the audience waived large signs that decried the potential debt from moving forward on the project, while others held up pieces of paper that simply stated “Streetcar YES!!!”
The funds will be used to finish an initial 1.5-mile segment that connects the uptown transit center to Presbyterian Hospital. Streetcars could be running on the route by early 2014. The city has already spent $15 million on construction and engineering easy payday loans.
Under terms of the grant, the city must start construction within 18 months of receipt of the federal funds and can use the money only for vehicles, real estate and construction costs.
Three cars that had been used on the trolley line in South End have been identified for use along the uptown route. By using the trolley cars, the city says it will save $8 million.
City Manager Curt Walton says the city has four fiscal years to figure out how to fund an estimated $1.5 million in annual operating costs for the streetcar.
Ultimately, city officials want to build a 10-mile route linking Charlotte’s east and west sides, from the Beatties Ford Road corridor to Eastland Mall. Its full cost is estimated at $450 million.
Council members Pat Cannon, James Mitchell, Jason Burgess, David Howard, Nancy Carter and Patsy Kinsey voted in favor of the streetcar grant. Voting in opposition were council members Andy Dulin, Michael Barnes, Warren Turner, Edwin Peacock and Warren Cooksey.
Energy Holdings International Inc. has signed a memorandum of understanding to develop a 200 megawatt, $400 million power plant in Bangladesh.
Through a wholly owned subsidiary, EHII signed the deal with the Bangladesh Power Development Board for a single cycle electrical power generation plant with room to expand to a 450 MW combined cycle facility same day payday loans.
Houston-based EHII (NYSE: EGYH) is currently talking with a handful of engineering, procurement and construction contractors to build the plant while EHII will serve as the independent power producer.
Bexar County is planning to sell $155 million worth of bonds and certificates of obligation later this month.
The county will sell $25 million in limited tax general obligation bonds, $95 million in certificates of obligation and $35 million in certificates of obligation backed by Build America Bonds. The debt is slated to be sold during the week of July 26.
Fitch Ratings has assigned an ‘AAA’ rating to the bonds and certificates. Fitch has also affirmed its ‘AAA’ rating on Bexar County’s $728 million in unlimited tax and limited tax bonds outstanding. The rating outlook is stable.
Fitch assigned strong ratings to the debt offering because of the county’s prudent stewardship of funds during the current economic slowdown no checking account payday advance. Fitch also noted that the county keeps a pool of money in reserve due to its 10 percent fund-balance policy, that it has steady population growth, and that it has robust military, health care, higher education, professional business and service sectors.
The current offerings will finance public safety, park, parking and street improvements. In addition, the county is planning to issue up to $680 million in certificates of obligation over a 10-year period for drainage improvements planned in conjunction with the City of San Antonio, the San Antonio River Authority and other regional partners.
Novartis’ acquisition of Chapel Hill-based Oriel Therapeutics in April was one of only eight M&A deals in the biotech, pharma sector nationwide in the second quarter of 2010, according to a new report by VentureDeal LLC.
The Swiss giant purchased the venture-backed startup for its asthma treatments. Meanwhile, nationally, the number of second quarter deals declined by 20 percent from the first quarter, the report says. Of the eight mergers in the sector, totaling $74 million, only two were biotechs, and six were medical device companies.
Financial details of the Oriel transaction were not released payday loans.
Activity was even slower in the Internet e-commerce space, where M&A activity – 31 firms were acquired for $564 million – declined by 38 percent compared with the first quarter.
M&A activity for telecom, wireless, mobile and communications companies declined markedly from the previous quarter, with 54 percent fewer companies being acquired compared to the first quarter, the report says.
Tiny Maywood, Calif., laid off every single one of its city employees on Wednesday.
But that doesn’t mean the city is closing up shop. City Hall will still be open, as will Maywood’s park and recreation center. Police will continue to patrol the streets.
They just won’t be staffed by Maywood employees. The city can’t have any staff because it can’t get liability or worker’s compensation insurance for them. Maywood’s carrier, the California Joint Powers Insurance Authority, dropped it earlier this month in part because of several police-related claims.
Instead of declaring bankruptcy, Maywood officials decided to outsource all city functions. The Los Angeles County Sheriff’s Department will patrol the streets, while the neighboring city of Bell will cover other city functions, such as staffing City Hall.
Maywood already relies on contract workers and outsources many city services. The director of parks and recreation, for instance, is a contractor, and the city’s lights, landscaping and street sweeping are handled by private companies. Los Angeles County maintains the library and fire department.
Some of Maywood’s 96 employees — which include 41 police officers — will also continue as contract workers. Elected officials, such as the city council and the city clerk, will remain on the job in the 1.5-square-mile municipality, which has about 45,000 residents.
"Odds are residents will see the same faces as in years past, just under a different administrative process," said Magdalena Prado, the city’s community relations director, who is a contract worker and is keeping her post.
Maywood is billing itself as the first American city to outsource all of its city services. In an odd twist, officials say it can provide even better services because the shift will help it save money and close a $450,000 shortfall in its $10 million general fund budget.
For instance, the contract with the sheriff’s department costs about half of the more than $7 million spent annually to maintain the Maywood police department, Prado said check cash advance. And patrols will be increased.
"Our community will continue to receive quality services," Mayor Ana Rosa Riso said in a statement. "Maywood’s streets will continue to be swept, our summer park programs will continue to operate and our waste will be collected and hauled as scheduled."
Stressed cities
A growing number of cities are looking to contract out or share services regionally as the economic downturn takes its toll on municipal budgets.
"Everything is on the table," said Chris Hoene, research director at the National League of Cities. "The fiscal stress cities are feeling mean they are looking for alternative options to deliver services that cost less money."
Some 7 in 10 city officials said they are cutting personnel to balances their budgets, while another 68% are holding off on capital projects, according to a survey the league did in May. More than half of respondents say they will make to further slash city services next year if taxes or fees are not raised.
Not everyone is distressed by Maywood’s unusual plan for providing city services. While Jesus Padilla feels sorry for the workers being affected, he thinks things might improve. He’s made lots of calls to the county sheriff’s department when he worked as a security guard and said officers always responded promptly.
"The council made the best decision it could," said Padilla, a local activist who has lived in Maywood for more than 30 years. "It’s going to be good for the city and the citizens."
Nearly 200,000 homebuyers could lose out on the $8,000 tax credit because they can’t get deals done by the June 30 deadline.
What did they do wrong? They tried to take advantage of the distressed properties flooding the market.
For example, many are trying to take advantage of short sales, buying from sellers who owe more on their mortgage than the home is worth. In these deals, the lender has to agree to forgive the remaining debt, and that can take time — at least two to three months from the time an offer is made until lender approval. And that assumes a relatively clean deal, in which there’s no second mortgage. If there are any complications, expect six months or more.
"The lenders have improved but they’re still terrible," said Richard Smith, CEO of Realogy, the parent company of several franchise real estate brokers. "We started telling buyers back in January that short sales may not close in time for the credit."
Another factor slowing down closings is what gets found during inspections. The average foreclosed property comes with more maintenance and repair problems than conventional sales. Fixing those can take time, said Rick Davidson, CEO of Century 21.
Meanwhile, all deals these days are at risk because of appraisal issues. With home prices still shaky, mortgage lenders have gotten strict about making sure that the sale price is not inflated.
"New mortgage money is so concerned about pricing, they require another appraisal a couple weeks before closing," said Smith. "They’re consumed with value." Lining up an appraiser and getting a report can add days, even weeks to the time it takes to close.
Congress is mulling an extension that would allow people to finish their transactions as late as Sept. 30 and still claim the credit — as long as they signed sales contracts before the original April 30 deadline.
"Brokers and agents are concerned that if Congress does not pass an extension, many of these homes will end up back on the market, defeating the whole purpose and benefit of the tax credit," said Tara-Nicholle Nelson, a spokeswoman for real estate website Trulia.
But the extension is hardly a sure thing, according to Regan Lachapelle, deputy communications director for Senate Majority Leader Harry Reid, who introduced the measure. "We are still working to get the votes we need," said Lachapelle.
Hewlett-Packard Co. took steps on Monday to allow printing through the Web from any type of device.
The world's biggest printer seller (NYSE:HPQ) said it plans to add an e-mail address for all its printers so users can send files from computers and mobile phones to printers or store them "in the cloud" for later printing.
The Palo Alto company said it plans to sell tens of millions of Web-connected printers by the end of next year.
It introduced four Photosmart all-in-one printers that include new ePrint software and have the new Web storage and printing capabilities. The devices start at $99.
Google Inc. (NASDAQ:GOOG) also said on Monday that it is working with HP on software that will let users connect to Google Docs, Photos and Calendar directly from their printers.
Others said to be working on ways to connect to their content directly through printers rather than computers are Facebook Inc. and Live Nation Entertainment Inc.
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