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Billionaire Kirk Kerkorian’s L.A.-based investment firm
Tracinda Corp.
said Wednesday that it will not pay more than $31 per share for General Motors Corp. common stock, even as the stock trades above the proposed price. Tracinda’s offer to buy up to 28 million shares of GM will expire June 7, unless extended. The buy would give Tracinda a total of 50 million shares of General Motors, or 8.8 percent of outstanding shares. Many investors saw Kerkorian’s bid as a vote of confidence in the struggling automaker. Shares of GM fell 0.4 percent to settle at $31.39 on Wednesday.
– Big 5 Sporting Goods Corp.
said late Wednesday that it received an additional non-compliance notice from Nasdaq for failing to file its Form 10-Q for the quarter ended April 3 with the Securities and Exchange Commission. The El Segundo-based sporting goods retailer previously received a notice for not filing its Form 10-K for the year ended Jan. 2. The company said it appealed that notice, delaying the delisting action for now.
On May 19, Big 5 attended a hearing before a Nasdaq panel to discuss its late filings. The company said it is seeking a filing extension for both financial reports.
– Northrop Grumman Corp.
said Wednesday that it won a contract from the U.S. Air Force Electronic Systems Center to develop and integrate the military’s next generation of coalition network-management systems. Northrop’s Mission Systems sector won the $39.4 million contract as one of three competing teams. The contract could be worth as much as $124 million through July 2008. The systems are used to establish and operate tactical communications. Development and production will be done at Mission Systems’ new facility in San Diego.
– WPT Enterprises Inc.
signed six new license agreements for its L.A.-based “World Poker Tour” television program as part of a brand licensing program: Shell Auto Expressions will create a line of show-themed car accessories; MZ Berger will make digital poker-game-play watches and clocks; Frankford Candy will make themed candies; Zippo will offer a special line of lighters; Hot Properties! Merchandising Inc. will make collectibles, such as key chains and buttons; and Pacific Direct will design a themed talking bottle opener.
