PrimeZone Media Network
, a privately held Los Angeles publisher of corporate press releases, is being purchased for an undisclosed price by the Nasdaq Stock Market Inc. Nasdaq said PrimeZone’s information distribution, investor relations and multimedia services will be integrated into products offered by its corporate client group. Funded in 1998, Prime Zone distributes information to more than 1,700 daily newspapers, 3,500 Internet sites and about 1.5 million financial desktops.
Hansen Natural Corp.
announced a 4-for-1 split of its common stock in an effort to increase the liquidity and decrease the volatility of its shares. Corona-based Hansen has been on a tear over the past year as its Monster energy drink has quickly catapulted into the No. 2 spot in the drink category, second only to Red Bull. That has sent its stock surging to $202.10 on May 10, up from $38.03 last June. However, shares have since pulled back, to close Monday at $156.01. Three new shares will be distributed on or after July 7 for each single share held by stock holders of record as of the close of business June 30. The company expects stocks to begin trading on a post-split basis on July 10.
SCPIE Holdings Inc.
announced that two independent proxy advisory firms, Institutional Shareholder Services and Glass Lewis & Co., have both backed management’s slate of nominees to its board of directors, which is facing opposition from a dissident group of investors. The Los Angeles based medical malpractice insurer released an evaluation by ISS that stated Kaj Ahlmann, Willis T. King Jr. and Elizabeth Murphy had more insurance industry experience than a slate backed by Joseph Stilwell’s Stilwell Value LLC and other investors. Glass Lewis’ evaluation praised SCPIE’s recent turnaround, according to the release.
SCPIE, a leading malpractice insurer in Southern California, has had a rocky time over the past several years after a foray into the reinsurance sector and medical markets outside of California led to successive annual losses starting in 2001. The company reported its first annual profit $3.5 million last year, while its stock has risen over the past 12 months to close Monday at $22.09, up from $10.96 last June. However, the Stillwell group is still not satisfied with the stock price and has said the board should include individuals “who have a track record of helping troubled medical malpractice carriers focus on their core business.”
CorpHQ Inc.
announced that it engaged Growthink Securities Inc., a Santa Monica-based investment banking firm, to “explore all strategic alternatives in order to maximize” shareholder value. The Redondo Beach firm provides money and management to early stage companies to improve their growth and profitability. The Pink Sheet stock trades at about a penny.
