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BUSINESS WIRE
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Business New Haven
7/12/1999
By: Kristine Hansen
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Justice Says Small Banks May Bid
BOSTON - In a recent decision by the U.S. Justice Department, small banks will be allowed to bid on the 292 branches up for sale by Fleet Financial Group Inc. (NYSE: FLT) and BankBoston (NYSE: BKB). The sale is necessary for Fleet to obtain approval for its purchase of BankBoston. Originally, plans called for the sale of those branches to one large organization. However, after this Justice Department decision, small banks will have an opportunity to bid.
TransAct Files Lawsuit Against GTECH
WALLINGFORD - TransAct Technologies Inc. (NASDAQ: TACT) announced that it has filed a suit against GTECH Corp. (NTSE: GTK) charging breach of contract as well as misuse of trade secrets. The suit involves certain OEM agreements where TransAct's subsidiary, Magnetec, supplied printers to GTECH for its on-line lottery systems. TranAct alleges that GTECH has violated the agreements by trying to use Magnetec's proprietary information. TransAct sells transaction-based printers that record items such as coupons, receipts and tickets.
Aetna Declares Dividend
HARTFORD - A 20 cents-per-share quarterly dividend was declared by Aetna Inc.'s (NYSE: AET) board of directors for shareholders of record on July 30, payable August 15.
StarMedia To Sell Online to Latin Americans
NEW YORK - StarMedia Network announced that it has introduced online shopping to Latin Americans for the purchase of computers, books, flowers and other merchandise. The announcement said that StarMedia customers would be able to utilize online shopping provided by Connecticut-based Cyberian Outpost Inc. (NASDAQ: COOL) for the purchase of computer items.
IMS Health Inks Pact With Brio
LONDON - IMS Health (NYSE: RX) has entered into an agreement with Brio Technologies Inc. (NASDAQ: BRYO) for the development of sales tools for the pharmaceutical industry that would increase effectiveness of sales forces, accuracy in targeting and productivity. IMS provides information solutions for the health-care and pharmaceutical sectors. Brio Technology provides enterprise products for business intelligence.
People's Stock Repurchase Program Completed
BRIDGEPORT - People's Bank (NASDAQ: PBCT) has announced the completion of its stock repurchase program that commenced in November. The plan called for the repurchase of 3.2 million shares (five percent of outstanding shares). The average price of the repurchased shares was $29.30 bought on the open market. Presently there are about 61 million shares of the company's common stock outstanding.
Pfizer Declares Quarterly Dividend
NEW YORK - The board of directors of Pfizer Inc. (NYSE: PFE) has declared a third-quarter dividend of eight cents per share for shareholders of record as of August 6, payable on September 9. The dividend has been adjusted to take into account the June 30 three-for-one split. The dividend for third quarter 1998 was 19 cents per share; the recently declared third quarter 1999 dividend reflects an increase of 26 percent over the previous year's dividend.
Analysis & Technology Merges With Anteon
NORTH STONINGTON - Analysis & Technology Inc. (NASDAQ: AATI) and the Fairfax, Va.-based Anteon Corp. announced completion of their merger on June 23. Analysis & Technology will operate as a subsidiary of Anteon. The latter, which is privately held, acquired Analysis & Technology for $26 per share.
Hudson United Signs Merger Agreement
MAHWAH, N.J. - Hudson United Bancorp (NYSE: HU) announced a merger with Southern New Jersey Bancorp (NASDAQ: SOJB), a bank holding company with $470 million in assets. Hudson also announced that it had signed an agreement of merger with JeffBanks Inc. Both transactions are subject to appropriate approvals. Hudson plans to combine its southern New Jersey branches along with Jefferson Bank and Southern Jersey Bancorp into a newly created unit named Jefferson Bank Division.
TSI Signs Pact With Deloitte Consulting
WILTON - TSI International Software Ltd. (NASDAQ: TSFW) has announced an agreement with Deloitte Consulting Product Services whereby TSI's Mercator EAI product will be offered by Deloitte Consulting to the latter's customers. The worldwide reseller agreement will allow for further expansion of TSI's Mercator markets worldwide.
State Proposes Cap on Stranded CL&P Costs
NEW YORK - The state's Department of Public Utility Control (DPUC) has proposed a $3.3 billion cap on Connecticut Light & Power Co. stranded costs. Stranded costs are those past-deferred expenses, long-term power contracts and investments. CL&P's request was $1 billion higher than the DPUC proposal. CL&P is a unit of Northeast Utilities (NYSE: NU).
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