3Com will receive 532 million shares from the offering and will divest the shares within six months by handing them over to its stockholders. (
looked at a fund offering its lucky investors a piece of the Palm IPO in a separate
are set to buy the $225 million worth of the
maker's stock at its IPO price.
In other postclose news (earnings estimates from
First Call/Thomson Financial
; earnings reported on a diluted basis unless otherwise specified):
Mergers, acquisitions and joint ventures
WellPoint Health Networks
ING America Insurance Holdings
, a unit of
launched a $10.2 billion takeover bid for Aetna, one day before Aetna ousted its CEO and began examining its operations.
Aetna said WellPoint and ING America Insurance Holdings made a $70-a-share offer, which included $44 in cash and $26 in WellPoint stock. According to
, the deal would divide Aetna into two units, with WellPoint taking on the global health insurance business and ING managing the financial services operations.
For more on Aetna's day, take a look at the
story written this evening by
said it would sell its TV and broadcasting stations to focus on publishing and Internet services. Chairman and CEO Richard Gottlieb said the company would immediately begin talks with possible buyers and that the unit, which consists of nine network affiliate stations and seven satellite stations, would be sold within three months. During fiscal 1999, its stations represented $122.5 million of its $536.3 million total revenues.
said it would still be bought by
and would not exercise its option to ax the deal if it is not closed by March 10. The companies are waiting to receive approval from the
Illinois Gaming Board
, which pushed back its decision on the merger since a new statute allowing several casino licenses has been challenged. The board will meet on March 10.
said they have entered a deal to set up e-commerce marketplaces for retailers. The deal calls for Microsoft to take an undisclosed equity stake in Radiant and support product development. The venture would help small and mid-sized retailers buy supplies for their businesses.
said it now owns 100% of the Dutch power firm
, after it bought the remaining 48% of the company for roughly $975 million. Reliant said the total acquisition, which includes a $426 million promissory note, carried a $2.2 billion price tag. Reliant purchased 40% of UNA for $775 million in October and bought an additional 12% in December.
Earnings/revenue reports and previews
said it was poised to post "a solid first-quarter in fiscal 2000." The 12-analyst estimate expects the company to post first-quarter earnings of 43 cents a share.
Burlington Coat Factory Warehouse
reported a 7% increase in third-quarter same-store sales.
posted fourth-quarter earnings of 17 cents a share, in line with the three-analyst estimate and down from the year-ago 40 cents.
posted fourth-quarter funds from operations of 97 cents a share, a penny better than the 12-analyst estimate and up from the year-ago 81 cents.
reported fourth-quarter earnings of $1.41 a share, greatly beating the 11-analyst estimate of $1.25 and up from the year-ago 99 cents. The retailer posted an 8% increase in February same-store sales.
reported a second-quarter loss of 17 cents a share, a penny narrower than the seven-analyst estimate but wider than the year-ago 3-cents loss.
reported fourth-quarter earnings of 5 cents a share, in line with the four-analyst estimate but down from the year-ago 25 cent-profit.
posted a fourth-quarter loss of 71 cents a share, narrower than the 23-analyst estimate of a 75-cent loss but wider than the year-ago 51-cent loss.
Offerings and stock actions
set a 2-for-1 stock split.
set a 2-for-1 stock split.
raised its price target on
to 300 from a range of 250 to 275. The firm also upped its price target on
to 200 from 130. Both stock are tagged with buy ratings.
said it has tapped Jim Taylor as its new CEO. Intergraph would replace the company's current CEO Jim Meadlock.
said it selected C. Richard Harrison as its new president and CEO.
said it has tapped the former head of
, Jeanne Jackson, as its CEO. Separately,
, Banana Republic's parent, announced Jackson's departure from her roles at the retailer.
Separately, Gap posted a 4% increase in February same-store sales.
For a look into this evening's after-hours trading action, please check out
The Night Watch.