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February 26, 2005
Qwest Communications International Inc. submitted a revised bid for Long-distance telephone company MCI Inc. on Thursday, the new offer is expected to have little impact on MCI's decision to be bought by Verizon Communications Inc. for $6.75 billion. In fact Washington Post reports the revised bid disappointed a few people, Qwest did not offer more cash for MCI stock as expected which probably was a factor in the 6 percent dive Qwest's shares took on Friday. MCI Chief Executive Michael Capellas vowed the company would "do our utmost" to complete the Verizon deal quickly and said the deal made the most sense for MCI. MCI, who was recently accused of not fully analyzing Qwest's previous offer, said it would thoroughly analyze the revised $8 billion bid by Qwest Communications International Inc.
Leon Cooperman, chairman of hedge fund Omega Advisors, which owned 2.9 percent of MCI's shares as of Dec. 31 asked "What has to happen for us to be willing and legally able to speak with Qwest to find out what they've got in their mind?"
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February 22, 2005
According to a report by The Wall Street Journal, Qwest Communications International is expected to make a revised offer for long-distance phone company MCI sometime this week. In a letter sent to MCI's board last Thursday and filed with the Securities and Exchange Commission, Qwest chairman and CEO Richard Notebaert expressed heartache over MCI turning down his offer. Qwest also made details of its original $8 billion offer public. Even though Qwest's offer was considerably higher than Verizon Communications' $6.75 billion bid, MCI accepted Verizon's offer.
According to thestreet.com by taking its bid for MCI public, Qwest hoped MCI shareholders would force the board to consider its offer and allow the company to sweeten the proposal if need be. So far it appears to have some effect, MCI Inc. shareholder Joseph Pojanowski III sued to block the long-distance telephone company's $6.6 billion takeover by Verizon Communications Inc., saying the price was too low reports Reuters/
Even though Qwest has stated it has backers on hand to supply money, some analysts say Qwest still has a weak hand and that its rebidding ploy isn't likely to succeed. The decision to appeal to shareholders is likely to end in either a higher Verizon offer or a formal rejection from MCI's board, the analysts say.
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Sony has announced plans to end production of the CLIE (an acronym of "Communication Linkage for Information & Entertainment." ) PDA line in July. Parts and repair service will continue to be available for 6 years from end of production, as outlined in the warranty statement. Specialist telephone support for Clie users will continue for one year. After that, support calls will be handled by VAIO customer service. Associated paid services such as the sale of content downloads and the clie domain mail service will continue for the time being.
The CLIE is a Palm OS-powered PDA released in 2000.
According to Sony, "although this is the end of the CLIE platform, the concept of a 'portable entertainment information terminal' will continue" and we can anticipate further expansion of platforms such as the PSP and mobile phone.
- Read More
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February 18, 2005
In an attempt to bring MCI back to the table, Qwest Communications plans to submit another offer despite having its nearly $8 billion offer ignored by the MCI board in favor of Verizon's bid of $6.7 billion reports thestreet
In a letter sent to MCI's board Thursday and filed with the Securities and Exchange Commission, Qwest chairman and CEO Richard Notebaert expressed heartache over MCI turning down his offer.
In the words of his letter - you can fill the blanks.
The Verizon bid "is substantially less than the consideration Qwest offered to MCI shareholders,"
A deal between Qwest and MCI "is superior to the Verizon proposal because our regulatory approval process is likely to be completed at least six months more quickly."
A deal with Qwest would produce more "synergies" than a deal with Verizon. reports NewsFactor Network
More Notebaert "to date, we have not received any response from MCI or its advisors on the terms of our February 11 proposal."
Qwest got "substantially less" access to MCI's financial records to conduct due diligence than "other parties."
Qwest intends "to submit a modified offer to acquire MCI, and we would expect MCI and its advisors to engage us in a meaningful dialog regarding the merits of our offer,"
MCI chose to be acquired by Verizon, even though it offered less money, because Verizon was financially stronger than Qwest and provided better long-term prospects for growth in a rapidly consolidating telecommunications industry, industry analysts say.
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The New York Times Co. has agreed to acquire About Inc. from Primedia Inc. for $410 million in cash. The acquisition of About.com is expected to be completed early in the second quarter, pending customary regulatory approvals. Internet news reports About.com offers expert advice on topics ranging from personal finance and home repair to consumer electronics and geography, the site reaches an audience of 22 million unique visitors each month compared to 13 million users The Times Co.'s websites reach. About.com will operate as its own distinct business division, with the media company marketing Times products through the website.
About.com adds cost-per-click advertising to the Times's online advertising base, which currently offers impression-based display advertising. Cost-per-click through sponsored links is the fastest-growing form of online advertising today, accounting for much of the success of search giant Google Inc. About.com's user base combined with the Times Co.'s 13 million users will make the media company the 12 largest entity on the Internet
"We are very excited about this acquisition, which furthers our strategy of delivering news and information to local and national audiences with multiple media products," Janet Robinson, president and chief executive of the Times Co., said.
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February 17, 2005
A poll by Forbes.com asking 'What will be Hp's fate?' shows 49% of people looking for HP to Revamp Its strategy. Interim Chief Executive Robert Wayman speaking yesterday on news of a small bump in first-quarter earnings for Hewlett-Packard said "There is work to be done, our management team is focused on driving improved execution to serve our customers, strengthen our competitiveness and improve shareholder value."
A week after the exit of celebrity CEO Carly Fiorina, HP posted earnings of $932 million, or 32 cents per share, edging year-earlier figures of $936 million or 30 cents per share. Revenue grew 10% to $21.45 billion from $19.51 billion a year ago reports Forbes Magazine.
Back to Poll Results - Its no surprise a HP revamp is desired, since the ouster of Carly most media outlets have said one of the main reasons for Carly's ouster was failure to execute her Strategy.
Results 3:48pm - 02.17
Break up into small entities (15%)
Spin off its imaging business (17%)
Purchased by a competitor (6%)
Sell PC business to Dell (11%)
Revamp its strategy (49%)
I don't know (0%)
None of the above (0%)
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Hewlett Packard Co Wednesday reported flat quarterly earnings. The company's profits for the three months ended January 31 increased to $943 million or $0.32 per share, from $936 million or $0.30 per share in the year-ago quarter. Hewlett-Packard reported a 10% increase in its F1Q05 revenues to $21.5 billion. The sales growth was driven by the company's printer, personal computer and service businesses. Wall Street analysts had expected the company to earn on average 36 cents a share, within a range of 32 cents to 39 cents, on revenue of $20.96 billion. This good news comes a week after the company's board members ousted Chairman and Chief Executive, Carly Fiorina, following increasing criticism of her management style. The company's interim chief executive, Chief Financial Officer Bob Wayman, said that the company still had much to do. "While we continue to make progress, there is work to be done to improve our profitability," he said. The company's share price appreciated $0.70 to $21.77 in after-hours trade following the result announcement reports newsrating.com
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February 16, 2005
Technology hardware giant Hewlett-Packard offered investors some positive news today, following its ouster of CEO Carly Fiorina last week, the company posted first-quarter results above Wall Street expectations. The result guided revenue higher as Traders responded after hours, bidding the stock up 2.1% to $21.50 after shares finished the regular session down 0.3% to $21.06 reports thestreet.com. Hewlett-Packard reported net income of $943 million, or 32 cents a share, on sales of $21.5 billion for the quarter ending Jan. 31. During the same quarter last year, the company earned $936 million, or 30 cents a share, on sales of $19.5 billion. According to Thomson First Call. H-P earned 37 cents a share compared with analysts' expectations for earnings of 34 cents a share on sales of $20.96 billion, on average. According to thestreet Wednesday's report marks the beginning of a new era for HP, which removed Fiorina on Feb. 9 following growing criticism of her management style and her lack of momentum in business areas outside of printing.
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Circuit City revealed plans Wednesday to slash a part of its operations, one day after Boston hedge fund Highfields Capital Management offered to acquire the company in a $3.2 billion buyout. Circuit City saw its shares jump more than 16 percent on Tuesday after receiving the acquisition offer. The cuts are part of an effort to improve Circuit City's overall financial performance, the company said. The electronics chain will shut 19 underperforming stores, five regional offices and a Virginia distribution center by the end of February. Circuit City also said it sold a building that's part of its corporate headquarters reports thestreet. The 19 stores accounted for revenue of $170 million for the 12 months ended Dec. 31, Circuit City said. Circuit City said the sale of the corporate building will yield an after-tax gain of about $1.8 million and will eliminate $12.6 million in long-term debt.
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The consumer electronics retailer Circuit City says it has received an acquisition proposal from Highfields Capital Management, offering to pay $17 a share for the company's outstanding stock. Highfields Capital Management LP, a Boston hedge fund who controls about 8 percent of Circuit City's stock, offered $3.3 billion for the chain. According to nwherald.com some analysts think the $3.25 billion cash offer is too low and that the retailer can work its way out of a financial slump. Investors on the other hand appear to like the idea, Circuit City's stock jumped 16 percent, or $2.30, to close at $16.53 Tuesday on the New York Stock Exchange amid speculation there will be a higher bid. Circuit City says its board plans to evaluate Highfields' proposal and other alternatives. Circuit City also said the retailer could better execute a business plan as a private company that does not have to disclose its strategy.
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