said its planned acquisition by Medicis Pharmaceutical Corp. was canceled and that it would provide an update "as soon as possible" on a takeover offer from Allergan Inc. The Santa Barbara-based cosmetic surgery product maker said it paid Medicis a break-up fee of $90 million, plus an additional $481,985 in expense reimbursement fees. Medicis said earlier that it was not in the best interest of its shareholders to raise its offer to compete against rival bidder Allergan.
- Diodes Inc. raised its fourth-quarter outlook due to better-than-expected sales of discrete semiconductor components in Asia and North America. The Westlake Village-based semiconductor supplier said it now expects revenue to grow by 10 percent to 12 percent sequentially over third-quarter revenue of $54.2 million. The new forecast suggests fourth-quarter revenue of $59.6 million to $60.7 million. Analysts expect fourth-quarter revenue of $56.11 million.
- ViewSonic Corp. said it prevailed in a patent infringement lawsuit brought by LG Philips LCD Co. Ltd. against its European subsidiary and its supplier in the UK. The judge in London ruled that Walnut-based ViewSonic's visual display products do not infringe on LG Philips' UK patent that relates to rear mounting of an LCD panel in a computer housing. LG Philips was ordered to reimburse a portion of ViewSonic's and supplier Tatung Ltd.'s litigation costs, pending its efforts to appeal.
- National Technical Systems Inc. reported third-quarter net income of $590,000 (6 cents per share) for the 12 weeks ended Oct. 31, compared with $319,000 (3 cents) for the like period a year earlier. Revenue for the Calabasas-based testing and systems evaluation provider rose 8.2 percent to $28.5 million.
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