Perini investors OK Tutor-Saliba buyout
Perini Corp.’s shareholders approved the acquisition of Tutor-Saliba Corp. during the annual shareholders meeting on Friday.
Over 88 percent of the voting shareholders approved the issuance of 22.9 million shares to investors of Tutor-Saliba to finance the deal.
Tutor-Saliba, which will become a Perini subsidiary, is privately held and operated by Perini’s Chairman and Chief Executive Officer Ron Tutor.
Tutor-Saliba, which signed a new five-year employment agreement, will own 43 percent of Perini’s stock at the deal’s close, which is expected Monday.
Perini, which is based in Framingham, Mass., is the general contractor on the Cosmopolitan and MGM Mirage’s CityCenter. The company recently won the contract to build a new terminal at McCarran International Airport.
Tutor-Saliba, based in Sylmar, Calif., is completing work on the Encore at Wynn Las Vegas and the Planet Hollywood Towers by Westgate.
SEOUL, SOUTH KOREA
Samsung pursuing buyout of SanDisk
Samsung Electronics Co. is pursuing an acquisition of U.S. computer memory card maker SanDisk Corp., a South Korean online business newspaper reported Friday.
Both Samsung and SanDisk neither confirmed nor denied the report. But SanDisk’s shares climbed more than 31 percent Friday.
“We are considering various opportunities regarding SanDisk but nothing has been decided,” Samsung spokesman James Chung said. He did not elaborate.
“SanDisk periodically has conversations with multiple parties, including Samsung, regarding a variety of potential business opportunities,” SanDisk said in a statement.
The online paper eDaily said on its Web site that Samsung chose J.P. Morgan as an adviser for the acquisition about one month ago, citing investment banking and semiconductor industry officials it did not identify.
J.P. Morgan in Seoul declined to comment.
Treasury prices decline as investors take gains
Treasury prices fell Friday as investors cashed in profits from the strong gains the bonds made earlier in the week.
In late trading, the benchmark 10-year Treasury note fell 0.63 points to 102.53. Its yield rose to 3.69 percent from 3.62 percent late Thursday, according to BGCantor Market Data. Yields move in the opposite direction from prices.
The 30-year long bond fell 0.53 points to 103.38, while its yield rose to 4.30 percent from 4.26 percent on Wednesday.