Bang & Olufsen, Samsung Team on Phone
Bang & Olufsen and Samsung Electronics agreed to work together to develop a mobile phone.
"The aim is to create a really unique product that breaks with convention and expectations and that works toward a new mobile-phone experience," the companies said in a statement. The phone is to be available in the fourth quarter in Europe, Russia and Ukraine.
Sprint Nextel Says Katrina Cost It Millions
Sprint Nextel said Hurricane Katrina would cost the company $150 million to $200 million, with the impact expected to be spread over the rest of the year.
The estimate includes the cost of restoring its network and billing relief to customers in the affected region, the company said. A spokesman said Sprint does not have a specific figure for how much it will recoup through insurance.
WebMD Raises IPO Goal to $123 Million
WebMD said it plans to raise $123 million through an initial public offering of shares in a Web site business devoted to consumer health, up from an initial $50 million in June.
The shares in the subsidiary company, WebMD Health, will sell for $13.50 to $15.50 each, according to a filing with the Securities and Exchange Commission.
The expected $90 million in net proceeds will be used for capital expenditures and acquisitions, the filing said.
Time Warner Considers Icahn's Demand
Time Warner is considering strategies to increase value for shareholders, including those demanded by investor Carl C. Icahn, chief executive Richard D. Parsons told employees in an e-mail.
A group of investors led by Icahn has built a 2.6 percent stake in Time Warner stock and options and wants the company to buy back $20 billion worth of shares and spin off its cable-systems unit to help increase the stock price.
Icahn on Monday said he planned to propose nominations to Time Warner's board, increasing pressure on Parsons to consider his demands.
MERGERS AND ACQUISITIONS
Unsolicited Bid Draws Rebuke
Image Entertainment, a distributor of DVDs and entertainment programming, received an unsolicited bid from Canadian film producer Lions Gate Entertainment. Regulatory filings show Lions Gate sent a letter Aug. 30 offering to swap 0.38 to 0.42 share of its stock for each Image Entertainment share. Based on Lions Gate's Aug. 29 closing price of $9.56, the offer valued Image shares at $3.63 to $4.02 per share -- representing a premium of 29 to 43 percent. Martin W. Greenwald, Image Entertainment's president and chief executive, said in a written statement that the company was not for sale and that its value is "far greater than what is being offered." Still, its board has appointed a special committee to evaluate the proposal. Image Entertainment has a market capitalization of about $93.5 million.
Compiled from staff and news service reports.