The Federal Trade Commission approved Allergan Inc.'s $3.2 billion acquisition of Santa Barbara-basedInamed Corp.
Allergan is offering either $84 in cash or 0.8498 of a share of Allergan common stock for each outstanding share of Inamed common stock, at the election of the holder. As of March 3, 17.8 million, or 48 percent, of outstanding Inamed shares had been tendered.
The clearance from the U.S. antitrust authorities was the final antitrust approval required for the acquisition. Allergan expects to complete its exchange offer for the shares of Inamed common stock late Friday afternoon.
- Standard & Poor's Ratings Services placed Public Storage Inc. on CreditWatch with negative implications a day after the Glendale-based real estate investment trust's announcement that it agreed to purchase Shurgard Storage Centers Inc. for $3.2 billion. While S & P; acknowledged the cost-saving and revenue-generating benefits of the merger, it said that integration risks and higher debt levels were "offsetting credit considerations." The rating action, which affects $2.72 billion of Public Storage's preferred stock, could result in a one-notch downgrade.
- THQ Inc. has partnered with San Francisco-based Double Fusion to present three of the Agoura Hills-based video game publisher's titles to advertisers and agencies in an effort to get media campaigns inserted into the game environments. The titles, whose names were not disclosed, are new properties scheduled for release in the fall. THQ wants to use "in-game" advertising to open up new revenue opportunities for the company. Double Fusion's technology enables advertisers to insert ads into the video games themselves.
& #8226; Gemstar-TV Guide International Inc. reported fourth-quarter net income of $12.7 million (3 cents per share), compared with $1.6 million (breakeven) for the same period a year earlier. Revenue for the Los Angeles-based media and entertainment company fell 21.5 percent to $129.4 million from $164.8 million in the year-prior period.
Fourth-quarter earnings were affected by a $43.2 million pre-tax gain from the sale of the company's SkyMall business on Dec. 1., which contributed 7 cents per share to net income.
- Salem Communications Corp. reported fourth-quarter net income of $3.3 million (13 cents per share), compared with $3.7 million (14 cents) for the same period a year earlier. Revenue for the Camarillo-based Christian radio broadcasting company rose 5.1 percent to $51.5 million from $49 million in the year-prior period.
The company expects first-quarter earnings of 1 cent to 2 cents per share on broadcasting revenue of $49 million to $49.5 million, including an $800,000 stock-option expense.
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