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Cisco buys TV tech company for $6.9B
By wire services
Published November 19, 2005
Betting that video will drive the future of networking, Cisco Systems Inc. agreed Friday to buy the cable television technology company Scientific-Atlanta Inc. in a $6.9-billion deal that would create a one-stop shop for sending TV over the Internet. The company is paying $43 a share for Scientific-Atlanta - a 3.7 percent premium over its closing price on Thursday.
GE sells most of its insurance unit
General Electric Co. sold most of its insurance unit to Swiss Reinsurance Co. on Friday for $6.8-billion in cash and stock, completing a strategy to leave a troublesome segment and redeploy cash to investors and faster-growing businesses. GE, the industrial products, financial services and media conglomerate, boosted its dividend and expanded its stock repurchase plan as it announced the deal.
SBC completes purchase of AT&T
SBC Communications Inc. completed its purchase of former parent AT&T Corp. on Friday after California officials removed the final regulatory hurdle for the $16-billion deal. The California Public Utility Commission also gave their consent to Verizon Communications Inc.'s planned purchase of MCI Inc. for about $7.5-billion, though that deal is awaiting approval in other states.
UPS to raise rates by 5.5 percent in 2006
United Parcel Service Inc. will raise 2006 rates for air and international deliveries by 5.5 percent, matching an increase planned by rival FedEx Corp. UPS, the world's largest package-delivery company, will reduce by 2 percent the index used to set fuel surcharges for air shipments because prices have declined.
Ex-HealthSouth executive convicted
Former HealthSouth Corp. executive Hannibal Sonny Crumpler was convicted Friday of conspiracy and lying to auditors for his role in a $2.7-billion fraud at the rehabilitation chain. He was the second person to stand trial in the fraud. Fired CEO Richard Scrushy was acquitted in June.
Liz Claiborne offers to buy J. Jill Group
Clothing designer and retailer Liz Claiborne Inc. said Friday it has made an unsolicited offer to acquire J. Jill Group Inc. for about $366-million, its second attempt to acquire the upscale women's apparel seller this year. Liz Claiborne said its offer price was $18 per share in cash, representing a 41 percent premium over J. Jill's Thursday closing price of $12.79 on the Nasdaq. It also said it was willing to raise its offer.
Spammer sentenced to one year in prison
A Florida man who flooded in-boxes with e-mails for brokerage services was sentenced to one year in prison on charges of violating antispam laws. Peter Moshou of Auburndale sent millions of unsolicited commercial e-mails in 2004 and 2005 using EarthLink's network, according to the company's civil lawsuit. The Internet service provider handed over its investigation to federal prosecutors for the criminal case.
[Last modified November 19, 2005, 01:07:13]
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