Biomet-Kirschner deal revised
Biomet Inc. said the terms of its $37 million merger agreement with Kirschner Medical Corp. have been revised to permit payment in stock and cash. The original agreement, announced in July, was for all cash or all stock. The new agreement allows between 60 percent and 100 percent in cash.
Since July, Warsaw, Ind.-based Biomet has paid $8.7 million cash for Figgie International Inc.'s 19.9 percent stake in Timonium-based Kirschner. A Biomet spokesman said an all-stock deal and a pooling of interests was no longer possible as a result.
If Biomet elects to pay cash and stock, each Kirschner shareholder would get 0.9 Biomet share for each Kirschner share in addition to $10.75 a share cash. Biomet has until next month to decide which option it wants.
Maryland gasoline prices dip
Gasoline prices in Maryland inched down by less than 1 cent per gallon in the last month, according to the monthly survey of the Maryland Division of the American Automobile Association Mid-Atlantic.
The survey of 30 stations said the price for unleaded regular gasoline at a self-service pump dropped 0.6 cents to $1.16 per gallon. Other grades of gas dropped by a similar amount.
However, the price is about 7 cents a gallon higher than a year ago, the organization said.
Crown Cork & Seal shares leap
Shares of Crown Cork & Seal jumped $2 to close at $38.75 yesterday as analysts said the company's decision to close plants was good news for investors.
The previous day, the Philadelphia-based company said it will take a third-quarter charge of $68 million, or 76 cents a share, to close 10 U.S. and Canadian metal-packaging plants and reorganize three others. The Philadelphia-based company said 860 people, or 4 percent of its work force, would lose their jobs.
The company has not said which plants will be closed, but the only Maryland operation that might be affected is a tin can plant in Salisbury, which has 140 workers, according to Alan Rutherford, senior vice president and chief financial officer. The company has four plants in Maryland with a total work force of 865.
Raytheon to form aircraft unit
Raytheon Co. said it is combining two divisions to form Raytheon Aircraft Co., a consolidation that will cost 940 workers their jobs.
The company is merging Beech Aircraft Corp. and Raytheon Corporate Jets, which makes the Hawker line of business aircraft. Raytheon Aircraft Co., which will be based in Wichita, Kan., will have annual sales of $1.7 billion.