BUSINESS BRIEFS
Longs still won't talk to Walgreen
Advertiser Staff
Longs Drug Stores Corp. yesterday repeated its refusal to enter buyout talks with Walgreen Co., or share information with its larger rival.
Longs said Walgreen "has not presented a clear roadmap to completion" of a deal, and is not willing to assume any risk that the deal is rejected or delayed by antitrust regulators.
Walgreen has offered to buy Longs for $75 per share, or $2.8 billion. However, Longs has accepted CVS Caremark Corp.'s lower bid of $71.50 per share, or $2.7 billion.
Longs' shares rose $1.64, or 2.2 percent, to $76.15 yesterday, indicating investors believe the company is worth even more than Walgreen has bid for it.
The Longs chain has 521 stores in four western states, including 39 in Hawai'i.
In a statement, Longs said the CVS bid — which already has been approved by regulators — is more likely to be completed. It also said Walgreen has not explained how it would pay for the buyout, and noted that Walgreen's declaration of interest is nonbinding and depends on the results of due diligence by Walgreen, meaning the company could walk away from negotiations even if Longs accepts.
HR BIOPETROLEUM NAMES EXECUTIVE
HR BioPetroleum Inc., the Honolulu-based renewable biofuels company, has named Martin Sabarsky as chief financial officer and chief operating officer.
Sabarsky comes to HR BioPetroleum after working at biofuels company Diversa Corp. and before that as an investment banker at Bear, Stearns & Co. Sabarsky also has worked as an attorney with Latham & Watkins LLP.
One of Sabarsky's first tasks will be to make a presentation about HR BioPetroleum at the 2008 Global Life Sciences Conference on Thursday in New York. HR BioPetroleum has a joint venture with Royal Dutch Shell PLC in top-growth marine algae from which biofuel may be produced. It also is jointly pursuing development of a biodiesel facility on Maui with Alexander & Baldwin Inc., Hawaiian Electric Co. and Maui Electric Co.
ECONOMIC INDEX SHOWS CONTRACTION
The coincident index for the state of Hawai'i fell in August, the fifth consecutive month the index has declined.
Hawai'i was one of 31 states where the index fell. The index, which measures economic indicators thought to closely coincide with the overall economy, is compiled by the Federal Reserve Bank of Philadelphia. An increase in the index indicates economic expansion, while a decrease indicates contraction.
Hawai'i's coincident index hit a high of 121.23 in March and has declined every month since then. Its August level was 119.76.
Employment, inflation-adjusted income, unemployment and average hours worked in manufacturing are used in calculating the index.
CARLSMITH BALL INTRODUCES PARTNERS
Carlsmith Ball LLP announced that S. Scott Beizaie, Sean E. Frink and Gerald A. Sumida have been named partners at the law firm.
Beizaie, based in the Los Angeles office, practices in the areas of corporate, general business, real estate and tax.
Frink is based in Saipan and practices in the areas of commercial litigation, construction, procurement, insurance defense, telecommunications and government relations.
Sumida, based in Honolulu, rejoined Carlsmith Ball in 2002 after serving as the general counsel of the Asian Development Bank in Manila from 1999-2003.
Carlsmith Ball LLP has nearly 100 lawyers in seven offices in Saipan, Guam, Honolulu, Maui, Kona, Hilo and Los Angeles.
