Company ends Glazer buyout offer
Allied Research Corp. yesterday announced the end of an $87.4 million buyout offer from Malcolm I. Glazer, a Florida investor and would-be Baltimore football magnate. The munitions maker, which this year moved its headquarters from Baltimore to Vienna, Va., said Mr. Glazer's $19-a-share offer expired at midnight on Wednesday after he failed to meet Allied's requirement for an extension of talks that began in April.
Mr. Glazer's investment company, First Allied Corp., had signed a tentative merger agreement with Allied in August after boosting its initial offer of $16.50 a share. Yesterday's announcement sent Allied shares into a slide -- the stock closed at $11.25, down $2.50.
The company produces munitions that it sells primarily to Middle East nations.
SEC targets Prudential executives
The enforcement staff of the Securities and Exchange Commission has recommended civil actions against at least five former and current executives with Prudential Securities, including three top former retail executives, people with knowledge of the inquiry said yesterday.
The executives have been informed by SEC lawyers that the staff is recommending charges that they failed to ensure that brokers under their supervision complied with federal securities regulations.
If brought, the complaints would be the first regulatory actions against individuals stemming from government charges of widespread fraud at the firm over more than a decade. Prudential last week agreed to pay at least $371 million in fines and penalties to compensate the losses of hundreds of thousands of victims.
NationsBank names president
As part of a realignment of its executive staff, NationsBank Corp. yesterday announced that Kenneth D. Lewis, president of the company's General Bank division, was promoted to president of the parent company, with added responsibility for the trust and private banking operations. Mr. Lewis, who will move from Atlanta to the company's headquarters in Charlotte, N.C., has been seen as the most likely successor to Hugh L. McColl Jr., chairman and chief executive officer.
NationsBank also said that James H. Hance, the chief financial officer, was named vice chairman and given responsibility for several recently acquired subsidiaries.
Claims for jobless benefits drop
The Labor Department said yesterday that the number of Americans filing first-time claims for unemployment benefits dropped 4,000 last week, to 347,000 -- the first decrease in three weeks. The four-week moving average, seen as a more accurate measure of first-time state filings, increased by 4,500 in the latest week, to 340,750.
In Maryland, the number of people filing new claims for benefits dropped nearly 19 percent, to 3,861, in the week that ended Oct. 16.