Smulyan signs new contract to lead Emmis
Jeff Smulyan agrees to terms on a new three-year contract to lead Emmis. Signing and performance bonuses could lead to big
pay raise.
Public Companies
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Lilly pays $90 million for autoimmune drug
By acquiring an experimental medicine for rheumatoid arthritis, the Indianapolis-based drugmaker is increasing its focus on autoimmune
diseases.
UPDATE: Steak n Shake plan makes ‘perfect sense’ to investment pro
The Steak n Shake Co.’s unusual plan to initiate a reverse stock split has the support of at least one local investment
adviser,
if in fact the company’s CEO is attempting to model it after Warren Buffett’s holding company, Berkshire Hathaway.
Cummins lays off another 200-plus in Columbus
Cummins Engine Co. will idle 195 workers at its fuel systems plant in Columbus; another 22 workers will take voluntary leave.
Steak n Shake plans 20-1 reverse stock split
The Steak n Shake Co., in an unusual gambit, plans to initiate a reverse stock split that would reduce its number of shares
outstanding from almost 29 million to just 1.4 million and boost its per-share price from roughly $12 to $240.
Steel Dynamics expects drop in 4Q earnings
Steel Dynamics Inc., the nation’s fifth-largest producer of carbon steel products, said Thursday it expects fourth-quarter
earnings to decline from third-quarter levels due to lower shipments and weaker profit margins at its metal recycling operations.
PROXY CORNER: Calumet Specialty Products Partners
Calumet Specialty Products Partners LP processes crude oil into lubricating oils, solvents and waxes, as well as into gasoline, diesel and jet fuel.
Lilly launching new venture capital fund
The fund would acquire experimental drugs and use Lilly R&D staff to try to prove their effectiveness, perhaps boosting Lilly’s drug pipeline.
UPDATE: Simon stock jumps on $2.3B acquisition
Adding the 22-mall portfolio of Baltimore-based Prime Outlets will give Simon a total of 63 outlet malls with more than 25
million square feet of space.
Simon buying Prime Outlets in $2.3B deal
Simon Property Group Inc. is doubling down on outlet malls with an agreement to buy Baltimore-based Prime Outlets, a
privately held firm that owns 22 of the giant properties.
Ariad asks court to restore patent-suit win against Lilly
A federal appeals court will decide whether Eli Lilly and Co. must pay $65.2 million in damages, plus royalties, over a drug-patent
claim.
Calumet selling 3 million shares in secondary offering
Calumet Specialty Products Partners LP is selling 3 million shares of common stock to pay debt and to finance requirements
of an agreement with another company.
Cummins to lay off 400-plus workers in New York
Columbus engine maker Cummins Inc. will idle at least 400 workers at a manufacturing facility in Jamestown, N.Y., because
of a change in emission standards that will cut production from 500 engines a day to 100.
Express Scripts closes $4.7B deal to buy WellPoint pharmacy unit
St. Louis-based Express Scripts Inc. has completed its $4.7 billion acquisition of WellPoint Inc.’s pharmacy benefits
management business, the company said Tuesday.
PROXY CORNER: Brightpoint Inc.
Brightpoint Inc. provides worldwide distribution and integrated logistics services to the wireless communications industry.
Asking price for Hilbert estate drops below $10M
After more than four years on the market, the Carmel estate built for Conseco Inc. founder Stephen Hilbert is listed at
$9.9 million—less than half of the original asking price and a third of the $30
million it was estimated to be worth in 2001.
Biglari was persistent in pressing Western Sizzlin deal
Steak n Shake CEO Sardar Biglari proposed buying Western Sizzlin in January and again in May and advocated the unusual structure
of the $39 million transaction.
GM reports $1.2B loss, says it shows progress
General Motors Co. said Monday it lost $1.2 billion from the time it left bankruptcy protection through Sept. 30, far better
than it has reported in previous quarters and a sign that the auto giant is starting to turn around its business.
PROXY CORNER: Noble Roman’s Inc.
Noble Roman’s Inc. sells and services franchises for non-traditional and co-branded food service operations under the trade name Noble Roman’s Pizza.
Adesa parent turns profit on lower revenue
Carmel-based KAR Auction Services Inc. on Monday said the company turned a profit in the third quarter, although revenue decreased
slightly.