GO PRIVATE: Dole Food Co. has agreed to a takeover offer from Chairman David Murdock in a deal that now values the Westlake Village fresh fruit and vegetable producer and marketer at $1.21 billion. Murdock, who served as chief executive between 1985 and 2007, and returned to the role in February, raised his offer to $13.50 a share in cash, which will be paid with cash and equity contributed by Murdock and financing from Deutsche Bank AG, Bank of America Corp. and the Bank of Nova Scotia.
CABLE SUIT: Time Warner Cable customers have filed a class-action lawsuit in Los Angeles Superior Court against the cable company, seeking better refunds due to a prolonged blackout of CBS Corp.’s broadcast and pay channels in Los Angeles and other major markets. The company has said it would issue credits to Showtime subscribers retroactive to Aug. 2, the first day of the blackout, but contends that other CBS stations are part of the basic programming package.
MARVELOUS: A New York federal appeals court has ruled that Walt Disney Co.’s Marvel Entertainment subsidiary owns some of the company’s most popular superheroes, including the Incredible Hulk and Spider-Man. The judges found that a lower court ruled correctly in granting ownership to Marvel of the work co-created between 1958 and 1963 by Stan Lee and his late writing partner Jack Kirby, who died in 1994. Kirby’s four children sued Marvel in 2009, shortly after Disney acquired it for $4 billion, over the rights to superhero characters such as the X-Men and Fantastic Four.
TOXIC CASE: An L.A. federal judge has dismissed a $1 billion environmental lawsuit against Walt Disney Co. that accused the studio of dumping cancer-causing toxins from its 50-acre Burbank film and TV production facility into storm drains of an adjacent neighborhood. The judge ruled the lawsuit, which alleged that Disney made false statements to the Environmental Protection Agency about the pollution, had no legal basis and ordered plaintiffs William Dunlap, Doris Nichols and their related companies pay Disney’s legal fees.
SOLAR SALE: Santa Monica direct-marketing giant Guthy-Renker LLC has sold its solar energy marketing subsidiary, Paramount Solar in Granite Bay, to solar technology provider SolarCity Corp. in San Mateo in a stock-and-cash deal valued at $120 million. Paramount Solar offers financing and other services to residential solar energy customers in 14 states, and is part of Paramount Equity, which Guthy-Renker acquired about 18 months ago.
AIRPORT BOARD: Los Angeles Mayor Eric Garcetti appointed a new Board of Airport Commissioners, with only one holdover from the Villaraigosa administration. Valeria Velasco, a Playa del Rey estate planning attorney and member of the LAX/Coastal Chamber of Commerce, is the only member of the old commission, which oversees Los Angeles International Airport and other Los Angeles World Airports facilities, to return. New members include former California State Assemblywoman Jackie Goldberg; Bea Hsu, vice president of development for developer Related California; and Sean Burton, president of Westwood real estate investment firm CityView.
HOTEL SELLS: Pebblebrook Hotel Trust in Bethesda, Md., has acquired Hollywood’s boutique Redbury Hotel from CIM Group for $34 million. The 57-suite luxury hotel, bar and restaurant operation will remain under management of Sam Nazarian’s SBE Hotel Group. CIM, a Hollywood developer, opened the hotel at 1717 Vine St. in September 2010, after buying the partially completed former property at a bankruptcy auction. Pebblebrook’s other L.A. hotels include the Mondrian in West Hollywood, the W in Westwood and Sheraton Delfina in Santa Monica.
VALLEY DEALS: Rexford Industrial Realty Inc. has added to its San Fernando Valley portfolio with a pair of industrial purchases worth about $14 million. The Brentwood real estate investment firm has acquired a 75,288-square-foot multitenant industrial complex at 18310-18330 Oxnard St. in Tarzana and a 48,388-square-foot building at 8101-8117 Orion Ave. in Van Nuys. The deals come less than one month after Rexford raised $224 million in its initial public offering.
CONSOLIDATION: Wilcon, a downtown L.A. regional fiber-optic network and data center company, has acquired a Marina del Rey competitor, Freedom Dark Fiber Networks. The deal, terms of which were not disclosed, will enable Wilcon to grow its fiber footprint by nearly 3,000 additional route miles from Bakersfield to San Diego, providing greater network access to nearly 1,000 additional companies, wireless communications sites, data centers and Internet hubs. Freedom Dark Fiber Networks will be renamed Freedom Telecommunications.
OBITUARY: Walter Diamond, co-founder of local appliance and hardware retailer Snyder Diamond, has died of complications of lymphoma. He was 85. Diamond started a scrap metal business in the late 1940s and later joined with Lou Snyder to form Snyder Diamond in the 1950s. The company operates decorative plumbing and hardware showrooms in Santa Monica, North Hollywood and Pasadena. He is survived by his wife, Sheri, and four adult children.
TECH DEAL: Hermosa Beach investment firm Marlin Equity Partners has acquired 6N Systems of Clifton Park, N.Y. 6N makes software for financial billing, management and documentation that it sells to long-term care organizations. Marlin will merge 6N with SigmaCare, a New York electronic medical records software company it acquired last month.
For reprint and licensing requests for this article, CLICK HERE.