MERGERS & ACQUISITIONS
Six Flags CEO Warns Against Snyder Bid
Six Flags chief executive Kieran E. Burke again urged investors not to support a group seeking to take over the board and instead wait for Six Flags to finish selling the company. Burke said that a number of capable financial and strategic buyers had emerged and that the company expected final bids in December.
The theme park operator put itself up for sale in August after Red Zone, an investment vehicle of Washington Redskins owner Daniel Snyder, began an effort to replace Burke and two other board members with himself and his own candidates.
Lockheed to Build Radar for Pakistan
Lockheed Martin of Bethesda won an $89 million order to build six long-range transportable radar systems for Pakistan. The contract with the U.S. Air Force provides for radar systems, parts and logistical support, Lockheed Martin said.
Harris Teeter to Go Up in Loudoun
Grocery store chain Harris Teeter signed a lease for a 55,000-square-foot store at the new Lansdowne Town Center in Loudoun County, part of a project being developed by Bethesda-based Saul Centers. Construction is to start at the end of the year.
Sunrise Senior Living, the nation's largest provider of residential communities for senior citizens, reported third-quarter profit of $11 million (24 cents a share), up from $8.9 million (21 cents) in the comparable quarter a year earlier. The McLean company said operating revenue was up 26 percent, to $463.2 million. Management services brought in revenue of $372.3 million, up 33 percent, while resident fees rose to $90.9 million.
Watson Wyatt & Co. Holdings, based in Arlington, said growing demand for its benefits and pension consulting business led to a slight increase in profit, to $13.9 million (36 cents a share) in the quarter ended Sept. 30 from $13.8 million (42 cents). Revenue was $265.9 million, up from $175.4 million.
Highland Hospitality, a McLean-based hotel company, said profit was $812,000 (2 cents a share) in the third quarter, compared with $569,000 (1 cent). Revenue rose to $60.8 million from $36 million. Highland said its funds from operations, a measure of profitability used by real estate companies, was $7.1 million, compared with $3.8 million.
Saul Centers, a Bethesda-based real estate investment trust, said its profit in the third quarter was $7.9 million (35 cents a share), compared with $7.4 million (33 cents). Revenue rose to $33.2 million from $29 million. Funds from operations, a measure of real estate company profitability, was $16.9 million, compared with $14.3 million.
Compiled from staff and news service reports.