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BUSINESS
By Ted Shelsby and Ted Shelsby,Staff Writer | March 10, 1992
An article in Tuesday's Business section incorrectly reported the type of building that Martin Marietta Corp.was closing at its Glen Burnie operations. In fact, the building being closed is an office building.Martin Marietta Corp., one of the nation's largest defense contractors, announced yesterday that it has embarked on a "peace dividend strategy" designed to meet the challenges of shrinking Pentagon budgets.Martin's three-part strategy is outlined by Norman R. Augustine, the company's chairman and chief executive, and A. Thomas Young, president, in their joint message to shareholders in the annual report being mailed this week.
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NEWS
By Robert B. Reich | August 13, 2014
In recent weeks, the managers, employees and customers of a New England chain of supermarkets called Market Basket have joined together to oppose the board of director's decision in June to oust the chain's popular chief executive, Arthur T. Demoulas. Their demonstrations and boycotts have emptied most of the chain's 71 stores. What was so special about Arthur T., as he's known? Mainly, his business model. He kept prices lower than his competitors, paid his employees more, and gave them and his managers more authority.
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BUSINESS
By Dan Thanh Dang and Dan Thanh Dang,SUN STAFF | April 24, 2001
Allegheny Energy Inc. yesterday reported record first-quarter earnings before charges of $100.5 million, or 91 cents per share. The earnings in the three months that ended March 31 increased 17 percent from those of last year's first quarter, a gain resulting largely from higher sales and expansion of the Hagerstown-based energy company's unregulated businesses into the national energy market. The earnings before the cumulative effect of an accounting change compared with $86.4 million, or 78 cents per share, reported for the first quarter of 2000.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | February 18, 2014
Eminence Capital LLC, a shareholder that's suing Jos. A. Bank Clothiers Inc. for rejecting a $1.6 billion takeover bid from rival Men's Wearhouse, accused the Hampstead-based men's retailer Tuesday of resorting to "desperate tactics" to protect management jobs by planning to buy outdoor clothing retailer Eddie Bauer. In a letter to Bank's board, Eminence, a New York hedge fund that owns a 10 percent stake in Men's Wearhouse and about 5 percent of Bank's stock, called the $825 million cash-and-stock Bauer deal "a poor strategic decision for Jos. A. Bank at a price that is in our view excessive and almost surely destroys shareholder value.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | May 1, 1997
Ryland Group Inc. said yesterday that it will cut its stock dividend by more than two-thirds and repurchase up to 1.6 million shares of outstanding stock, to create a more efficient capital structure and lower its cost of borrowing money.The Columbia-based homebuilder's decision to slash its second-quarter dividend to 4 cents per share, from 15 cents, is designed to align Ryland with other residential builders. The dividend cut is expected to save the company more than $7 million annually.
BUSINESS
By Ted Shelsby and Ted Shelsby,Staff Writer | March 10, 1992
Martin Marietta Corp., one of the nation's largest defense contractors, announced yesterday that it has embarked on a "peace dividend strategy" designed to meet the challenges of shrinking Pentagon budgets.Martin's three-part strategy is outlined by Norman R. Augustine, the company's chairman and chief executive, and A. Thomas Young, president, in their joint message to shareholders in the annual report being mailed this week.The strategy "reinforces the corporation's vital role in national defense while expanding its non-defense business base and enhancing shareholder value," Mr. Augustine says.
BUSINESS
By Robert Little and Robert Little,SUN STAFF | April 9, 2002
United Industrial Corp., the parent company of Hunt Valley-based AAI Corp., announced yesterday that it is "evaluating alternatives to enhance shareholder value" - including a possible sale of the company. AAI, which manufactures unmanned aircraft and training simulators for the military, accounts for roughly 85 percent of its parent company's business. United Industrial has long considered AAI its core enterprise and has tried to sell off unrelated businesses in the past. But yesterday's disclosure, including an announcement that the company had hired the investment banking firm Wachovia Corp.
BUSINESS
By Stacey Hirsh and Stacey Hirsh,SUN STAFF | October 3, 2002
A Pennsylvania company that owns more than 30 nursing and assisted-living homes in Maryland said yesterday that it was considering selling or spinning off its division that oversees those facilities. Genesis Health Ventures Inc. of Kennett Square, Pa., said it has hired UBS Warburg LLC and Goldman Sachs & Co. to look at "strategic business alternatives." The company is made up of ElderCare, which runs the nursing and assisted-living homes, and NeighborCare, a Baltimore-based pharmacy and medical equipment chain.
BUSINESS
By Natalie Sherman, The Baltimore Sun | February 4, 2014
One day after emerging from bankruptcy, W.R. Grace & Co. announced that it may repurchase up to $500 million in stock over the next one to two years. The Columbia-based chemical maker ended a 13-year bankruptcy reorganization Monday, paying off all its debts and setting aside more than $4 billion in trusts to cover its asbestos liabilities. "This program demonstrates our commitment to increasing long-term shareholder value," said Fred Festa, Grace's chairman and CEO. "Our strong balance sheet and cash flow provide the financial flexibility both to invest in growth and return capital to shareholders.
BUSINESS
By Hanah Cho, The Baltimore Sun | May 9, 2011
Constellation Energy Group shareholders have filed six lawsuits in Baltimore City Circuit Court since the power company announced in late April that it had agreed to sell itself to Chicago-based Exelon Corp. for $7.9 billion in an all-stock deal. In a filing Monday with the Securities and Exchange Commission, Constellation said the class-action lawsuits allege the company's directors breached their fiduciary duties because the deal does not maximize shareholder value. Within a day of the deal's announcement, law firms were seeking plaintiffs in filing class-action lawsuits challenging the proposed union, which would create the largest U.S. competitive energy provider and one of the largest utility systems in the country.
BUSINESS
By Natalie Sherman, The Baltimore Sun | February 4, 2014
One day after emerging from bankruptcy, W.R. Grace & Co. announced that it may repurchase up to $500 million in stock over the next one to two years. The Columbia-based chemical maker ended a 13-year bankruptcy reorganization Monday, paying off all its debts and setting aside more than $4 billion in trusts to cover its asbestos liabilities. "This program demonstrates our commitment to increasing long-term shareholder value," said Fred Festa, Grace's chairman and CEO. "Our strong balance sheet and cash flow provide the financial flexibility both to invest in growth and return capital to shareholders.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | August 17, 2013
Jos. A. Bank Clothiers faces a growing shareholder revolt as demonstrated by an institutional investor's open letter last week calling for the Hampstead-based retailer to return its growing cash reserve to owners of its stock. BeaconLight Capital LLC, a New York-based investment manager that owns more than 1 percent of Jos. A. Bank, also urged the men's apparel chain to reorganize its board, realign management incentives and drop its strategy of pursuing acquisitions with its cash.
BUSINESS
By Hanah Cho, The Baltimore Sun | May 9, 2011
Constellation Energy Group shareholders have filed six lawsuits in Baltimore City Circuit Court since the power company announced in late April that it had agreed to sell itself to Chicago-based Exelon Corp. for $7.9 billion in an all-stock deal. In a filing Monday with the Securities and Exchange Commission, Constellation said the class-action lawsuits allege the company's directors breached their fiduciary duties because the deal does not maximize shareholder value. Within a day of the deal's announcement, law firms were seeking plaintiffs in filing class-action lawsuits challenging the proposed union, which would create the largest U.S. competitive energy provider and one of the largest utility systems in the country.
NEWS
By Michael Oneal and Michael Oneal,Chicago Tribune | January 21, 2007
Tribune Co. directors came away with no decisions made after meeting in Chicago yesterday to consider offers for the company generated by a four-month auction process that ended last week. After the meeting, Tribune, which owns The Sun, issued a statement saying the independent special committee formed to oversee management's effort to create additional shareholder value was considering the offers that came from outside bidders as well as strategies the company might enact independently.
BUSINESS
By LAURA SMITHERMAN and LAURA SMITHERMAN,SUN REPORTER | August 15, 2006
Two major investors in Royal Ahold NV called yesterday for the Dutch company to sell its U.S. businesses, which include Giant Food, a major supermarket chain in the Baltimore-Washington market, and U.S. Foodservice of Columbia. Hedge funds Paulson & Co. and Centaurus Capital Ltd., which together hold 6.4 percent of Ahold's stock, said a sale of U.S. assets would unlock the value of Amsterdam-based Ahold, which also has extensive operations throughout Europe. Ahold's market value plunged by two-thirds in one day in 2003 after an accounting scandal surfaced at U.S. Foodservice, which is the nation's No. 2 distributor to restaurants and other food-service establishments.
BUSINESS
By Andrew Leckey | September 11, 2005
Q. Why do companies buy back their own stock, and does it help me as an investor? They present it as a good thing. K.C., via the Internet A. Companies holding a lot of extra cash are aggressively purchasing their own shares this year. Historically, 20 percent of the companies in the Standard & Poor's 500 reduce their share number through buybacks each year. This rose to 33 percent in the first quarter of this year and 50 percent in the second quarter, according to Standard & Poor's Corp.
BUSINESS
By Amanda J. Crawford | December 12, 1999
A RECORD $2.2 trillion in global merger and acquisition activity is expected in 1999. But more than half of corporate mergers reduce shareholder returns, and 83 percent don't produce any benefits for shareholders, according to recent research on the 700 most-expensive deals from 1996 to 1998 by KPMG International. Furthermore, KPMG found that most managers -- 82 percent -- mistakenly believed their deals had increased shareholder value.Do mergers have any benefit for shareholders? If not, what factors contribute to this?
NEWS
By Michael Oneal and Michael Oneal,Chicago Tribune | January 21, 2007
Tribune Co. directors came away with no decisions made after meeting in Chicago yesterday to consider offers for the company generated by a four-month auction process that ended last week. After the meeting, Tribune, which owns The Sun, issued a statement saying the independent special committee formed to oversee management's effort to create additional shareholder value was considering the offers that came from outside bidders as well as strategies the company might enact independently.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | May 3, 2005
Qwest Communications International Inc. ended its efforts to buy MCI Corp. yesterday, just hours after MCI announced that its board had accepted a sweetened $8.44 billion bid from rival suitor Verizon Communications Inc. While the Verizon deal was $1.3 billion less than Qwest's, MCI's board favored it because of Verizon's stronger financial position. "It is no longer in the best interests of shareholders, customers and employees to continue in a process that seems to be permanently skewed against [us]
BUSINESS
By Jamie Smith Hopkins and Jamie Smith Hopkins,SUN STAFF | May 4, 2004
AAI Corp. is planning to sell 26 acres of undeveloped land next to its Hunt Valley headquarters for $8 million, part of its parent company's move to cash in on assets not related to the defense industry. The military contractor, best known for its unmanned aircraft, said yesterday that it has a buyer who did not want to be identified before the land sale is final. That is expected by Jan. 14, contingent on the results of a feasibility study of the property. "It was an unused asset," said Jim Linse, a spokesman for AAI and its parent company, United Industrial Corp.
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