Markets & Finance

Accredited Gets a Loan


Blockbuster CEO to leave by end of 2007; plus more stocks in the news Tuesday

From Standard & Poor's Equity ResearchAccredited Home Lenders (LEND) says it has received a commitment for a $200 million term loan from one or more entities managed by Farallon Capital Management. The loan has a 5-year term and interest rate of 13% per year.

In an 8-K filing, Blockbuster (BBI) announces that the company and John Antioco, its Chairman and CEO, have entered into an amended, restated employment agreement that sets forth terms under which Antioco will leave the company by the end of 2007.

Procter & Gamble (PG) wins a jury trial on Mar. 16 in the Federal District Court in Utah, against four Amway distributors for spreading false rumors about P&G to advance their own business. P&G was awarded $19.25 million.

Affiliated Computer Services (ACS) announced that Darwin Deason, founder and chairman of the company Cerberus Capital Management, submitted a proposal to acquire the company for a cash purchase price of $59.25 per share; the total transaction value is about $8.2 billion.

Altria Group (MO) announced the distribution ratio for its spin-off of Kraft Foods (KFT). Altria Group shareholders are to get 0.692024 Kraft Foods shares for each Altria Group share. On Mar. 30, Altria Group will distribute all Kraft shares it owns, about 88.9% of Kraft's outstanding shares.

ABN Amro (ABN) is nearing a deal to be acquired by Barclays for more than $80 billion, in what would be the largest ever banking deal in Europe, according to the Wall Street Journal.

St. Jude Medical (STJ) received Food and Drug Administration approval for a new cardiac rhythm management device, the Atlas, designed to help physicians manage heart failure patients, including patients who have or may develop atrial fibrillation.

The Federal Trade Commission clarifies that Rambus (RMBS) is not restricted from collecting royalties for use of its technologies in the past.

Global Crossing (GLBC) says it is broadening its scope, and the reach of its VoIP services by adding new features to Global Crossing VoIP Local Service, and extending service into Rome, Milan, and Hong Kong. The company is also expanding service in the U.S. to 83 additional communities.

Claire's Stores (CLE) agrees to be acquired by affiliate of Apollo Management, L.P. for about $3.1 billion or $33 per share in cash.


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