ACQUIRED: Westlake Village athletic brand K-Swiss Inc. has agreed to an acquisition by E. Land World, a major South Korean retailer, for about $170 million. E. Land will pay $4.75 per share, a 40 percent premium over the stock’s closing price before the deal was announced Jan. 17. The merger must be approved by shareholders.
POM PROBLEMS: The Federal Trade Commission released what it called a final ruling against POM Wonderful LLC, saying ads for the company’s pomegranate juice made misleading claims about the drink’s health benefits. The FTC said POM’s claims must now be backed by two clinical trials. L.A. billionaires Lynda and Stewart Resnick, who own the company, plan to appeal.
NAME CHANGE: Chinese TV maker TCL has paid more than $5 million for the naming rights to the venerable Grauman’s Chinese Theatre. The Hollywood Boulevard landmark will now be called the TCL Chinese Theatre. The iconic venue, which was opened by showman Sid Grauman in 1927, draws nearly 4 million visitors a year and is often used for red-carpet premieres.
PLANT WARNING: The Food and Drug Administration has sent a warning letter to St. Paul, Minn.-based St. Jude Medical Inc. about problematic manufacturing processes at its Sylmar facility, which makes the Durata defibrillator lead, a wire that connects the defibrillator to the heart. The regulator said it will not approve new products from the company until the problems, which were found during inspections last fall, are corrected. St. Jude said it takes the matter seriously and is responding to the FDA’s requests.
GAME PLAY: Starting in June, Walt Disney Co. will begin rolling out game platform Infinity, offering a multiplatform world combining characters from Disney and Pixar films and TV shows. The Burbank’s company’s Disney Interactive unit said the platform will be on consoles and mobile devices. Gamers will be able to play with themes from properties such as Pirates of the Caribbean and Monsters University.
CEO DEPARTS: BBCN Bancorp Inc. Chief Executive Alvin Kang has resigned, effective Jan. 31. Kang is also resigning as a board director. BBCN, which operates the $5 billion-asset BBCN Bank, the largest Korean-American bank in the country, said it will hire a search firm to find a chief executive and an executive council to lead the bank in the interim. Kang became chief executive of Nara Bancorp in 2010 and led it through its merger with Center Financial Corp. the following year, creating BBCN. The bank did not provide a reason for Kang’s departure.
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