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For the second time this week, a shareholder of
Mossimo Inc.
stepped forward to say that the tender offer by company founder and majority stockholder Mossimo Giannulli to take the Santa Monica-based clothing maker private is too low. Chicago-based institutional investor Segall Bryant & Hamill said the offer which started at $4 per share and was later raised to $5 is “wholly inadequate,” particularly in light of recent reports that an undisclosed independent third-party offer had decided not to make a bid for the company.
On Wednesday, New York-based RockView Management LLC said Giannulli’s offer doesn’t give company shareholders “other than Mr. Mossimo” adequate value for their shares. RockView, like Segall Bryant & Hamill, urged Mossimo’s board to be mindful of their duties when considering any sale of the company or other offer to purchase shares.
– Center Financial Corp.
, a Korean-American bank based in Los Angeles, said Friday that the Orange County Superior Court had dismissed a $56 million negligence claim against the bank that was filed in 2003 by the Korea Export Insurance Corp. The claim, which alleged the bank had acted negligently in handling trade documents for collection, was dismissed because it should have been filed in federal court, which has exclusive jurisdiction over KEIC’s claims.
The Korea Export Insurance Corp. compensates loses from export transactions and overseas investments. A call to the company’s representative office in Los Angeles was not returned. It is unclear whether the firm will appeal the ruling.
– Health Net Inc.
raised its full-year 2006 earnings outlook, nearly two weeks after issuing its guidance. The L.A.-based managed health care company said it now expects earnings of $2.90 to $3.10 per share, including a stock option charge of between 10 cents to 12 cents per share. Health Net had forecast earnings of at least $2.90 per share, including the stock option expense. Analysts, on average, anticipate earnings of $2.82 per share for 2006. The company did not give a reason for the revised forecast.
– Activision Inc.
signed a $50 million agreement with Marvel Enterprises Inc., extending its video game licensing agreement, set to end in 2009, through 2017. Its Spider-Man and X-Men titles have been among the top-sellers for the Santa Monica video game publisher, with more than 25 million units sold to date. Marvel, based in New York, also has agreements with video game rivals Electronic Arts Inc., Vivendi Universal Games and THQ Inc.
