Wireless company iPCS is a legal thorn in Sprint’s side no longer. This morning, Sprint said it would acquire its litigious affiliate for $831 million, including the assumption of $405 million of net debt.
Emulex dissed and dismissed an unsolicited bid from Broadcom this morning saying it “significantly undervalues Emulex” and is not in the best interests of shareholders. In a blistering letter appended to the rejection announcement, Emulex CEO Paul Folino described Broadcom’s unsolicited $9.25-a-share cash takeover offer as “an opportunistic attempt to take advantage of Emulex’s depressed stock price” in a souring economy.
What’s Sun going to do now? Shares in the company dropped more than 27 percent percent to $6.48 in premarket trading following reports that Sun’s board rejected a formal acquisition offer by IBM. After weeks of negotiations, the two companies were thought to be finalizing a deal for about $7 billion. But IBM lowered its offer over the weekend and then withdrew it after Sun balked at the price and terms of the sale.
Optimism over the Pre’s chances of lifting Palm out of its downward spiral may be a bit… overly optimistic. In better times, the device might have proven to be just the curative the handset maker’s ailing business needs, but with the economy mired in the worst recession we’ve seen in decades, it may be more difficult than imagined for the Pre to restore Palm to its former glory.
If Google shares drop any further, the company may have to reprice its employees’ underwater stock options a second time. Google shares slipped below $300 on Friday and remain there today, trading at $292 as I write. That’s less than half their 52-week high of $602.45.
Sirius XM Radio caught a lucky break recently when NASDAQ added another three months to a suspension of its delisting rules. With a share price below the $1 minimum price requirement to remain listed on the exchange, the struggling satellite radio broadcaster’s delisting seemed imminent. No longer.
At Sirius XM’s annual meeting Thursday, shareholders approved a reverse stock split plan that empowers the board to split common Sirius shares by a 1-for-10 to 1-for-50 ratio by end of 2009. They also approved the issuance of up to 3.5 billion new shares. Should Sirius need to, it can now effect a reverse split that will raise its stock price above the $1 necessary to avoid delisting and sell new shares to meet the almost $1 billion in loan repayments it faces next year.
Looks like Sirius XM CEO Mel Karmazin won’t be taking the company private anytime soon, although given its current stock price there’s no reason he couldn’t. At its current value, you’d have to sell off more than 70 shares of SIRI to purchase a one-month subscription to Sirius Satellite Radio.
Here’s a bit of happy news in these sad, sad times. Apple’s going to post a hell of a first quarter–“the mother of all earnings blowouts,” according to Andy Zaky over at Bullish Cross, whose track record in forecasting such things is quite a bit better than that of the experts. When Apple releases its first-quarter results in January, Zaky believes the company will report earnings of $1.96 per share on sales of $11.29 billion.
Now that Yahoo is trading at $12.63 in an economy that’s falling Homer Simpson-style down the long rocky slope of economic collapse, some of the company’s institutional investors are hoping to convince it to sell itself to Microsoft again.
John Paczkowski has been poking fun at the tech industry and the personalities that drive it since 1997. From 1999 to 2007, he wrote the award-winning tech news Web log Good Morning Silicon Valley for the San Jose Mercury News, Silicon Valley's daily newspaper. Read more »
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
12:58 AM: Breakfast: Two schools of fish from Tokyo Bay. Calories: 782,000. How I was feeling when I ate this: confused, irradiated, hating my size.
11:37 AM: Exercise: “Taxi Stomp” (alternating legs, for 30 blocks). Calories burned: 148,900,183.
1983. The Beatles announce their first tour in thirteen years, but likewise announce that Michael Jackson will be going on tour with them as a one gigantic mega-concert event.
Best video mashup ever.
A Facebook Memorial
Wow.
Worth it for the Rickrolling photo alone.
Excellent.
Flughumor!
… you vacuous, toffee-nosed, malodorous perverts
Stephen Fry and zoologist Mark Carwardine meet the kakapo — a fat, flightless and very randy rare parrot.
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