Liberty Mutual to buy Safeco for $6.2 billion
Diversified insurer Liberty Mutual Group said on Wednesday it would buy Safeco Corp for $6.2 billion in a deal that would make Liberty Mutual the fifth-largest U.S. property and casualty insurer.
Each share of Safeco will be exchanged for $68.25 cash, nearly a 51 percent premium to Safeco's closing stock price of $45.23 on Tuesday. Safeco shares jumped 45.7 percent, or $20.69, to $65.92 in afternoon trading on the New York Stock Exchange.
Liberty Mutual sells a range of insurance products, including automobile, homeowners, general liability, surety, workers compensation, assumed reinsurance and fire.
Safeco, which provides insurance for individuals and for small- and mid-sized businesses, would become part of Liberty Mutual's agency markets business unit. Combined, the organization would have about 15,000 independent agencies.
"Safeco's operations and product mix complement our existing agency markets operations," said Liberty Mutual Chairman Edmund Kelly.
"They are very strong West of the Mississippi and we are very strong east of the Mississippi and have an international presence, as well," Kelly said.
Liberty Mutual is the sixth-largest property and casualty insurer in the United States, based on its 2007 direct written premium of $20.2 billion. Safeco had 2007 direct written premium of $5.9 billion.
The deal follows Liberty Mutual's acquisition of Ohio Casualty last year. Liberty Mutual said it would continue to look at other acquisition opportunities.
Liberty Mutual and Safeco started weighing a deal about six months ago, after Liberty Mutual initiated discussions, Kelly said.
"We have a publicly espoused position of being acquisitive. We want to be a consolidator," Kelly said. "We will make sure this integration goes smoothly and well, but over time, we will be looking at other acquisitions."
HIGH PREMIUM
Safeco had been seen as a potential acquisition target for several years, but "deteriorating underwriting in its core auto insurance book caused some investors to question just how much an acquirer would pay," said Sandler O'Neill analyst Paul Newsome.
"We are surprised at how much Liberty Mutual was willing to pay," Newsome said.
http://www.guardian.co.uk/feedarticle?id=7481352
Each share of Safeco will be exchanged for $68.25 cash, nearly a 51 percent premium to Safeco's closing stock price of $45.23 on Tuesday. Safeco shares jumped 45.7 percent, or $20.69, to $65.92 in afternoon trading on the New York Stock Exchange.
Liberty Mutual sells a range of insurance products, including automobile, homeowners, general liability, surety, workers compensation, assumed reinsurance and fire.
Safeco, which provides insurance for individuals and for small- and mid-sized businesses, would become part of Liberty Mutual's agency markets business unit. Combined, the organization would have about 15,000 independent agencies.
"Safeco's operations and product mix complement our existing agency markets operations," said Liberty Mutual Chairman Edmund Kelly.
"They are very strong West of the Mississippi and we are very strong east of the Mississippi and have an international presence, as well," Kelly said.
Liberty Mutual is the sixth-largest property and casualty insurer in the United States, based on its 2007 direct written premium of $20.2 billion. Safeco had 2007 direct written premium of $5.9 billion.
The deal follows Liberty Mutual's acquisition of Ohio Casualty last year. Liberty Mutual said it would continue to look at other acquisition opportunities.
Liberty Mutual and Safeco started weighing a deal about six months ago, after Liberty Mutual initiated discussions, Kelly said.
"We have a publicly espoused position of being acquisitive. We want to be a consolidator," Kelly said. "We will make sure this integration goes smoothly and well, but over time, we will be looking at other acquisitions."
HIGH PREMIUM
Safeco had been seen as a potential acquisition target for several years, but "deteriorating underwriting in its core auto insurance book caused some investors to question just how much an acquirer would pay," said Sandler O'Neill analyst Paul Newsome.
"We are surprised at how much Liberty Mutual was willing to pay," Newsome said.
http://www.guardian.co.uk/feedarticle?id=7481352
Star Jones files for divorce
Star Jones, whose elaborate, corporate-sponsored wedding won her the nickname "Bridezilla," has filed for a divorce from her husband of about three years, Al Reynolds, according to media reports.
Celebrity television show "Entertainment Tonight" said Jones issued a statement saying she had filed the papers a month ago.
"The dissolution of a marriage is a difficult time in anyone's life that requires privacy with one's thoughts," Jones said in the statement. "I have committed myself to handling this situation with dignity and grace and look forward to emerging from this period as a stronger and wiser woman."
Jones, 46, and Reynolds, 39, a banker, were married in 2004 in a lavish wedding in which supplies and services were donated by corporate "sponsors" in return for publicity. Tabloid newspapers referred to her as "Bridezilla."
Jones was a co-host the popular daytime talk show "The View," on which a group of women discuss current affairs, for nearly 10 years before being dropped in 2006. In an interview on NBC's "Today" show after the firing she apologized for getting "caught in the euphoria" of her plans.
"I think I used and some would say abused, my celebrity in planning the wedding," she said on "Today." In Wednesday's statement to "Entertainment Tonight," Jones said she "made an error in judgment by inviting the media into the most intimate area of my life."
The divorce papers were filed in New York Supreme Court in Manhattan. A spokesman for Jones had no further comment.
(Editing by Dan Whitcomb and Bill Trott)
http://www.reuters.com/article/domesticNews/idUSN2344138220080423
Bruce Springsteen Band Member Danny Federici Dies
Danny Federici, the long-time member of Bruce Springsteen’s E-Street Band, has died in New York at the age of 58. He had been battling skin cancer according to reports.
Federici, who had battled melanoma for three years, died at Memorial Sloan-Kettering Cancer Center in New York. News of his death was posted late Thursday on Springsteen’s official Web site.
According to published reports, Federici last performed with Springsteen and the band last month, appearing during portions of a March 20 show in Indianapolis.
Bruce would often refer to Danny on stage as ‘Phantom’. All Springsteen concerts have been canceled for the next week of dates.
Source: http://bumpshack.com/2008/04/17/bruce-springsteen-band-member-danny-federici-dies/
Illinois earthquake rattles southern Ontario
KITCHENER, Ont. -- An earthquake that started out in eastern Illinois was felt by residents in southern Ontario early this morning.
"For us it's a fairly large event," said Sylvia Hayek, a seismologist with Natural Resources Canada in Ottawa.
She said the earthquake, measuring 5.2 on the Richter scale, occurred along the border of the New Madrid Seismic zone, which covers several states and which "has certainly seen larger events in the past."
"But, in terms of the last 20 years, there wouldn't have been that many events of this size," she said. "In fact, it might be one of the largest."
In southern Ontario, particularly in the Kitchener area, residents felt shaking for several seconds, which she said is significant considering the quake originated in an area just northeast of Belmont, Ill. which is several hundred kilometres from southern Ontario.
She said there no damage or injuries have been reported.
http://www.nationalpost.com/news/canada/story.html?id=455436
"For us it's a fairly large event," said Sylvia Hayek, a seismologist with Natural Resources Canada in Ottawa.
She said the earthquake, measuring 5.2 on the Richter scale, occurred along the border of the New Madrid Seismic zone, which covers several states and which "has certainly seen larger events in the past."
"But, in terms of the last 20 years, there wouldn't have been that many events of this size," she said. "In fact, it might be one of the largest."
In southern Ontario, particularly in the Kitchener area, residents felt shaking for several seconds, which she said is significant considering the quake originated in an area just northeast of Belmont, Ill. which is several hundred kilometres from southern Ontario.
She said there no damage or injuries have been reported.
http://www.nationalpost.com/news/canada/story.html?id=455436
ARTIE LANGE WALKS OFF STERN SHOW
Howard Stern Show fixture Artie Lange walked out of the studio after an argument and subsequent outburst at his personal assistant on the air.
Lange, who became a part of the show's daily routine in October of 2001, was spotted disputing with his assistant in the hallways off the air. When it was brought up to Stern, he asked the assistant Teddy to come into the studio and discuss the situation on the air.
Lange began to express his disdain for his assistant of nearly two years because of recent money issues. Teddy retorted by implying there's more to the job than meets the eye.
Howard Stern
The two are slated to travel to Amsterdam this evening and the squabble began over setting up Lange's travel accommodations. However, the in-studio dispute quickly escalated into a discussion about how much Lange finances Teddy, who is affectionately called "Teddy Microphone" around the studio.
As the argument continued, Lange became enraged and physically lashed out at Teddy, but the physical confrontation was apparently defused by other members in the studio.
When Lange returned, he said Teddy would be "dead" had he reached him and he would be in jail.
Stern then expressed his feelings on the situation, saying he cannot condone Lange's actions. The comedian, who has had a similar outburst on the air in the past, said he cannot guarantee he can refrain from acting out in the future. Upon hearing that, Stern said he cannot have Lange around with the potential of such actions looming.
Artie then offered his resignation; Stern accepted, but told Lange to leave and cool off. Just before Lange left he told Stern: "I'm not a good person ... I gotta leave ... I love you"
Teddy returned to the studio several minutes later and said there was overreacting from everyone, but did not downplay the seriousness of the situation.
Show producer Gary Dell'Abate came in to analyze the situation, but he and Stern admitted they "did not know what to make of it all."
Stern does not host a live show on Fridays and the crew is on vacation next week.
Here is the clip, since the show will not be replayed:
Source: ohnotheydidnt
Lollapalooza 2008 Lineup Announced
The complete and final lineup for this year’s Lollapalooza was finally announced today. As expected, the predicted headliners are going to be there, along with plenty of other ace artists.
Microsoft will extend life of Windows XP--again
MIAMI--As I predicted last week, Microsoft has decided to extend the life of Windows XP, although only for a limited class of machines.
Microsoft said on Thursday that it will continue to allow Windows XP Home edition to be sold for a class of computers it calls "ultra-low-cost PCs." It's a category that covers machines with slower processors, smaller screens, and in many cases flash memory for storage, rather than a traditional hard drive.
Microsoft will give PC makers the option of using Windows XP or Vista on ULCPC devices, said Michael Dix, general manager of Windows client marketing.
Still, the minimal hardware used in ULCPC systems might make Vista ill-suited to such a task. The decision to discontinue Windows XP might have driven even more device makers into the hands of Linux, hence the extension.
Overall, big-name computer makers are still scheduled to have to stop selling Windows XP for all other uses by the end of June. Mainstream technical support will continue to be available for Windows XP through April 2009, and more limited support will continue through April 2014.
Dix said that Microsoft is confident that it can discontinue Windows XP at the end of June for mainstream PCs. "We have received affirming feedback from partners that they are ready to make the transition," he said.
Computer makers will be able to sell XP Home on new ULCPC machines through June 30, 2010, or one year after the launch of Windows 7, the next major release of Windows, whichever is later, Microsoft said.
A Microsoft representative on Thursday reaffirmed that the company expects to ship the successor to Vista roughly three years from Vista's January 2007 debut.
Microsoft is also publishing a set of guidelines Thursday designed to make it easier for makers of flash-based computers to use Windows. Many of these initial devices have launched running Linux, though some, such as the Eee PC from Asus, are also being offered in Windows versions.
Microsoft has already extended the Windows XP sales deadline once. In September, it said that computer makers would be able to sell Windows XP until June, rather than the original January 2008 deadline.
At the time, Microsoft also announced that computer makers in emerging markets could sell Windows XP Starter edition until June 2010.
For Microsoft, Wednesday's announcement is an acknowledgment of two things. First, that Starter Edition alone does not fulfill all of the emerging market demand, and second, that developed markets are also showing interest in low-power, low-cost laptops.
Source: http://www.news.com/8301-13860_3-9910253-56.html?part=rss&subj=news&tag=2547-1_3-0-5
Microsoft said on Thursday that it will continue to allow Windows XP Home edition to be sold for a class of computers it calls "ultra-low-cost PCs." It's a category that covers machines with slower processors, smaller screens, and in many cases flash memory for storage, rather than a traditional hard drive.
Microsoft will give PC makers the option of using Windows XP or Vista on ULCPC devices, said Michael Dix, general manager of Windows client marketing.
Still, the minimal hardware used in ULCPC systems might make Vista ill-suited to such a task. The decision to discontinue Windows XP might have driven even more device makers into the hands of Linux, hence the extension.
Overall, big-name computer makers are still scheduled to have to stop selling Windows XP for all other uses by the end of June. Mainstream technical support will continue to be available for Windows XP through April 2009, and more limited support will continue through April 2014.
Dix said that Microsoft is confident that it can discontinue Windows XP at the end of June for mainstream PCs. "We have received affirming feedback from partners that they are ready to make the transition," he said.
Computer makers will be able to sell XP Home on new ULCPC machines through June 30, 2010, or one year after the launch of Windows 7, the next major release of Windows, whichever is later, Microsoft said.
A Microsoft representative on Thursday reaffirmed that the company expects to ship the successor to Vista roughly three years from Vista's January 2007 debut.
Microsoft is also publishing a set of guidelines Thursday designed to make it easier for makers of flash-based computers to use Windows. Many of these initial devices have launched running Linux, though some, such as the Eee PC from Asus, are also being offered in Windows versions.
Microsoft has already extended the Windows XP sales deadline once. In September, it said that computer makers would be able to sell Windows XP until June, rather than the original January 2008 deadline.
At the time, Microsoft also announced that computer makers in emerging markets could sell Windows XP Starter edition until June 2010.
For Microsoft, Wednesday's announcement is an acknowledgment of two things. First, that Starter Edition alone does not fulfill all of the emerging market demand, and second, that developed markets are also showing interest in low-power, low-cost laptops.
Source: http://www.news.com/8301-13860_3-9910253-56.html?part=rss&subj=news&tag=2547-1_3-0-5
Missing Money Free Search For Unclaimed Property
Missingmoney.com enables owners to perform comprehensive searches for lost assets required by law to be turned over to the states.
However, I found this article on adammclane.com and found it very interesting...
This morning on the Today Show they had a topic called, “Finding Lost Money.” During the segment they talked about a website where you can find out if you have unclaimed money. Being that I am an internet dork and I am poor, I grabbed my laptop and went to missingmoney.com.
Of course, the site was basically shut down by the Today Show mention. The servers were probably ready to handle 10-100 queries per minute with no problem. But when the segment told millions of viewers they could find free money by simply putting their name and state into a database you can imagine this poor little server going… “OK, everyone form a line!” The only problem is that on the internet there is no line. As thousands of people hit “submit” to the database at the same time… it freaked out and shut down.
Two lessons here.
While this is an internet age, mass media is still quite powerful. While the internet is a fantastic way to spread a message about a product, service, church, or whatever… mass media is still mass media.
Be careful what you wish for. Sometimes when you are small you think… “If I can just hit a homerun and get my name out there to the masses, it’ll be great.” Of course the real question for that scenario is… “Are you ready for the masses or will the masses shut you down?” Are you prepared to handle a massive response to your product, services, church, or whatever it is you are trying to get out to the masses?
Overall, excellent article.
Source: adammclane.com
However, I found this article on adammclane.com and found it very interesting...
This morning on the Today Show they had a topic called, “Finding Lost Money.” During the segment they talked about a website where you can find out if you have unclaimed money. Being that I am an internet dork and I am poor, I grabbed my laptop and went to missingmoney.com.
Of course, the site was basically shut down by the Today Show mention. The servers were probably ready to handle 10-100 queries per minute with no problem. But when the segment told millions of viewers they could find free money by simply putting their name and state into a database you can imagine this poor little server going… “OK, everyone form a line!” The only problem is that on the internet there is no line. As thousands of people hit “submit” to the database at the same time… it freaked out and shut down.
Two lessons here.
While this is an internet age, mass media is still quite powerful. While the internet is a fantastic way to spread a message about a product, service, church, or whatever… mass media is still mass media.
Be careful what you wish for. Sometimes when you are small you think… “If I can just hit a homerun and get my name out there to the masses, it’ll be great.” Of course the real question for that scenario is… “Are you ready for the masses or will the masses shut you down?” Are you prepared to handle a massive response to your product, services, church, or whatever it is you are trying to get out to the masses?
Overall, excellent article.
Source: adammclane.com