ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Wednesday, April 16, 1997 TAG: 9704160036
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
Value Health says it'll stick with bid by Columbia/HCA
AVON, Conn. - Value Health, a managed-care company, said Tuesday it was rejecting a $1.2 billion offer from MedPartners and would stick with Columbia/HCA, which revised its bid to $1.1 billion in cash.
Columbia initially agreed to pay for Value Health with $1.3 billion of its own stock. But Columbia shares have slid in recent weeks, making the offer worth substantially less.
Value Health said it nevertheless preferred the all-cash deal because it was less risky.
In trading Tuesday, Columbia/HCA stock rose $2.75 to $34.121/2, while Value Health climbed $2.25 to $20 and MedPartners slipped 75 cents to $19.621/2, all on the New York Stock Exchange.
-ASSOCIATED PRESS
Briefly...
The Sheet Metal Workers International Association, Local 100 in Roanoke, has called off an organizing vote scheduled for today by billboard crews at Lamar Advertising Co.'s operation in Roanoke. Keith Austin, general manager, announced the decision late Tuesday. "The Lamar employees decided that they did not believe that the union could help with their issues," Austin said.
Roanoke Electric Steel Corp. on Tuesday declared a quarterly cash dividend of 12 cents per share of common stock payable May 23 to shareholders on May 7.
Graphic design firm Inprint Inc. has expanded and moved its offices to 4502 Starkey Road in Roanoke County. Inprint, started in 1992, provides design and production services for the print media.
Oakey's Funeral Service won approval Tuesday to build its first funeral home in Botetourt County. Supervisors approved a rezoning request that changes a 4-acre tract of land on Alternate U.S. 220 near Crumpacker Road from agricultural to business use. Oakey's, a family-owned and operated business since 1886, has four funeral homes in the Roanoke Valley.
LENGTH: Short : 43 linesby CNB