extended its exchange offer for all outstanding shares of
to Oct. 13 from the previous Oct. 5 deadline. Phelps Dodge said as of today about 1.7 million Asarco shares had been tendered.
Asarco is currently a takeover target for both Phelps Dodge and
, which already owns a 10% stake. The value of Phelps Dodge's cash and stock offer is $972 million, based on Asarco's closing stock price today, while Grupo Mexico's offer is valued at about $1.03 billion. Asarco's board voted last night to recommend that shareholders not tender their shares into either offer, saying the process to obtain the best bid was not complete. Asarco had set a 6 p.m. EDT Tuesday deadline for final bids,
reported, citing sources close to the situation.
Bank of New York
executive, Lucy Edwards, her husband Peter Berlin and the company
, were indicted in a Russian money-laundering probe involving accounts at the Bank of New York. The charges relate to about $7 billion which was transmitted through accounts on behalf of Benex and another defendant,
, and are the first to emerge from the U.S. government's probe.
are the most-active in after-hours trading on both
Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT. Prior to Sept. 15 Island offered trading from 8 a.m. to 5:15 p.m. EDT
MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Discover Brokerage and Mellon Bank's (MEL) Dreyfus Brokerage Services. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 6 p.m. to 8 p.m. EDT Monday through Thursday.
updates the most active issues on both MarketXT and Island ECN in Got a Minute? and in the Evening Update.
In other postclose news (earnings estimates from
First Call/Thomson Financial
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
said it was comfortable with third-quarter earnings estimates of 35 cents a share.
said it was comfortable with analyst estimates for 1999 and 2000. The current consensus estimates are a loss of $1.88 a share for 1999 and a loss of $1.26 in 2000.
warned of lower-than-expected third-quarter earnings of 13 cents to 15 cents a share, citing a shift in its revenue mix and higher costs among other factors. Analysts had expected the company to earn 24 cents a share.
said its third-quarter profits would fall short of estimates as year 2000 fears hit its sales. The company said it expects to post earnings per share of 9 cents to 11 cents, well below the analyst estimate of 24 cents a share.
said it expects to report fourth-quarter earnings of 41 cents to 42 cents a share before charges, slightly ahead of the analyst estimate of 39 cents a share.
reported fourth-quarter earnings of 44 cents a share, better than the two-analyst estimate of 36 cents and up from the year-ago 32 cents.
Mergers, acquisitions and joint ventures
said its majority-owned subsidiary
agreed to sell land to a business unit of
for about $163 million in cash and notes.
said it would buy
for $6.75 a share, or about $95 million.
which owns and operates 144 chain restaurants, said it was not for sale, rebuffing a request from
, its largest outside shareholder, to discuss a possible acquisition.
said it would buy
in a stock-for-stock merger valued at about $27 million. Including the assumption of debt the deal is worth about $120 million.
agreed to buy privately owned
InSite Marketing Technology
for about $21.5 million. InSite provides companies with software that helps close sales on the Internet.
Offerings and stock actions
Three million shares of
, an e-business services company, were priced at $14 a share, the top of the estimated $12 to $14 range.
Morgan Stanley Dean Witter
is the lead underwriter.
said it would increase its share buyback plan by $25 million, to $155 million.
said it withdrew its proposed $750 million common stock offering and replaced it with a plan to sell rights to acquire common stock. The rights offer gives owners the ability to acquire MGM stock for $14.50 a share, and is expected to result in a $720 million net for the company.
3.9 million-share IPO was priced at $12 a share, the top of the estimated range.
said President and CEO Richard Chandler resigned to pursue new business ventures. Chandler, who founded the company in 1983, will also resign from the board. Murray Hutchinson, formerly chairman and CEO of
, was appointed interim chairman, CEO and president.
United Auto Workers
union set a strike deadline for Friday in its ongoing contract talks with
. The future of Ford's
parts unit is a sticking point in negotiations.